Aspen is one of the U.S’s most popular high-end ski destinations, and its luxury property market reflects that, according to Thursday’s first quarter sales report from Douglas Elliman.

Sales of luxury properties are soaring in the tony Colorado town, helped largely by sellers reigning in their over-ambitions price expectations, according to Jonathan Miller, chief executive of real estate appraisal firm Miller Samuel and author of the Douglas Elliman report.

In the first quarter of 2018, the median sales price for a luxury home—defined as the top 10% of the market—in Aspen reached $18.34 million, an impressive 162.1% increase from the same time last year when the median was logged at a comparatively measly $7 million.

“We’ve been seeing these big numbers because the backlog—what I call the ‘aspirational priced inventory’—is coming off the market, either expiring, or sellers are realizing they need to meet the buyers on price,” Mr. Miller said.

In high-end housing markets, sellers are far more comfortable meeting the buyer, “making the market, generally speaking, in much better shape,” he said.

The clearing of the backlog Mr. Miller referred to is demonstrated in the first quarter’s listing inventory, down over 31% compared to the same time last year, according to the report.

Despite the big price growth, closed transactions in the town were flat compared to last year, remaining at just five luxury transactions, but a shift to much bigger properties has high-end prices continuing to rise.

The average luxury property size increased 27.2% to 8,781 square feet in the first three months of the year, the report said, and the price per square foot crept up 9.2% to an average of $1,873.

Nearby Snowmass, another ski destination, isn’t experiencing the same luxury boon—median prices were down 19.3% to $4.4 million in the first quarter, while inventory rose 41.4%.

Abode Affiliates

  • Alleyne Real Estate
  • Blevins Franks
  • Coldwell Banker
  • Crane Resorts
  • The Hideaways Club
  • Monaco Real Estates
  • RDO
  • Rosemont Consulting
  • St Francis Links
  • Unique Home Stays
  • Yoo
  • Worldwide Dream Villas
  • Cyan International Properties
  • Enigma Yachts Limited
  • Cornerstone Tax Advisors
  • Lida Cucina
  • Pedini London
  • Alexander James
  • Wings
  • Moore Stephen
  • Ibiza Transit Express
  • Oyster Yachts
  • Jumeirah
  • Wall Street Luxury
  • Heron Real Estate
  • Edenhurst
  • MG&AG
  • Gama Property
  • Touch Design Group
  • St Edward
  • Ultra Villa
  • Luxury Italian Living
  • Habitat First Group
  • BDO
  • 7Storeys
  • Smart Currency Exchange
  • Prestige Architects
  • Worldwide Property
  • Panorama
  • Dimora
  • Dominic McKenzie Architects
  • The Coastal House
  • Chamonix Ski Chalet
  • Luxe Caribbean Properties
  • Harry Manning
  • Smart Living
  • Isle Blue
  • MAS Marbella
  • London Fractions
  • Page Architects
  • Millgate
  • Jersey Finance
  • guernsey-relocations-logo
  • viberts-logo
  • b-williams-management
  • kpmg-logo
  • author-interiors
  • Wilkinson Beven
  • BoConcept
  • Ante Vrban
  • Experience Invest
  • Move 2 Gozo
  • Deborah Garth
  • Extex
  • You home
  • Ra Shaw Designs
  • Caudwell Collection
  • eastwood private client
  • accanto-interiors
  • Fritz Hansen
  • capital-rise
  • jarrods-staircase
  • neil-davies-logo
  • Tina Shone Group
  • Taplow riverside
  • Aimo
  • ns-ceramics-logo
  • Rusk
  • Consilium Expert Group
  • Ben Krupinski Builder
  • Swoffers
  • Guernsey Relocation Services
  • Douglas Graneto
  • Strutt & Parker
  • wilsons
  • MJC Associates
  • plainspace
  • Fine & Country
  • Bramble Ski
  • Page Architects
  • Penthouse queen
  • Sarco_Affiliate_Logo
  • taylor wimpey
  • cooper-gardner
  • M Design Architects
  • codan
  • Lovells
  • London DE

Enter your dream destination