Midvalley homes near $1 million mark
December 1, 2007
BASALT ” The average price of midvalley residences is tickling $1 million after skyrocketing appreciation this year, sales data through October shows.
The average price of midvalley residences was $767,553 last year. It has soared to $986,168 this year as of the end of October, according to research by Basalt Realty owner Darryl Grosjean.
Similarly, the median prices jumped from $565,000 last year to $669,250 this year.
“We’ve seen sales prices skyrocket in the midvalley this year,” said Grosjean, owner of Basalt Realty for 29 years.
Grosjean used sales data from the combined Multiple Listing Service for the Aspen and Glenwood Springs Board of Realtors for his analysis. The report looks at sales of everything from condominiums to single-family homes from Wingo Junction to Ranch at Roaring Fork. The analysis includes sales of homes on East and West Sopris Creek Roads and parts of Missouri Heights as well as the Basalt and El Jebel areas.
The high sales prices enticed a lot of midvalley residents to place their properties on the market. Grosjean said inventory has expanded to the point where the number of listings is about three times greater than sales.
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“A lot of would-be sellers are listing their properties. They want to cash in on the high prices,” said Grosjean.
This year through October, the number of sales transactions is down in the midvalley, but the dollar volume is up, according to Grosjean’s research. There have been 230 sales totaling $226.82 million so far this year. At the same point last year, there were 261 sales totaling $200.33 million in the same geographic area he examined.
The frenzy slowed in October. The number of transactions fell from 50 last October to just 25 during the same month this year. However, the dollar volume decreased just 8.5 percent for the month.
Grosjean said he was not surprised by the decline in transactions this year. Higher prices force some buyers out of the market.
“I consider this decline not significant in light of the higher prices,” he said.
A separate report shows the real estate market in Garfield County continued to roll along in October and it will set a record for dollar volume this year. The report by Land Title Guarantee Co. shows that real estate sales topped $1 billion in Garfield County through October. That’s an increase of 26 percent over the same time last year.
Last year set a record at $1.05 billion in sales in Garfield County. This year, the dollar volume was already $1.03 billion through October, according to Land Title Guarantee Co.’s report.
Scott Condon’s e-mail address is email@example.com.