ASPEN — The good news for the Aspen real estate industry is that April was the most active month of 2008. The bad news is the dollar volume of sales for the month was still down 32 percent from the same month last year.

There were 88 sales transactions in April accounting for $135.42 million in sales, according to a report compiled by Land Title Guarantee Co. That's 32 percent less than the dollar volume in April 2007.

The number of transactions fell 40.5 percent from the prior year, from 148 to 88. The real estate market has taken a beating this year. The dollar volume is down by double digits each month compared to the same month last year. Cumulatively, the dollar volume is at $493.52 million over the first third of this year or nearly 49 percent off the pace set in 2007. Sales over the first third of 2007 were at $959.53 million.

Land Title Guarantee Co. based its report on all deeds recorded with the Pitkin County Clerk and Recorders office, so it includes everything from sales of deed-restricted units to Red Mountain mansions.