Bucking the trend once again, Pitkin County home values are not only holding steady, but they are rising. That’s according to Cyberhomes, an online real estate information portal from Lender Processing Services (NYSE: LPS). Marty Frame, president of Cyberhomes, said median home values in Pitkin County showed an increase of 9.72 percent in February over the same month last year. The median home value in Pitkin County is $1,052,122, according to Cyberhomes.
By Carolyn Sackariason, April 15, 2009, Aspen Times
Link to article
Tim Estin’s note: This is the kind of irresponsible journalism that perpetuates the current stand-off between buyers and sellers in our local market. Sellers will read this feeling emboldened with unrealistically high prices, buyers will read this and avoid our marketplace until pricing sentiment gets real. Yes, there are many reasons to absolutely believe that long term, Aspen area (Pitkin County) real estate values will hold and appreciate significantly over time. But short term, as of April 2009, our local market is moribund with transactions off 50-55% year over year, 1Q2009 versus 1Q08 (See The Estin Report: 1Q09 State of the Aspen Snowmass Real Estate Market). And a good percentage of the1Q09 sales that have have actually closed were highly distressed situations. How this can mean “Pitkin County values continue to increase” simply defies common sense and present reality. See my blog post on “Misleading Price Data”.
Look at the numbers: the facts tell the truth.