Wendalin Whitman: The Top Independent Broker of Aspen, Colorado
By Sam Aronwald
In the picturesque town of Aspen, where the Rocky Mountains paint a breathtaking backdrop, Wendalin Whitman stands out as the top independent broker. With decades of experience, Wendalin has established herself as a leading authority in Aspen’s real estate market, embodying the pinnacle of dedication and expertise in the real estate industry.
There have been considerable changes to the Aspen real estate market since 2021. Let’s take a brief look at the Aspen market over the past four years.
Local Market Update from 2021 -> 2022
According to the Aspen Board of Realtors ®, the following has been established. From 2021 to 2022, the median sales price of Aspen single family homes increased steadily by 28.5%. The actual median sales price recorded was $9,650,000 in August, 2021; then up to $12,400,000 in August, 2022. On the other hand, the median sales price of Aspen condos / townhomes jumped even more by 67.4%. In only one-year’s time, the actual median sales price recorded was $1,762,500 in August 2021; then up to $2,950,000 in August 2022. *While Aspen’s single family homes kept a steady increase over the year, condos / townhomes first took a strong drop leveling out from a jump during the pandemic, to then rise exponentially by the start of 2022. a bit more volatile.
With this, the amount of sold listings contrasts the previously mentioned rise in median sales pricings. From 2021 – 2022, the amount of listed single family homes in Aspen that were sold dropped 33%. 86 sold by August 2021, then only 57 sold by August 2022. Congruently, condos / townhomes dropped 42.3% over the same year’s-time. August 2021 recorded 156 listed condo / townhomes sold, while August 2022 only recorded 90 sold. Simply put, more properties were sold in 2021 than 2022.
Lastly, Aspen’s single family homes and condos / townhomes had more days listed on the market in 2021 than 2022. SFHs were on market and average of 168 days up to August 2021, but then lowered to an average of only 117 days by August 2022. Condos / townhomes also dropped from 91 days average by August 2021 to 45 days average by August 2022. SFHs: -30.4% over the year, C / THs: -50.5% over the year.
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In conclusion, from 2021 to 2022, Aspen’s single family homes, condos, and townhomes increased in their median sales pricings, sold faster, but less properties overall were sold. Around one-third less properties were sold in 2022 compared to the year prior, but they were sold at around double the average sales pricings and sold almost twice as fast than in 2021. This analysis suggests that the Aspen market had increased in value, post-pandemic by around double. With, that it sounds like the Aspen Market began running out of inventory.
Country-wide, businesses were shut down by government mandates. Many people lost their jobs overnight. All Americans certainly put their lives into perspective. For better or for worse, the country rapidly evolved. Maybe the pandemic gave potential buyers a push to get out of populated, dense urban areas that quickly became unappealing due to restrictions, business closures, and community negligence to name a few variables. Regardless of hypotheticals, it can be surmised from the stats above that a country-wide pandemic raised the market value of Aspen properties from 2021 to 2022.
A further look into the following years will help us answer these questions and more.
For more information about Wendalin Whitman and her services, visit Whitman Fine Properties.