Real estate in Garfield County drops more than 40 percent in 2008
Glenwood Springs, CO Colorado
GLENWOOD SPRINGS, Colorado ” December showed more signs of a further weakening real estate market in Garfield County.
According to the market analysis compiled by Land Title Guarantee Co., 2008 ended with a 44 percent decline in transactions for the year at 1,560, the lowest total in more than five years.
Total dollar volume spiraled downward 41 percent, ending the year down from a record-breaking 2007, which saw $1.2 billion in sales, to just over $723 million. That was the lowest amount for total dollar volume since 2004, according to the report.
November and December both reported 60 percent declines in transactions, November with 65 and December slightly higher with 70. No single month in 2008 reached 200 transactions. The strongest month for 2008 was May with 179 transactions. Nine months in 2007 had more than 200, and two of those months had more than 300.
Carbondale remains the strongest market with 24 transactions in December making up 34 percent of the county’s total sales for the month. Carbondale also reported the highest transactions for the year with 379 (24 percent), despite having the highest median residential price in the county at $612,500.
Glenwood saw significant slowdown in transactions at 281, but did have the county’s second highest transactions in December with 10. Rifle eclipsed Glenwood for the second highest transactions for the year with 314, making up 20 percent of the total volume. However, Rifle had only 9 transactions in December.
Battlement Mesa had 73 transactions all year, the county’s lowest, and saw a 40 percent drop in median residential home price from $319,000 in 2007 to $190,000 for 2008.
Contact John Gardner: 384-9114