(Bloomberg) — The Aspen, Colorado, market for mansions has contracted from the levels seen during the pandemic; year-to-date dollar volume is down by 40% compared to last year’s. But don’t expect sale prices to drop because inventory is still tight.
“The market has returned to what’s being referred to as the pre-pandemic ‘normalcy’ of the 2016-2019 years,” Tim Estin, a broker with Aspen Snowmass Sotheby’s International Realty, writes in his market report, “Normalcy means a healthy, active market but not the explosive ‘urban exodus’ market of 2020-2022.”
Aspen’s mansion market exploded during the pandemic as more people than ever—desperate to escape the city— jockeyed for the few mansions that were put up for sale. That unique activity, however, is over in the face of headwinds including interest rates, geopolitical nervousness and the 2024 elections.
“Was activity during the pandemic era sustainable? The answer is definitely ‘no,’” says Jonathan Miller, president