Garfield County real estate market falls

GLENWOOD SPRINGS — Not even Garfield County’s real estate market — fueled by the natural gas boom — could avoid a slowdown during the first quarter of 2008.

The dollar volume of sales in Garfield County was down 8.75 percent from January through March compared to the same period last year, according to a report by Land Title Guarantee Co. March was particularly slow, with dollar volume plummeting 94 percent and the number of sales transactions dropping nearly 50 percent, the report showed.

Through the first quarter, total dollar volume was $220.1 million, compared to $239.33 million in 2007. There were 414 transactions through the first quarter this year compared to 612 last year.

“While transactions for the month of March were down, average residential home prices were $410,490, up 12 percent from last March,” Land Title Guarantee Co.’s report said. “In addition, the median home price was $352,500, up 9 percent for the same time period.”

The Garfield County market has experienced strong, consistent growth since 2003. Sales topped $1 billion in 2006 and reached $1.22 billion last year. Sales volume has been greater nearly every month compared to the previous year for the last five years, until now. January and March were down significantly in 2008, but February’s volume established a record for that month.

Land Title Guarantee Co. reported last week that first quarter sales volume in Pitkin County plummeted almost 53 percent from the same period in 2007.