Real estate sales broke record by $330M | AspenTimes.com
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Real estate sales broke record by $330M

The final tally for real estate sales in Pitkin County in 2004 shows the old record was shattered by about $330 million.Sales topped $1.6 billion last year, according to an analysis by Jim Pomeroy, marketing director for Land Title Co. in Aspen. The previous record for sales was $1.27 billion in 2000.Land Title Co. bases its reports on sales data filed with the Pitkin County clerk’s office. It includes all sales, from multimillion-dollar mansions on Red Mountain to employee housing units. Sales that weren’t handled by real estate agents are also included, so it’s the best gauge available on activity.Last year was so strong that the record was established before November. By the end of the year, there were 1,268 sales transactions of homes, condos, land and all other types, an increase of 12 percent over the previous year.Total sales for 2004 hit $1.602 billion. That was 41 percent above the $1.134 billion level of the prior year. Sales were up each month of 2004 compared to 2003 except for March and December.The average sales price also skyrocketed.”The overall average sales price in Pitkin County increased from $1,004,058 in 2003, to $1,263,643 in 2004,” Pomeroy wrote in his year-end report. “That represents a 26 percent increase in the average price, which is a very similar percentage increase shown all year.”Land Title’s report also tracked the explosive growth in fractional ownership sales. Total sales of those types of units in Pitkin County hit $65.1 million, according to records from the clerk’s office.There were 231 transactions involving fractional ownership units, or 18 percent of all sales.”Interval sales are much higher in the winter than the summer, which seems to be contrary to the rest of the general real estate market in this county,” Pomeroy noted.Scott Condon’s e-mail address is scondon@aspentimes.com.


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