Real Estate Market Analysis: Pitkin County during summer, 2008
Pitkin County holds the most expensive real estate in Colorado, because it’s home to Aspen. Overall, in August of 2008, the largest number of sales fell between the $1 million and $2 million mark.
Since Aspen Mountain opened, real estate prices have steadily risen, or at least held. But, so far in 2008, average sales prices have dropped from 2007 levels. Between January and August of 2007, the average sales price was $2 million, with 876 transactions. During the same months in 2008, the average price decreased to $1.7 million, with 585 transactions.
However, not all Pitkin County sellers experienced a decrease in the value of their homes. In the town of Aspen itself, the average selling price of a single family home increased 13% between January and August of 2008, compared to 2007. (Average sales price in 2008 was $6.7 million.) Multi-family homes did even better, with a 31% increase (average price in 2008 so far is $2.26 million). Land was also a hot commodity, rising 18% in value, with an average price of $4.75 million.
Snowmass Village, which has been undergoing tremendous growth and improvements, jumped 41% in terms of single-family home prices between January and August 2008, compared with 2007. The average price in 2008 so far has been $6.5 million. Multi-family homeowners didn’t see such a great increase in their value: Those only went up 8%, to an average price of $1.34 million. Vacant land garnered the best results, with a 51% increase (average price is $3.62 million).
Old Snowmass didn’t fare as well as the new village did: Single family home prices went down by 23%. However, land soared 70% higher, to an average price of $2.73 million.
Basalt, which is located about 20 miles down the valley from Aspen, has seen a huge increase so far in 2008. The average price of single-family homes skyrocketed 96%, to $2.62 million. Multifamily homes and lots didn’t fare as well, but they still increased, at 13% and 12% respectively.
Carbondale, another popular area downvalley for locals to live about 30 miles from Aspen, decreased in the average price of single-family homes by 13%, to $752,014.
