Pitkin County real estate sales soar 120 percent in March | VailDaily.com

Pitkin County real estate sales soar 120 percent in March

Aspen Times staff report
Vail, CO Colorado

PITKIN COUNTY – The dollar volume of real estate sales in Pitkin County soared 120 percent in March compared to the prior year, according to Land Title Guarantee Co.

The comparison is somewhat misleading because March 2009, with sales of $47 million, was the weakest month in more than five years in the county. Nevertheless, activity was significantly higher in March 2010 with sales hitting $103.25 million.

There were 84 real estate transactions in March, an increase of 105 percent over March 2009, the title company’s report shows.

“There were two notable residential sales for the month, both in Snowmass – one for $10 million and the other for $9.04 million,” the report says. That is welcome news for the real estate industry because the Snowmass Village segment of the market has been particularly weak since construction stalled in 2008 on Base Village.

Despite the strong March, sales volume through the first quarter is down almost 23 percent compared to 2009, Land Title Guarantee Co.’s report shows. Sales fell from $269.2 million for the quarter last year to $207.73 million this year.

There were 179 transactions through the third quarter, a decrease of 7.25 percent from the prior year. Land Title Guarantee Co. examines all transactions for its monthly report, from sales of McMansions to trailer homes.

Sales shot up in March even though the fractional ownership market nose-dived. Fractional sales totaled only $2.64 million in March, down 81 percent from the prior year.

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