Aspen’s April real estate sales down by 17 percent | AspenTimes.com

Aspen’s April real estate sales down by 17 percent

Staff report
The Aspen Times
Aspen CO Colorado

ASPEN – Real estate transactions in April totaled $99.2 million in Pitkin County, a 17 percent decrease from the same month in 2011, according to a report issued last week.

April’s figure represented the lowest total for the month since 2009, when Pitkin County saw $74 million in property transactions, according to data provided by Land Title Guarantee Co., which has offices in Aspen and Glenwood Springs.

April’s best performance in the past five years came in 2006, when it accounted for $209.7 million in sales, the report shows.

All told, there were 64 property transactions in Pitkin County in April, compared with 73 in April 2011. That’s a drop of 12.33 percent, according to Land Title Guarantee.

For the first four months of the year, Pitkin County’s real estate industry registered $345.9 million in sales, down 15 percent from the same period in 2011, according to the report.

Also through April, the average single-family home sale in Pitkin County was $3.7 million, a 10 percent decrease from all of 2011. The median price through April was $3.3 million, up 17 percent from all of 2011, Land Title Guarantee reported.

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May sales totals might end up on a better note, thanks to a mammoth transaction that took place Thursday, the last day of the month.

Both the Aspen Daily News and the Aspen Business Journal reported Saturday the Starwood subdivision’s Hala Ranch, the palatial estate owned by Prince Bandar bin Sultan of Saudi Arabia, sold for $49 million. That’s less than half of what the 95-acre ranch and 6,000-square-foot home was originally listed for in 2006 – $135 million – before being pulled off the market 16 months later.

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