February brings no relief to Aspen real estate market | AspenTimes.com

February brings no relief to Aspen real estate market

Aspen Times Staff Report
Aspen, CO Colorado

ASPEN ” The Pitkin County real estate market continued its slide in February when the dollar volume of sales fell 19 percent from the same month last year, according to a report released Friday.

Land Title Guarantee Co. reported that sales fell from $131.49 million in February 2008 to $106.36 million. The news was particularly sour because February 2008 was down 32 percent from sales for that month the year before.

In a bit of good news for the beleaguered industry, the number of transactions was up 19 percent to 74 last month.

Aspen real estate agents say buyers are scouring the area for “bargains,” but they want to make sure prices have bottomed out before they act. One longtime veteran of the industry said he believes the floor has been or is close to being established in the market. Brokers hope to see increased activity and signs of recovery this summer.

The dollar volume of real estate sales in Pitkin County was down nearly 9 percent in January. For the two months combined, sales are at $222.29 million, or down 14 percent from last year, according to Land Title Guarantee Co.’s report. Year-to-date transactions are down 5 percent from last year.

Other highlights of the report include:

– The average single family home price was down 4 percent from last year to $4.9 million, although the median price is up 21 percent to $4.95 million.

– Sales of fractional ownership units accounted for 44 of the 74 transactions.

– The average sale price of the fractional units is $1.17 million so far this year, with a median price of $1.2 million.

– There were 22 sales of fractional units at Dancing Bear and 18 at the Residences at the Little Nell in Aspen.

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