There was plenty of snow on Aspen's much-skied Buttermilk Mountain this season, and that helped three local neighborhoods to record property prices.  The 81611 ZIP code--home to sprawling wood beam and stone ski lodges and on the south end of Aspen--is currently the most expensive neighborhood in the country, boasting a whopping $6.5 million median home sale price. Neighboring Snowmass Village (81615) and Snowmass (81654) aren't far behind: They landed at fourth and seventh place on our list of priciest ZIPs with median prices of $3.99 million and $3.7 million respectively.  Even so, it's hardly a diamond market in the Rockies this year.  "In 2007, the market in our valley was $2 billion in sales, this year it'll be between $500 million and $1 billion," says Steve Walker, a broker at Leverich & Carr in Aspen. "In volume and dollars, it's been a 50% drop."  So what gives? How did Aspen end up at the top?  Seasonality. Sales in other luxury markets like Atherton, Calif., (94027) or Beverly Hills (90210) slow in the winter, but in Aspen, the New Year rings in the high season for home sales. That means even in an off-year, Aspen is the nation's top performer. Nationwide, home prices are down, and most places are yet to hit their spring high season. At this time of year, Aspen benefits in national rankings because its highs are compared to other market's lows.  Behind the List Our numbers come from the Forbes Luxury Housing Index, which tracks the 500 most expensive ZIP codes in the U.S., using real estate statistics provided by Altos Research, a Mountain View, Calif.-based real estate derivatives research firm. Median prices represent a 90-day rolling average from April 20. ZIPs with inventory less than 10 homes were not considered.  Most of this week's ZIPs boast median prices between $3 million and $5 million. Beverly Hills is in third with $4.04 million; fourth place Snowmass Village was followed by Newport Beach, Calif., (92661) at 3.9 million and then Burlingame, Calif., (94010) at $3.7 million.  Alpine, N.J., (07620), a New York suburb populated with mansions and home to Wall Street executives and a surprising number of hip-hop stars such as Fabolous, Sean Combs and Damon Dash, came in second at $4.7 million.  Though surprisingly high in a cratering market, the figures are down from 2006 and 2007, say brokers, when sales in these areas regularly topped $10 million. Today, the buyers who do exist are looking for something a bit more affordable, forcing sellers to pull their prices into the seven digits.  "There are many more buyers now for that $4 million to $5 million price point," says Courtney Charney, a broker with Alain Pinel Realtors in Atherton. "It's definitely the market sweet spot right now."  What's more, area buyers are getting more for their dollar, based on price-per-square-foot numbers. In the 500 ZIPs on our list, the average price per square foot fell from $497 to $489, or 1.5% from the first of the year to April 2009, while prices have only dropped from $1.46 million to $1.45 million, or 0.6%.  "It's a shift in the properties on the market," says Michael Simonsen, chief executive of Altos Research, noting that prices appear flat in many of these markets compared with a year ago, despite higher inventory. "What this means is that though the price is flat in these markets, the homes are bigger. You're getting more bang for your buck."  That means a lot in the markets on our list, where even those pulling up the rear, such as Rancho Santa Fe, Calif., (92067), Belvedere, Calif., (94920) and Los Altos, Calif., (94022) are at median levels of $3.5 million, $3.4 million and $3.3 million, respectively.  Complete Coverage: Forbes Luxury Housing Index  Data are provided by Altos Research LLC. Data and information are provided for informational purposes only, and are not intended for investment or other purposes. Forbes.com LLC (including its licensors, independent contractors and any affiliates, successors or assigns) shall not be liable for any errors or delays in the content of those data, or for any actions taken in reliance thereon.
Nationwide, property values are declining. In Colorado's tony ski town, vacation-home seekers continue to spend millions. Plus, a peek at the country's 10 most expensive ZIPs.