Q1 2020 Market Snapshot
The Roaring Fork Valley saw a very strong real estate market at the start of 2020. Overall, the total sales volume in Q1 2020 ended very similar to Q1 2019. Transactions in March were down slightly and the overall volume was carried by strong performance in January and February.
Carbondale perhaps is the one outlier. Q1 2020 significantly outperformed Q1 2019 with $25.5M in total sales volume vs $13.3M. Consumer demand for down valley properties has been consistently high. We have seen many Aspen homeowners downsize and move down valley, and more second homeowners from the front range and out of state prefer the value and longer summers that Basalt and Carbondale provide.
Like real estate markets nationwide, we likely see a significant cooling of the market in Q2 due to COVID-19. Early summer events like Food & Wine and Ideas Fest have already been canceled, indicating that the summer tourism season will likely be pushed out and shortened in the valley. We remain optimistic that post-COVID-19, we’ll see a strong rebound in the market based on the market dynamics (high demand and low inventory) that we experienced in 2019.
Q1 Transactions (2020 vs. 2019)
March Transactions (2020 vs. 2019)