Pitkin County real estate sales plummet
December 25, 2008
PITKIN COUNTY ” Same story, different month in the Aspen-area real estate market.
The dollar volume of sales was down 40 percent in November compared to last year. Sales hit $64.79 million compared to $107.7 million for November 2007, according to a monthly analysis provided by Land Title Guarantee Co.
Sales have tumbled every month this year. For the year-to-date through November, sales are down 46 percent, the report shows.
Total sales so far this year are $1.25 billion. They were $2.33 billion through November last year.
This year will be the first year since 2004 where total annual real estate sales in Pitkin County don’t top $2 billion. A record was set in 2006 with sales of nearly $2.4 billion.
This year has seen a total of 761 real estate transactions so far, compared to 1,237 last year. That is a drop of 38 percent.
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Other market trends noted by Land Title Guarantee Co.’s report about the county includes:
The average single-family home price continues to climb despite the slow overall activity in the market. The average price is up 12 percent from last year at $5.2 million.
The median single-family home price soared 27 percent year-to-date to $4.51 million.
Transactions for fractional ownership units are down 26 percent year-to-date, with the dollar volume down 45 percent from last year to $44.42 million.