Updates from Sally Shiekman

People ask me this question constantly right now, and I appreciate that they do — because it tells me they're paying attention. The short answer is: yes, in some ways the market has softened. Year-to-date through the first week of June, Aspen recorded 57 closed residential sales versus 81 over the same period in 2025 — a 30% drop in transaction count and roughly 45% decline in dollar volume ($536M vs. $983M). But "softening" in Aspen means something very different than it does anywhere else, and conflating the two would be a mistake that could cost buyers and sellers alike.

Let me give you the data first. Q1 2026 recorded the lowest first-quarter sales volume since 2020. March closed sales in Aspen fell 50% year-over-year — from 24 transactions in March 2025 to just 12 this year. Snowmass Village dropped 46%, from 13 closings to 7. Active inventory has climbed to around 158 listings, with roughly 9.4 months of supply, and homes are now selling at approximately 90.77% of asking price — a meaningful shift from the frenzied post-pandemic years when sellers held all the cards. Days on market for condos have extended to 115–155 days in some segments. These are real changes, and I won't minimize them.

What I will push back on is the narrative that this signals structural weakness. The 2025 market was extraordinary by any measure — $2.509 billion in total Aspen and Snowmass dollar volume, 42 sales above $20 million (up 62% from 2024), and a single-family median in Aspen of $17.5 million, up 31% in a single year. Comparing 2026 to that baseline is like measuring a normal winter against the historic 2022–23 snowfall and calling it a drought. And the longer view backs that up: average sold price per square foot YTD sits around $3,233, down roughly 9% from last year's $3,554 — but the 10-year average annual appreciation rate for Aspen remains 10–11%, and the 5-year compounded annual growth rate is near 13%. A single soft year against a decade of double-digit compounding is not a trend reversal; it's a pause. Several converging headwinds hit simultaneously: a record-low snow year in January and February dampened the buyer energy that typically arrives with ski season; tariff uncertainty and Federal Reserve volatility created hesitation at the top of the market; and frankly, some buyers are beginning to push back on pricing that accelerated faster than fundamentals alone would justify. These are cyclical pressures, not structural ones.

What hasn't changed is the foundation. Pitkin County unemployment sits at just 2.3%. Inventory — while rising — remains roughly 40% below pre-pandemic 2019 levels. The ultra-high end isn't just active — it's making headlines. Media mogul Byron Allen just paid $91.3 million for a Red Mountain estate, in an off-market deal that wasn't even publicly listed. That's on top of three other $30M+ closings already this year, including a $42M McLain Flats sale and a $37M Red Mountain trade. Buyers with real capital aren't waiting for a "better moment" — they're moving now, off-market, on their own terms. The "billionaire effect" hasn't disappeared; it's simply moving at a more measured cadence. Down-valley, Basalt and Carbondale are telling their own stories — Basalt single-family saw a 65% jump in median price in January, and Carbondale's condo market is seeing compressed inventory at just 1.8 months of supply, suggesting that the broader Roaring Fork Valley remains a target for buyers who want proximity to Aspen at comparatively accessible price points.

One more number worth sharing, because it speaks to who you want in your corner in a market like this: Aspen Snowmass Sotheby's International Realty's share of Aspen's residential dollar volume has climbed to nearly 33% year-to-date, up from 19% a year ago — more than double our closest competitor. In a slower market, every transaction matters more, and that gap reflects depth of relationships and local expertise, not luck.

My read: this is a recalibration, not a retreat. For sellers, it means pricing discipline matters more than it has in years — overpriced listings are sitting, and the market is telling you clearly when you've missed the mark. For buyers, the window of selectivity you now have is genuinely new. You have options you didn't have in 2022 or 2023, and that's worth something. But I wouldn't confuse increased negotiability with an impending correction. The long-term thesis for Aspen and the Roaring Fork Valley — four world-class mountains, the Ideas Festival, the Music Festival, a globally recognized lifestyle, and a supply of land that simply cannot expand — remains as compelling as it has ever been.

There's also a sentiment shift I'm hearing across the brokerage that's worth mentioning, even if it's anecdotal rather than statistical: a number of agents believe this summer is shaping up to be busy. The theory is that many buyers simply sat out a lackluster ski season — low snow, high rates, a noisy macro backdrop — and are now eager to spend real time in Aspen once the weather turns. We won't know if that pans out until the numbers are in, but it's a reasonable read of a market that's pausing rather than retreating.

Here's the truth I keep coming back to: in Aspen, Snowmass, and the Roaring Fork Valley, in up markets and in down, the differentiator isn't economics. It's Mother Nature.

