Over $1 billion in sales

Marsha Blake is surprised with the real estate prices in Garfield County.

And she's a real estate agent.

"(Prices) are pretty amazing," Blake said. "It's like sticker shock. You never think the houses will sell for the high price, but they do."

Blake works with Smart Move Brokers Group in Glenwood Springs, and is also a homebuyer and investor.

She said that investors are especially interested in Garfield County because of the oil and gas industry and the lack of affordable housing along the Interstate 70 corridor. But it's not only the oil and gas industry. Blake said that she's not seen a decrease in the single family homes selling to families relocating to the area. She also said that Iron Bridge subdivision in Glenwood Springs had a good year for homes built.

According to Land Title Guarantee Company's report for real estate transactions in 2006, tracking data from housing markets in Eagle, Pitkin, Routt, Summit and Garfield County, it was a big year for real estate sales. The report showed that Garfield County saw $1.04 billion in real estate transaction revenue; a 22 percent increase from 2005. But recent trends showed that Garfield County was well on its way to reaching the $1 billion mark before 2006.

"Based on trends and the market, it wasn't a big surprise," said Martha Brooks, director of marketing for Land Title in Glenwood Springs.

Garfield County real estate transactions for 2006 • Garfield County saw $1.04 billion in real estate sales revenue last year • Sales increased by $187 million over the previous year • Number of transactions increased by 9 percent • 240 more transactions • Transactions include commercial and residential real estate Source: Land Title Guarantee Company

Brooks said that hitting the $1 billion mark is a significant mark because Garfield County is still considered affordable in comparison to its neighboring counties. Garfield still remains behind the other four counties in revenue, according to the report.

In 2006, Garfield County real estate revenues increased by $187 million over 2005 and had an increase of 240 total transactions, a 9 percent increase, according to the Land Title report. That averages out to approximately 20 more sales per month for all of Garfield County. But the 20 additional sales per month average for the county was enough to require real estate companies to bring on additional help.

Erin Bassett, a broker associate for Mason & Morse Real Estate in Glenwood Springs, said that it was a record year for Mason & Morse in the county.

"As a company we've climbed the ladder in sales," Bassett said.

Bassett said that Mason & Morse had to increase the number of agents covering Garfield County last year because of the increasing number of sales. She also mentioned that Mason & Morse has seen more activity in Rifle and western Garfield County than in previous years. Bassett stated that Mason & Morse may have had more home sales in western Garfield County than in Carbondale, but that the prices in Carbondale have gotten so high that they still brought in more revenue.

Bassett's opinion of the increase is due to the oil and gas situation bringing in buyers from places like Texas and Utah. As well, she said that another trend, in her opinion, was increases in Latino homebuyers and first-time homebuyers throughout the county.

"People are realizing the advantages of buying a home rather than renting," Bassett said.

However, hitting the $1 billion mark can be attributed to the increased property values seen over the past few years and not only to the increase in sales.

"Lack of inventory pushes prices up," Brooks said. "It's more the revenue than the number of transactions."



Contact John Gardner: 945-8515, ext. 16604

jgardner@postindependent.com

Post Independent, Glenwood Springs, Colorado CO