Pitkin County real estate sales down 34 percent
July 22, 2009
ASPEN – The Pitkin County real estate market could fall short of $1 billion in sales this year for the first time since 2002, based on activity during the first half of the year.
The dollar volume of all sales through June was $471.47 million, according to a monthly analysis by Land Title Guarantee Co. That is down 34 percent from the first-half figure last year, the report showed.
The real estate market in Pitkin County has topped $1 billion in annual sales every year since 2003. The industry was hit by a national recession in 2001 and 2002. Sales volume topped $2 billion from 2005 through 2007.
Last year, the amount fell to $1.37 billion. Sales are down each month this year compared to last year.
The number of transactions totals 331 so far this year, down 27 percent from last year’s mark, according to Land Title’s report.
Sales of fractional ownership units are carrying the market right now. There have been 163 fractional transactions, many involving The Residences at The Little Nell. That is an increase of 23 percent from the first-half statistic in 2008.
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Fractionals have accounted for $139.47 million in sales this year, an increase of 396 percent from the same period last year, according to Land Title Guarantee Co.