Aspen area real estate sales soar in August
November 19, 2013
The Pitkin County real estate market experienced its best August performance in five years, according to a report by Land Title Guarantee Co.
The dollar volume of all sales was $138.45 million, an increase of 31 percent from the $105.50 million recorded last year, the report showed.
The sales volume in 2013 dwarfed the amounts racked up in 2009 through 2011, when the totals didn't exceed $100 million in any year, the report showed.
The number of real estate transactions soared to 162 in August compared with just 60 the year before.
The strong performance in August pulled 2013 about even with the year-to-date standings of 2012, according to Land Title Guarantee Co. This year has produced ups and downs. Sales dollar volume has dropped drastically in four months so far this year, but it's shown double-digit increases in four other months.
Through August, sales have totaled $750.10 million, or a decrease of 3.57 percent from the $777.84 million at the same point the prior year, Land Title Guarantee Co.'s report said. The title-insurance firm bases its report on deeds filed with the Pitkin County Clerk and Recorder's Office. That reflects all sales, not just those made through the Aspen Board of Realtors' Multiple Listing Service.
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The number of real estate transactions is far ahead of 2012's year-to-date number. There were 912 transactions through August this year compared with 441 at the same point last year. That's an increase of 107 percent.
Sales of interval properties skewed the transactions report. There have been 494 interval sales through August, an increase of 481 percent from the same period last year. The Innsbruck accounted for 85 sales in August.
Land Title Guarantee Co.'s report said the average sales price and median sales price of single-family homes are down. The average single-family-home price for 2013 through August was $3.46 million, a decrease of 18 percent from the full year in 2012. The median single-family-home price was $2.3 million, also down 18 percent from the full year of 2012, the report said.