Aspen Real Estate: April 2009

1. Aspen, CO, 81611: $6.5 million
2. Alpine, NJ, 07620: $4.7 million
3. Beverly Hills, CA, 90210: $4.04 million
4. Snowmass Village, CO, 81654: $3.99 million
5. Newport, CA, 92661: $3.9 million
read the full article from Luxist here.

It's no secret that Aspen commands high prices per square foot. So what does this mean? anything?
To compare zip codes' median home sales prices without the myriad other factors (population density, current sales, etc.) that affect this number. It only has significance as it relates to TIMING, and how an Aspen timing may be distinct from other luxury markets worldwide. When the aspen market makes a comback, it's not a three year swing, it's a 3 week swing. And while a "glut" of inventory may still exist in Aspen with some very motivated builders and sellers, the total inventory always remains small due to Aspen's extremely restrictive building codes, and Pitkin county's 96% open space.
In other words, Beverly Hills may "come back", posting big sales over the course of 6months, while Aspen's median home sales price can make the same comeback in a question of weeks. These stats are apples-oranges comparisons, and it's no wonder these rankings change as quickly as they do.. As the Luxist article mentions, Beverly hills has already recorded sales (in the $30million range) that will have it easily eclipsing Aspen's zip code #1 stat by the time the next list posts..
Stats can be very useful when analyzing a real estate market, but when we turn to "top 5 lists", it turns a tangible assett (real estate) into a stock as easily manipulated as the rest...