The number of real estate sales has tumbled 36 percent in Aspen and Pitkin County through the third quarter and the dollar volume has plunged 46 percent, according to a new report.
10/23/2008Aspen Times Staff 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.