Real estate sales plunge in May

PITKIN COUNTY ” The dollar volume of real estate sales in Pitkin County plunged almost 60 percent in May compared to the same month last year, a new report shows.

Land Title Guarantee Co.’s monthly report shows real estate sales totaled $114.38 million in May of this year compared to $283.45 million last year.

Sales from January through May are off 51 percent.

The total dollar volume is $607.9 million this year compared to $1.24 billion at the same point last year, the report showed.

The number of real estate sales transactions in Pitkin County dropped from 585 last year through May to 376 this year, a fall of 36 percent. Land Title Guarantee Co.’s report looks at all sales recorded in the Pitkin County clerk’s office. It includes sales of everything from mansions to employee housing.