As Garfield County marks its weakest real estate month in years, since March 2004, sellers appear to be more willing than ever to drop their prices to move houses that aren’t selling.“Definitely people who have had property on the market for a while, and are seeing traditional slow months coming, are willing to negotiate more,” said Chris Patrick, a broker associate with Mason and Morse in Glenwood Springs.
By David Frey, Nov 21, 2008 Aspen Daily News
Home sales are at their lowest since March 2004. Despite months of sluggish sales, though, prices hadn’t been dropping much. October marked the first time all year that average home prices in every town in Garfield County dropped below year-to-date prices, an indication that prices weren’t just leveling, but falling.
“What people are realizing is, Christmas is coming up and Thanksgiving is coming up, and those are traditionally slow times on the market,” Patrick said. “That means as a seller you’re thinking, ‘It may be a few months ‘til we get a closing.’”
The average single-family home price across the county was $448,179, slightly below last year’s $455,769, according to a monthly report issued by Land Title Guarantee Co.
The report showed home sales dropping precipitously in October as compared to the previous year. The dollar volume plummeted 66 percent to $35.2 million, the worst showing since March 2004’s $33.1 million, in a month when Garfield County home sales are typically slow.