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*Sally Shiekman is a Senior Partner at Aspen Snowmass Sotheby's International Realty with decades of experience representing buyers and sellers across Aspen, Snowmass Village, and the Roaring Fork Valley. Let me put my Mountains of Experience to work for you.*

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### Sources

1. **Aspen Times** — "Aspen Snowmass real estate market update shows sales 'fell sharply' in 2026" (April 8, 2026)
   aspentimes.com/news/aspen-snowmass-real-estate-market-update-shows-sales-fell-sharply-in-2026

2. **Christie's International Real Estate Aspen Snowmass** — First Quarter 2026 Aspen Snowmass Market Report, analysis by Dr. Elliot Eisenberg (April 21, 2026)
   christiesaspenre.com/first-quarter-2026-aspen-snowmass-market-report

3. **Houzeo** — Aspen, CO Housing Market in 2026: Home Prices & Trends
   houzeo.com/housing-market/colorado/aspen

4. **Hudson Smythe** — Aspen Real Estate Market Report: January 2026 Analysis
   hudsonsmythe.com/blog/aspen-market-report-january-2026

5. **Estin Report (Tim Estin, Aspen Snowmass Sotheby's)** — Q1 & March 2026 Aspen Snowmass Real Estate Market Snapshot
   estinaspen.com/real-estate-market/q1_mar-2026-aspen-snowmass-report

A recent Fortune magazine piece stopped me in my tracks this week. A veteran broker turned tech founder wrote candidly about what he calls the housing market's "nepo problem" — the quiet but accelerating reality that the buyers who win are increasingly the buyers with family money behind them. He framed it as a crisis. I understand why. But after three decades in this valley, I've seen a more nuanced story play out — one where family money, used wisely in the right market, can be one of the smartest investments a family ever makes together.

I've helped a lot of first-time buyers close here with a financial lift from parents or grandparents. And I'll tell you what I've watched happen almost every single time: it works. Not just for the buyer — for the whole family. The returns on real estate in the Roaring Fork Valley have historically been extraordinary. The equity builds. The asset appreciates. And when those buyers come back to me a second time — and they do come back — they've paid their families back, they're standing on their own, and they're ready to move up. What started as a family loan becomes a family legacy. That's not a nepo problem. That's generational wealth building in real time.

What the Fortune piece gets right is that Aspen is genuinely hard to justify on paper for a first-time buyer. The transaction costs alone — closing, title, inspection, appraisal — can reach six figures before a single mortgage payment is made. That's not a mortgage problem. That's a liquidity problem. And in a valley where teachers, ski instructors, and longtime locals are competing for a shrinking slice of attainable inventory in Carbondale, Basalt, and El Jebel, that gap is real and it's growing. Family money doesn't solve the systemic problem. But for the families who have it and choose to deploy it here, it can be the foothold that grows into a foothold for life.

That's the phrase I keep coming back to — a foothold for life. Aspen isn't just a place to live. It's the Aspen Music Festival and the Aspen Ideas Festival. It's skiing four mountains in a single week. It's the Roaring Fork River out your back window and a community that has drawn extraordinary people for generations. Real estate values here reflect all of that, and they always have. The families who committed early — who found a way to get in even when it felt like a stretch — have been rewarded in ways that compounded far beyond the initial leap of faith.

My job, in part, is helping buyers and their families understand that leap clearly — what it costs to get to the table, what the realistic return trajectory looks like, and how to structure a purchase that works for everyone involved. I've had those conversations around a lot of kitchen tables, and they rarely end in regret.

If you or someone you love is trying to find a way into this market for the first time, let's talk. The valley still has entry points worth finding — but you need someone who knows where to look.

Let me put my Mountains of Experience to work for you.
 

Aspen has always offered something rare: the ability to live at the intersection of innovation and intimacy. It is one of the few places in the world where founders, investors, artists, and global leaders can move from strategy calls and major deals to mountain trails, concerts, community events, and family time in the same day. That balance is part of what makes Aspen so magnetic. It is not just beautiful. It is deeply livable.

That appeal continues to show up at the highest levels of the market. In late 2025, Palantir CEO Alex Karp purchased the former St. Benedict’s Monastery property near Aspen for $120 million, a sale widely reported as a record residential transaction for Pitkin County. The property spans more than 3,700 acres and reflects exactly the kind of rarity that draws visionary buyers here: privacy, scale, history, natural beauty, and close proximity to one of the most culturally rich mountain communities in the country.

What is so compelling about Aspen for high-achieving owners is that it does not ask them to choose between ambition and quality of life. Here, you can be in the clouds and in the mountains at the same time. You can stay connected to global business, technology, and culture while still living in a place that feels grounded, personal, and inspiring. That duality has become one of Aspen’s greatest luxuries.

