Pitkin County real estate market fluctuating
September 2, 2011
ASPEN – Real estate sales in Pitkin County are up 16 percent for the year so far, through July, compared to the same period last year, despite a poor showing in July, according to a new report.
Land Title Guarantee Co.’s monthly report on the real estate market showed that total sales for the year through July were $748.95 million. Sales at the same point in 2010 were at $647.97 million.
The number of real estate transactions in the county were flat in July but they are up 12 percent for the year-to-date, the report showed. There have been 432 sales so far this year.
The Pitkin County real estate market has experienced something of a roller-coaster ride this year compared to 2010. Sales were up by significant margins compared to the prior year in January, February, May and June. Sales were down sharply in March, April and July.
Nevertheless, the industry is on track for a better year than 2009 and 2010, and with a strong close, it could top 2008.
July was a disappointment for the industry because the summer started so strong. Sales in July were at $39.38 million, down 47 percent from the prior year, Land Title Guarantee Co.’s report showed.
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Four residences were sold by banks during the month, representing $3.5 million in dollar volume. For the year through July, there have been 40 such sales, according to the title company’s research.
The average single-family home price is up in Pitkin County compared to last year, while the median price is down, a reflection of the strength of the upper end of the market.
The average sales price throughout the county is $4.68 million, a 7 percent increase from last year’s $4.34 million, according to the Land Title Guarantee Co.’s report.
The median price countywide is $3.09 million, down 3 percent from $3.18 million last year.