Home prices set records, again | AspenTimes.com

Home prices set records, again

Aspen Times Staff Report

It’s been another record-breaking year for both the Aspen and Snowmass Village real estate markets.In 1999, the average sale price of a single-family house in Aspen was $2.7 million, up from 1998’s $2.3 million average. Last year in Snowmass Village, the gain was even greater, with the average sale price of a home jumping to $2.1 million, up from a $1.6 million average in 1998.”The most astounded people about these numbers are those in the real estate community,” said broker Phil Miller of Mason & Morse. “Buyers continue to accept the higher prices. And although some may not admit it, we’re amazed. Many of us who have been here a long time remember when the prices were drastically lower for a similar inventory.”Citing the workings of heightened demand against a limited supply, Miller noted, “Our major `complaint’ is the shortage of inventory … but buyers, obviously, are finding what they like.””With the strong economy and strong stock market, I don’t see the climate changing anytime soon,” said Brent Waldron, managing broker at Coates, Reid & Waldron. “Certainly a number of people do get sticker shock, but then they realize how unique Aspen is.”The price jump wasn’t limited to houses. In Aspen, the average price of a condo rose from $571,055 in 1998 to $892,182 last year. In Snowmass Village, the average condo price increased from $597,315 to $632,083.According to an annual report complied by Miller, 1999’s booming market is even more apparent when contrasted with sales from just five years ago.In Aspen, the average home price has gone up 39 percent since 1994. During the same period, the average house price in Snowmass Village has skyrocketed 210 percent.In the condo market, Snowmass has seen a 109 percent price jump since 1994. The average price of an Aspen condominium has increased 102 percent in five years, according to Miller.

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