Pitkin County Dollar
Volume Real Estate Sales

2007     $2.52 Billion
2008     $1.37 Billion
2009     $1.07 Billion
2010     $1.26 Billion
2011     $1.27 Billion

The Pitkin County real estate market started out strong in first half of 2011, but failed to sustain the rally. A poor performance in July, October and December left 2011 flat in comparison with 2010. Many believe that the unsettling economic news from Europe as well as Congress' inability to get anything done were the primary contributors to the second half's lackluster performance. The only positive news was the fact the upper-end residential market (over $10M) set a new record of twenty-two transactions accounting for slightly more than $325M. While the dollar volume was barely above that reported in 2010, the transaction volume increased by ten percent.

Aspen and Snowmass Village showed mixed results on median prices depending on market segment. The median price of condos/townhomes for 2011 was up in Aspen by 12.67% whereas it was down in Snowmass Village by 9.09% compared to 2010.  The median price of single family homes for 2011 was down in Aspen by 14.92% and up in Snowmass Village by 16.04% compared to 2010.

2012 has started out with renewed activity and properties being put under contract. Pitkin County continues to be a fertile field for extraordinary deals because of its strong buyer's market. Three to five years ago, short sale, foreclosure and bank owned (REO) were barely in the Pitkin County glossary of terms. Today, they are the primary target for bargain hunting buyers. As mentioned above, most prices are on the rise at the same time mortgage rates are at the lowest rates seen in decades, so now is a terrific time to capitalize on exceptional opportunities.