And Aspen keeps investing in the kind of experiences that reinforce that sense of connection. This year, the city is moving forward with plans for an expanded July 4th celebration including a two-day carnival in Rio Grande Park with a 65-foot Ferris wheel, rides, games, and food concessions. The event is intended to celebrate both the 250th anniversary of the United States and the 150th anniversary of Colorado, with the city also planning a July 3rd concert, the traditional world-renowned Fourth of July parade, and a drone show in lieu of fireworks.

That matters because buyers at this level are not simply purchasing square footage. They are investing in belonging. They want a place where modern life works seamlessly, but where tradition, community, and memory still matter. They want a market with long-term strength, but also a town that knows how to celebrate. Aspen delivers both.

In a world that is increasingly digital, Aspen remains refreshingly human. That may be exactly why it continues to attract owners who can live anywhere but choose to be here.

When you put the Sotheby’s International Realty 2026 Luxury Outlook next to Sotheby’s 2025 Aspen/Snowmass real estate market recap, the vision sharpens: luxury real estate isn’t following the same rules as the broader market—and our backyard keeps behaving like a category of one. The Luxury Outlook calls it “two markets,” and that distinction matters because affluent buyers are less constrained by geography, financing friction, or headline noise. (Elevated Living)

Here’s the local proof: Aspen basically repeated 2024 in transaction count—about 185 total sales—yet still produced over $2B in volume. Condo pricing remained elevated (near a $6M average), and price-per-square-foot continued to inch upward even as growth moderated. That matches what many of us felt in the trenches: fewer “panic bids,” more discipline, but still real demand for scarce, high-quality inventory. (Elevated Living)

One of my favorite takeaways from the Luxury Outlook is the “first mover advantage”—a polite way of saying: the first seller to price like a grown-up usually wins. (Elevated Living) Aspen Sotheby’s statistics reinforce why: in Aspen, sellers held decent leverage, but discounts averaged around 6% with a wide spread—meaning pricing and positioning are now the difference between “clean close” and “long winter.” And yes, Aspen and The Roaring Fork Valley flag the same areas many of us are watching: $25M+ single-family inventory can get heavy fast if pricing drifts. (Elevated Living)

Zoom out, and the third-party data supports the broader tailwinds our regional statistics point to. International demand is rebounding: the National Association of REALTORS® reports international buyers purchased 78,100 U.S. homes from April 2024–March 2025, up 44% year-over-year. (National Association of REALTORS®) That matters here, because Aspen/Snowmass is a global lifestyle market—buyers comparison-shop stability, safety, and long-term scarcity.

And the definition of “luxury” keeps moving up—another reason our “normal” can feel surreal to outsiders. Realtor.com notes that in 2025 an “entry-level” luxury home (top 10% of listings) is around $1.3M nationally—nearly triple the national median list price. (Realtor) In other words: the luxury lane is widening everywhere, but the top of the top is where our market lives—especially with Snowmass’s Base Village cycle continuing to reshape buyer expectations and pricing benchmarks. (Business Insider)

My takeaway for clients (and for us): 2026 is likely to reward clarity. Price correctly, move decisively when the right opportunity appears, and remember that scarcity + lifestyle demand is still a powerful combination in Aspen Snowmass—especially when global buyers are back in motion. (National Association of REALTORS®)

If you’d like to discuss the Aspen/Snowmass real estate market, what your property’s value may be or what the currently available options are in your price range, please call me at 970-948-7530 or send an email to Sally@SallyShiekman.com to arrange a time. Let me put my mountains of experience to work for you!

Spring in the Roaring Fork Valley has a way of flipping a switch: daylight stretches, the sidewalks wake up, and buyers typically become more focused. If you’re thinking about selling in the spring or summer, the best outcomes usually come from the boring stuff done early—before photos, showings, and negotiation pressure. A quick “pre-list” tune-up can protect your price, reduce inspection drama, and help your home feel cared for (which buyers always notice, even when they pretend they don’t).

On the seller side, I tell clients to focus on the improvements that show up in three places: photos, walk-through feel, and the inspection report. Start with repairs that broadcast “this home is maintained”—that bear hole in the garage door, sticky sliders, loose railings, dripping hose bibs, wobbly faucets, tired caulk, and anything that makes noise when it shouldn’t. Next, paint: fresh, clean walls and crisp trim read as move-in ready, and they brighten rooms more than most people realize. Then go straight to curb appeal: edge the lawn, refresh mulch, prune, clear dead growth, and make the entry feel intentional (clean door hardware, a working porch light, tidy mat). If you’ve got warped or inefficient windows, that can be a quiet deal-killer—buyers may not say it out loud, but they’ll price in the hassle. If replacement isn’t in the cards, at least address drafts, failed seals, and obvious damage. The goal isn’t perfection—it’s eliminating the small signals that make buyers wonder what else they’ll find.

