Record-Breaking Sales, Luxury Trends, and Market Shifts

Aspen continues to dominate the luxury real estate scene, blending all the surrounding beauty with some of the most sought-after properties in the world. This year’s headlines have been packed with jaw-dropping transactions, industry-skewing market trends, and the timeless allure of the Aspen lifestyle.

Record-Breaking Sales

Aspen’s elite real estate market shattered records this year with landmark transactions that underscore its appeal to ultra-wealthy buyers, including Aspen's (and Colorado's!) record-breaking sale over $100 million. Among these notable transactions, the Newberry House, once owned by actor Jack Nicholson, was sold for $59.75 million to Patrick Dovigi, a former professional hockey player and founder of Green For Life Environmental who has traded more real estate than any other in Aspen last year. This sale and the following others highlight the continued interest in Aspen’s exclusive properties by high-profile buyers. 

Here are the top 10 Aspen sales of 2024 (3 of the top four sold in April alone!):

1. 419 Willoughby Way (Patrick Dovigi's home) sold for $108 million to Steve Wynn and Thomas Petterfly, setting a new record for the most expensive home in Colorado on 4/11/2024.
2. 600 Owl Creek Ranch Rd sold for $77 million on 4/11/2024.
3. 112 W Hopkins sold off-market for $66.5 million (sold by Team Tarumianz!) on 4/24/2024.
4. 720 Willoughby Way (Byron Allen's home) sold for $60 million (sold by Team Tarumianz!) on 8/27/2024.
5. 206 Lake Ave (Jack Nicholson's home) sold off-market for $59.75 million to Patrick Dovigi on 9/19/2024.
6. 1525 Star Nesa Dr sold for $59 million on 4/8/2024.
7. 210 S West End St (SOLD TWICE in 2024) - second for $55 million on 12/2/2024 by Patrick Dovigi (sold for $6.25 million more than he paid in April.
8. 210 S West End St (first sale!) for $48.75 million on 4/25/2024 by Patrick Dovigi.
9. 501 W Hopkins sold for $36.975 million on 2/23/2024.
10. 850 Roaring Fork Rd sold for $34.75 million (sold by Team Tarumianz!) on 10/24/2024.

An additional 16 properties sold for over $20 million in the MLS which you can peruse here.

These transactions reflect a competitive market where exclusivity and location reign supreme. The trend of nine-figure sales highlights the enduring appeal of Aspen’s luxury real estate.

Market Trends and Notable Statistics

Overall, 2024 closely mirrored 2023 in terms of the number of transactions, with approximately 180-185 residential sales each year (excluding deed-restricted and fractional sales). However, there were some shifts worth noting:

• The number of single-family home sales decreased slightly, while condo and townhome sales increased.

• Prices rose significantly, with condo/townhome prices increasing by about 10% and single-family homes seeing a nearly 14% rise on average compared to the year prior.

One standout statistic from 2024 is that the average single-family home sale reached nearly $20 million, while the average condo sale exceeded $4.5 million. This underscores the affluence of Aspen’s average buyer. Remarkably, 31 single-family homes sold for over $20 million in 2024, compared to just 2-3 sales annually in that price range pre-2020.

Buyers negotiated discounts of approximately 5% off list prices for condos/townhomes and 8% for single-family homes on average. However, there were exceptions, with some properties selling at or above list price and others trading at discounts exceeding 20%.

The average days on market for Aspen properties hovered around 200 days, a slight slowdown compared to the sales surge from 2020-2022 but still well below pre-2020 averages of 300-350 days. Additionally, the number of available listings rose by over 50% in the past two years. Despite this increase, inventory remains 40-50% lower than the “healthy” market years of 2015-2019.

Aspen's Appeal: Beyond the Transactions

Aspen’s luxury real estate market thrives on more than just numbers. The area’s unmatched natural beauty, recreational opportunities, and vibrant community make it a magnet for affluent buyers. It’s a place where high-net-worth individuals not only invest but also immerse themselves in a lifestyle that few destinations can offer.

The Future of Aspen Real Estate

While the market adjusts to changing dynamics, Aspen remains a beacon for investors and second-home seekers. The first-ever $100 million+ sale in Aspen occurred last year, reinforcing confidence among affluent buyers. With historically low inventory driving prices upward, Aspen’s real estate market is poised to remain a leader in luxury living.

Keep an eye on inventory levels and transaction activity above $15 million—these high-end sales often set the tone for the broader market in Aspen.