Pitkin County real estate sales plummet | AspenTimes.com

Pitkin County real estate sales plummet

Aspen Times Staff Report
Aspen, CO Colorado

PITKIN COUNTY ” Same story, different month in the Aspen-area real estate market.

The dollar volume of sales was down 40 percent in November compared to last year. Sales hit $64.79 million compared to $107.7 million for November 2007, according to a monthly analysis provided by Land Title Guarantee Co.

Sales have tumbled every month this year. For the year-to-date through November, sales are down 46 percent, the report shows.

Total sales so far this year are $1.25 billion. They were $2.33 billion through November last year.

This year will be the first year since 2004 where total annual real estate sales in Pitkin County don’t top $2 billion. A record was set in 2006 with sales of nearly $2.4 billion.

This year has seen a total of 761 real estate transactions so far, compared to 1,237 last year. That is a drop of 38 percent.

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Other market trends noted by Land Title Guarantee Co.’s report about the county includes:

The average single-family home price continues to climb despite the slow overall activity in the market. The average price is up 12 percent from last year at $5.2 million.

The median single-family home price soared 27 percent year-to-date to $4.51 million.

Transactions for fractional ownership units are down 26 percent year-to-date, with the dollar volume down 45 percent from last year to $44.42 million.

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