Pitkin County real estate sales surge in September

ASPEN – The number of real estate transactions and their dollar volume surged in Pitkin County in September compared to the prior year, according to a report released Tuesday.

The 86 real estate transactions throughout the county represented an increase of 39 percent from the 62 in September 2010, according to the report by Land Title Guarantee Co.

The total dollar volume of those deals was $137.72 million, or an increase of 38 percent compared to the $99.76 million in sales in September of last year, the report said.

“September was the strongest transaction month since April 2008,” Land Title Guarantee Co. noted in an introduction to its report. The dollar volume for September was the second highest monthly total so far this year.

Both figures suggest some level of recovery for the real estate market after tough times in 2009 and 2010. Through the third quarter of 2011, dollar volume in Pitkin County is $977.07 million, or an increase of 19 percent over the same period last year. Transactions for the year are up 17 percent from the same point in 2010.

The annual numbers from 2009 and 2010 will be topped easily this year at the current pace. Total dollar volume likely topped $1 billion in October.

The real estate market heated up in August and September after a drastic and unexpected dip in July. The dollar volume was down 47 percent in July, but that has been followed by increases of 21.5 percent in August and now 38 percent in September.

Land Title Guarantee Co.’s report noted there were 45 bank sales of property in Pitkin County for a total of $30.3 million through the first three quarters of 2011. They accounted for nearly 8 percent of all transactions and 3 percent of the dollar volume.