Condos in The Aspens have been a popular real estate purchase for many years for many different types of buyers. Second homeowners enjoy the ease of access to Jackson Hole Mountain Resort and Grand Teton National Park. Locals have been attracted to the convenient location of The Aspens with its proximity to restaurants, the bus line, a coffee shop and a grocery store. Investors continue to be drawn by the lucrative short term rental market. Whatever the reason, people have been buying Aspens condos! Since Jan 2013, there have been 24 condo sales in The Aspens. Twenty of those sales occurred in 2013 (which equates to about 2 sales a month). In 2013, the average sales price for an Aspens condo was $408,650 or $356/sq ft. One bedroom units sold on average for $295,000. Two bedrooms went for an average of $427,000 and 3 bedroom units commanded an average price of $592,000. The highest condo sale in The Aspens in 2013 was a top floor 3 bedroom Wheatgrass condo, which sold for $625,000 in Oct 2013. In 2014, we’ve already seen 4 sales in The Aspens (again about 2 per month) including a Windflower 3 bedroom which sold for $630,000 in Jan 2014 (pictured below) and most recently a 2 bedroom end unit condo in the Hawthorne building which sold for $289,000 last week.
Where has all the inventory gone?
If you read my Market Reports, you are aware that inventory is currently thin in the Jackson Hole Real Estate Market. The Aspens sub-market is no exception. Right now, there are 4 condos for sale in The Aspens including a one bedroom + loft in the Sagebrush building, a 3 bedroom Woodlands condo with over 1,800 sq feet, a remodeled 3 bedroom unit with a detached garage, and a 3 bedroom Cove unit with mountain views. Click HERE to view all 4 available listings. Based on past absorption rates (2 sales per month), we have about a 2 month supply of inventory – not much!
There are currently 2 condo sales pending in The Aspens. The last new listing to hit the market was a nicely remodeled one bedroom unit in the Tamarack building (pictured below). It was on the market for less than 10 days before receiving multiple offers and going under contract close to list price.
Spring time in the Jackson Hole Real Estate Market usually means an influx of new listings as sellers seek to take advantage of the warmer weather and green landscapes. Already we are starting to see some new listing activity. In the past 2 weeks, 14 new listings have hit the market in Teton County. It will be interesting to see what (and how many) new listings pop up in The Aspens this Spring.
If you currently own a condo in The Aspens, I’d be happy to chat with you about the current real estate market. It may be a great time to sell! Please contact me for more info or to receive a free market analysis on your property.