Another banner year for real estate

Another banner year for real estate

ASPEN — The residential real estate market from Aspen to Parachute far outpaced last year’s record performance during the first half of 2007.

The dollar volume of residential sales was $1.16 billion from January through June this year, according to the Multiple Listing Service for the Aspen-Glenwood Springs Association of Realtors.

The volume during the same period last year was $980 million.

The increase was $180 million or 18 percent when looking at sales over the entire region. That reflects sales of everything from McMansions to trailer homes, from Aspen to Parachute.

There were 1,286 transactions during the first six months of this year compared to 1,225 during the first half of last year.

Even veteran real estate agents are marveling over how long the market has been so strong. Strong sales started in 2002 and annual records for dollar volume have been set each year since 2003.

Aspen and Snowmass Village market
While the number of transactions fell in both Aspen and Snowmass Village this year, the volume of sales increased in both markets, the MLS data showed.

In Aspen, there were 164 sales for $475.08 million during the first half of this year compared to 189 transactions last year for $462.65 million.

In Snowmass Village, there were 103 sales for $236.75 million this year compared to 109 sales for $166.74 million last year.

Sales volume was up $82.44 million or 13 percent in the two upper valley markets combined.

Blistering midvalley pace
The midvalley, particularly Basalt, established a blistering pace during the first half of 2007.

Residential sales volume jumped 55 percent in Basalt from $56.23 million during the first half of 2006 to $87.5 million this year. The number of transactions increased from 84 to 121 in the Basalt zone in the MLS, which stretches from Wingo Junction to El Jebel.

The average sales price in the Basalt zone jumped from $669,404 last year to $723,140 this year.

Carbondale, while strong, didn’t quite match Basalt’s pace. Sales volume increased 22 percent from $62.49 million last year to $76.63 million this year, according to the MLS data. The number of transactions fells from 129 last year to 112.

The entire region is bucking the national trends in the housing market. Sales of existing homes fell for the fourth consecutive month in June. There is a glut of homes on the market nationally while the Roaring Fork and Colorado River valleys face shortages in inventory.

By Scott Condon, Aspen Times

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