Complete information clarifies real estate picture in midvalley
January 23, 2014
Editor's note: An article in Tuesday's Aspen Times about the midvalley real estate market used inaccurate sales data for 2012 and 2013. Real estate agent Wendy Lucas accidentally provided information for one month rather than the entire year. An Aspen Times reporter didn't verify the information. Following is the corrected data from 2012 and 2013, taken from the Aspen-Glenwood Springs Multiple Listing Service and verified by representatives of three real estate firms.
The number of single-family home sales fell by 23 percent in the midvalley in 2013 compared to 2012, according to data from the Aspen-Glenwood Springs Multiple Listing Service.
The dollar volume from those sales fell 25 percent in a year-to-year comparison, the Multiple Listing Service statistics showed.
There were 235 single-family-home sales in Basalt, El Jebel, Carbondale and Missouri Heights in 2012, according to the data. That sagged to 180 sales in 2013.
The dollar volume dropped from $157.09 million in 2012 to $117.14 million in 2013, the statistics showed.
The average sales price slipped 2 percent to $650,772, according to the information provided by the real estate companies.
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The number of sales of condominiums, townhouses and duplex units were nearly flat year-to-year. There were 129 units sold in the midvalley in 2012. That fell 3 percent to 124 last year.
The dollar volume from those sales climbed 11 percent. The dollar volume was $37.45 million in 2012 and $41.91 million in 2013.
The single-family home sales over the last two years are considerably better than the performance during the recession, but far below sales levels achieved during the pre-recession boom. There were 305 sales of single-family homes in Basalt, El Jebel, Carbondale and Missouri Heights in 2005, according to the Multiple Listing Service. There were 114 sales in that area in 2010.
Ted Borchelt, a real estate agent in Basalt with Aspen Snowmass Sotheby's International Realty, said segments of the midvalley market are performing well. The residential market under about $800,000 "is on fire," he said. The market is "soft" between $800,000 and $2 million and still awaiting the recovery for properties priced above $2 million, Borchelt said.
Rod Woelfle, broker associate with Coldwell Banker Mason Morse, said most real estate agents feel the midvalley market is strengthening despite the declines in transactions and dollar volume in 2013. "We're coming into much more of a normal, healthy market," he said.
There has been a drop in inventory, significantly fewer distressed sales and fewer days for residences on market, Woelfle said.