JenEngel

Aspen Appraisal Group released its 2009 real estate market overview and figures were down from 2008 and 2007, as expected. Yet, the current market conditions reflect positively for real estate investors who want to buy property.

Aspen has been fairly insulated from national economic downturns in the past.  Tough times  have resulted in fewer sales and dollar volume, but Aspen’s property kept its value.  This current downturn appears a bit different.  Randy Gold, a principal for the Aspen Appraisal Group, wrote in the annual report, ” there is no question that in this current downturn both volume and value have been impacted.”

The report, titled “Aspen/Snowmass Market Overview: 2009 Year End Review and A Look at What’s Ahead,” showed decreases in 2009 sales prices and volume of sales for Aspen and Snowmass Village real estate compared to 2008 and 2007. For example, the median price for an Aspen single family home sale was $5.1 million in 2009, compared with $6.1 million in 2008 and $5.5 million in 2007. A dditionally, single family home sales decreased 8% from 2008 to  2009 .

According to the study, Aspen/Snowmass Village was one of the last markets to feel the effects of the current recession compared to other ski resorts. Hence, this market will most likely be one of the  first resort real estate markets to rebound.

Gold suggests that now is a good time to buy into the Aspen area real estate market since asking prices have decreased and the volume of active listings has increased. Gold also says that patient buyers who can hold onto property for a minimum of five years are in a good position.

The report is available for purchase from the Aspen Appraisal Group at its website: www.aspenappraisalgroup.com.

This entry was posted on Tuesday, May 4th, 2010 and is filed under Aspen, Buyer Information, Real Estate Market, Real Estate Statistics, Snowmass Village, Website. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.