Garfield County real estate activity slows in October
Ryan Summerlin December 26, 2013
GLENWOOD SPRINGS — Real estate sales activity in Garfield County dropped off in October, compared to the same month last year.
But total transactions remain on pace to surpass 2012, driven in part by bank sales resulting from the continuing glut of foreclosed properties, according to the latest sales statistics provided by Land Title Guarantee Co. of Glenwood Springs.
October real estate sales in Garfield County totaled $33.6 million, which represented a 22 percent decrease compared to October 2012.
Transactions for the month were down 9 percent by comparison, at 108 total including 23 bank sales totaling $3.4 million, according to the monthly report.
Glenwood Springs sales paced the county in October, at 36 transactions totaling $15 million, followed by Carbondale with 17 sales ($6.6 million); Rifle with 15 ($2.3 million); New Castle with 12 ($4.9 million); Battlement Mesa with 11 ($1.8 million); Silt with 10 ($1.7 million); and Parachute with three ($174,000).
Through eight months of the year, real estate sales in the county remained up 0.83 percent compared to the same period last year, totaling slightly more than $318 million.
Transactions for the same period totaled 1,025, up 2 percent compared to the first eight months of 2012, according to the Land Title report.
Also during that period there have been 183 bank sales totaling $37 million, accounting for 18 percent of the transactions and 12 percent of the dollar volume.
The average single-family home has sold for $312,698 so far this year in Garfield County, for a decrease of 6 percent compared to all of 2012.
However, the median single-family home price has been $261,000, representing an increase of 16 percent compared to last year.
The vast majority of buyers this year have been local, 84 percent, compared to 12 percent from out of state and 4 percent from the Front Range of Colorado, according to the report.
In October alone, 60 percent of sales were financed, while 40 percent were cash sales.
Interestingly, buyer profiles for the year to date and loan-versus-cash sales statistics for October are almost the exact opposite in the neighboring resort areas of Pitkin County, according to the Land Title report for that county.
In Pitkin County, 76 percent of buyers so far this year have been from out of state, while 20 percent were local, 2 percent were international and 1 percent were from the Front Range.
Of the 100 sales in October for Pitkin County, 62 percent were cash sales and 38 percent were financed.