Aspen-area real estate sales plunge |

Aspen-area real estate sales plunge

Aspen Times Staff Report
Aspen, CO Colorado

ASPEN, Colorado ” The number of real estate sales has tumbled 36 percent in Pitkin County, Colorado through the third quarter and the dollar volume has plunged 46 percent, according to a new report.

Land Title Guarantee Co. said in a monthly report released Thursday that sales in the county totaled $1.1 billion from January through September, down from 46 percent from $2.04 billion over the same period last year. The third quarter sales volume in 2008 is the lowest since 2003, the report showed.

September continued the poor performance for the slumping industry. Sales of $100.59 million during the month were off 58 percent from 2007. The dollar volume has been down by 20 percent or more every month this year, the report showed.

The Pitkin County real estate market experienced a record year in 2006 with sales of $2.64 billion and followed it up last year with more than $2.5 billion in sales. It appears the $2 billion barrier won’t be broke this year.

The number of transactions also has dropped each month this year compared to 2007. Through the third quarter, there have been 646 sales compared to 1,003 over the same period last year. Land Title Guarantee Co. looks at all sales recorded with the Pitkin County Clerk and Recorder for its reports.

The number of fractional ownership units sold is down 16 percent from last year. However, the dollar volume of those sales has plunged 45 percent, the report showed.

The median price for all residential sales was $1.78 million, according to the report.

Support Local Journalism

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User