The real estate market was red hot in 2020 with many people seeking to make the Roaring Fork Valley a more permanent residence during the pandemic. In the Aspen/Snowmass market, we closed out the year with over $3 billion in sales, up 51% over 2019. The start of 2021 will continue to be a seller's market with demand remaining high and inventory near a record low, down 32% from this time last year.
We're currently seeing a slight decline in transactions driven by inventory constraints, but this is resulting in homes selling quickly, sometimes with multiple offers.
As we think about 2021, here are some national trends and predictions:
- Robust economic growth in the 4-5% range (The Fed predicts 4.2%, Morgan Stanley forecasts 5.9%)
- Double-digit increase in home sales (Mortgage Bankers of America expects 10%, Bank of America predicts 11%)
- An 8% gain in average sales price nationally (National Association of Realtors)
- Mortgage rates to remain historically low all year, at roughly 3% (NAR).
As 2021 begins, a few local trends are becoming overly apparent. Buyers are often looking for both more interior and exterior space, as working from home has become the norm and outdoor space has become a necessity. Remote properties within our valley are becoming more sought after. Privacy is paramount.
Many long-time Aspen owners are opting to move down the valley to Basalt and Carbondale for more space and better values
A recent Forbes article highlights the migration occurring to mountain towns across the country.