For buyers, spring and summer can move fast, so preparation is the advantage that doesn’t require luck. Before you start touring seriously, get a letter of borrowing capacity/pre-approval from your lender to include with an offer. It tells the seller you’re real and removes uncertainty. Keep your paperwork ready (proof of funds if applicable), understand your comfort zone on timing and contingencies, and be clear about your “non-negotiables” versus preferences. The strongest offers aren’t always the highest number—they’re the ones that feel clean, confident, and easy to get to closing. That’s where strategy matters: terms, timelines, deposits, inspection approach, and how you communicate value without overplaying your hand.

Whether you’re buying or selling, spring is a great time to do one thing: get an honest, local plan before the market forces decisions for you. I’m happy to stop by and give a free, practical evaluation—what I’d fix, what I’d leave alone, what will actually move the needle, and how to position your home (or your offer) for a smooth, successful transaction.

Call or text me at 970-948-7530 or email sally@sallyshiekman.com. Let me put my Mountains of Experience to work for you.

In markets like Aspen, Snowmass, and throughout the Roaring Fork Valley, it’s easy to assume the sky is the limit. We see record sales, global buyers, and properties that feel truly irreplaceable. So when a seller asks, “Why not try it higher?” The question is understandable. But after more than three decades in this market, I can say with confidence: overpricing is one of the most expensive mistakes a seller can make—especially at the high end.

The first issue is momentum. Well-priced properties create urgency. They generate early showings, strong conversations, and often competitive interest. When a home is priced too high, that momentum never materializes. Buyers who are active and serious—especially the most qualified ones—simply don’t engage. They’ve done their homework. They know the comps, the nuances of location, and the difference between aspirational pricing and market reality. If a property misses that initial window of excitement, it starts the race already behind.

There’s also a visibility problem. Properties that sit tend to get shown less. Brokers are human; we prioritize listings that feel aligned with market value because those are the homes our clients respond to. When a listing gains a reputation—“great house, but overpriced”—that perception spreads quickly and quietly. In a connected market like Aspen, where information travels fast, that stigma is hard to shake. Online, it’s even more unforgiving. Days on market become a headline, not a footnote, and buyers start asking what’s wrong instead of what’s special.

Ironically, overpricing often leads to a lower final sale price. When the inevitable price reductions come, they don’t feel strategic—they feel reactive. Buyers wait. They assume more reductions are coming. Instead of negotiating from a position of strength, sellers find themselves negotiating from fatigue. A thoughtfully priced home, on the other hand, invites serious offers early, when leverage is highest and emotions are still positive.

Aspen is a unique market, but it’s not immune to market psychology. Luxury buyers are sophisticated, patient, and well-advised. They respond to confidence, clarity, and credibility—not wishful thinking. Pricing correctly from the start isn’t about leaving money on the table; it’s about protecting value, preserving momentum, and positioning a property to succeed in a very discerning marketplace.

My role is to tell the truth, even when it’s not the easiest conversation. Because in the long run, the right price—set with experience, data, and an understanding of buyer behavior—is what gets a property sold, and sold well.

Let me put my Mountains of Experience to work for you.
 — Sally Shiekman
 

You may have seen recent headlines about Compass acquiring Anywhere Real Estate, the holding company that owns Sotheby’s International Realty. From an industry standpoint, this is a strategic, forward-looking move — one that strengthens the platform supporting the Sotheby’s International Realty brand while preserving what works at the local level.

Here’s the important part: Aspen Snowmass Sotheby’s International Realty remains independently owned and locally led. Our firm operates under a franchise agreement that allows us to leverage the Sotheby’s International Realty brand, its global reach, and its marketing and technology platforms. That structure remains firmly in place. This transaction simply moves the Sotheby’s International Realty brand from one holding company (Anywhere) to another (Compass Holdings). Day-to-day operations, leadership, and local decision-making remain unchanged.

What does change — and this is the good news — is what becomes possible over time. Compass has built a reputation for investing heavily in technology, agent support, and sophisticated marketing infrastructure. As those resources integrate at the holding-company level, franchises like ours stand to benefit from enhanced tools, expanded launch strategies, and smarter ways to bring exceptional properties to market — all without sacrificing independence or local control.

For a market as nuanced and relationship-driven as Aspen and Snowmass, that balance matters. Global reach paired with local expertise is not a trade-off — it’s a competitive advantage.

I’m also sincerely honored to share that as of the beginning of 2026, I became a Partner at Aspen Snowmass Sotheby’s International Realty. Partner is a meaningful word here. It reflects collaboration, shared ownership, and long-term commitment to the firm and the community it serves. After more than three decades in this market, being asked to step into this role is deeply flattering, gratifying and energizing.

This moment represents alignment — between global strength and local leadership, innovation and experience, momentum and trust. I’m excited about where this positions our firm, and even more excited about what it means for the clients who rely on us.

Let me put my Mountains of Experience to work for you.