Roaring Fork Realty Masthead

Though not as vibrant as the glory days of 2006 and 2007, the Pitkin County (Aspen/Snowmass) market showed signs of a significant rebound in 2010. The Aspen real estate market and Snowmass real estate market is alive and well once again. The total Pitkin County dollar volume was $1.26 billion which was about 18% over the recession-ravaged 2009 sales. In 2008, the first full year of the recession, the total dollar volume was $1.37 billion followed by 2009 at $1.07 billion. The last three years were in contrast to the boom in the market during the middle of the prior decade. Sales volume peaked in 2006 at $2.64 billion. The Pitkin County real estate market ended up on a roll in the fourth quarter of 2010. Sales were up 56 percent in October, 45 percent in November and 54 percent in December. For the year, dollar volume was up in eight out of the 12 months. While the market was showing a significant gain in the dollar volume, the transaction volume remained very close to the 2009 level at an increase of only 2%. So, has the Aspen and Snowmass markets finally hit bottom? The Aspen median price for Aspen single family homes increased by about one and a half percent in 2010 over 2009. The median price for Aspen condos/townhomes continued their fall by 10.63% comparing the two periods. On the other hand, the median price of a Snowmass Village single family homes and condos/townhomes went up by 15.21% and 48.07% respectively in 2010 over 2009. Thus, one can conclude that we have probably hit bottom and are beginning to head back up. This fact is reinforced further by the fact that Pitkin County sales were up 52% in the fourth quarter of 2010 over the same period of 2009. Now is a great time to buy Aspen real estate because good deals are popping up when motivated sellers need to move their properties in a short period of time. I have prepared spreadsheets that identify the really good deals with the highest price reductions and lowest price per square foot. Please give me a call at (970) 309 3620 if you would like for me to send you one. Please go to our website at http://roaringforkrealty.com

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       Jack Gausnell
 
Roaring Fork Realty