Pitkin County real estate sales down 9 percent in January | AspenTimes.com

Pitkin County real estate sales down 9 percent in January

ASPEN ” The Residences at the Little Nell is embroiled in controversy with some buyers who want out of contracts, but the luxury condo project also carried the Aspen real estate market in January, a report released Tuesday shows.

The Residences at Little Nell (RLN) accounted for 41 transactions and $64 million in dollar volume last month, according to a report by Land Title Guarantee Co.

Even so, the picture for the real estate industry wasn’t pretty last month. Total transactions were down 20 percent from January 2008. Dollar volume was off 9 percent from the month last year, the report said.

To put that into perspective, the dollar volume of January 2008 plummeted nearly 50 percent from January 2007.

The Garfield County real estate market took a rougher tumble than Pitkin County in January, according to Land Title Guarantee Co.’s report. The number of transactions fell 78 percent to just 38. The dollar volume fell 76 percent to $16.6 million compared to January one year ago.

The average sales prices for single-family homes still managed to increase 17 percent in January while the median price in Garfield County increased 8 percent to $400,000, the report said.

See Wednesday’s Aspen Times for more on the latest real estate numbers.

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