Aspen's West End on a Fall October Day
Gap Between Buyers and Sellers on the West End
There's a $2,335,500 gap between the average asking price in Aspen's West End vs. what's actually selling. As of today, the average asking price for a home on the West end is $15,548,500. Meanwhile the average sales price over the past 6 months is $13,213,000. That's a 15% discount off what sellers in the market are currently asking.
Of the 10 transactions that took place over the past 6 months, those asking prices were over $1 million less than the current asking prices. Sellers that ultimately closed were asking at average of $14,546,500, which was a $1,002,000 less asking price to get their property sold.
West End Buyers Negotiated $1,333,500 Off Asking Price
Although the West End homes that sold were already $1 million less than the current inventory, buyers realized a further 9.2% discount or $1,333,500 off the asking price. In addition to that, we saw buyers get more "bang for their buck" or value per square foot.
22.5% Discount on Price/Square Foot on the West End
Furthermore, the average asking price for a home today on the West End is $4,226/square foot. Meanwhile the average selling price was $3,273. That's a 22.55% discount or gap between what sellers are asking compared to what these homes are actually selling for.
Is it Really a Buyer's Market? Pay Close Attention to the Data
If you're a seller and starting to panic after reading this article or a buyer looking to swoop in for a deal, there's one outlier in the data above I'd like to cover. 709 West Hallam sold for $3,125,000 or only $644/square foot. Why so cheap you might ask? Although this sale is reported under a single family home, it was truly a fractional sale of a 1/8 interest in a Victorian Home. If you actually multiply that by 8, you'd get a whopping $5,152/square foot, which is higher than the average asking price today.
Curious What's Happening in Your Neighborhood? Contact a Realtor
If you're curious what's happening in your Aspen or Roaring Fork Valley neighborhood, feel free to use our market reports page to build your own custom report. With that said, I always recommend you verify the data an engage a great Realtor to help navigate the data to help you make the right decision on buying or selling in West End or other parts of the valley.