May 2009 Pitkin County Market Analysis (Compliments of Land Title. Statistics are for all of Pitkin County. For Aspen and Snowmass Village Market Summary specifically, see The Estin Report Quarterly Reports in the blog section of this site.)

Summary for the Month of May 2009
(Please see attached data sheets)

•    Pitkin County is posting the lowest decrease year over year for the 5 county area that Land Title reports on (Eagle, Garfield,      Summit, Routt, Pitkin)

•    Transactions totaled 45 for the month, just shy of April’s total of 46
•    Dollars totaled $64,477,218, down 13% from April’s total of $74,009,706

•    Year to date, dollars total $407,686,660 down 33% from the same time period of 2008
•    Year to date, transactions total 284, down 24% from same time period 2008

•    Aspen reported 17 transactions (38%), Fractional units also totaled 17 (38%), Snowmass Village posted 6 (13%), Old Snowmass and Basalt each posted 2 (4%), and Redstone rounded out the county with 1 (2%)

•    The average single family sold price for the year (as compared to full year 2008) is down 10% to $4,603,757 for the County  
        (see further detail on page 3 of the PDF)

  • o    Aspen is posting a decrease of 11% to $5.5 million
  • o    Snowmass Village is down 46% to $3.2 million
  • o    Woody Creek is down 58% to $2.2 million
  • o    Old Snowmass is down 67% to $1.2 million
  • o    Basalt is down 52% to $945,000

•    The overall median single family sold price is up 8% for the entire Pitkin County to $4,425,000 for the year (as compared   
        to the full year 2008)

  • o    Aspen is posting a decrease of 15% to $4.95 million
  • o    Snowmass Village is posting a decrease of 61% to $1.6 million

•    Fractional sales totaled $7,795,500 in dollars for the month
•    Fractional sales totaled 17 transactions for the month

  • o    Ritz Carlton led with 6, Little Nell -5, Hyatt Grand Aspen –3, Residences at Snowmass,Prospector, and Timbers – each had   1

•    For the year, Pitkin County fractional (interval) dollars are up substantially (466%) as compared to the same time period   
        last year at $133,251,888
•    Fractional transactions are up 29% for the year at 148

*Please note that there are areas within Pitkin County where there is not enough activity to establish a true median – this is specified on page 3 of the linked PDF

** It is important to note that average and median prices compare full year 2008 to year to date 2009.  To put into perspective,
there were 130 single family transactions in 2008 and that total is being compared to 38 single family transactions thus far in
2009.  Thus due to the large disparity in unit volume, the average and median prices may not represent comparable properties year
over year.