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Aspen real estate market tops other Colorado mountain resorts

Scott Condon
The Aspen Times

FIRST-HALF 2015 SALES

Pitkin County $939.91 million Up 41.81%

Eagle County $857.48 million Up 4.77%

Summit County $538.38 million Up 36.59%

Routt County $239.48 million Up 3.75%

Garfield County $212.35 million Up 2.51%

San Miguel Co. $198.76 million Up 0.8%

Grand County $150.61 million Up 3.95%

The real estate market was so hot in Aspen and Pitkin County during the first half of 2015 that it even topped Vail and Eagle County in dollar volume.

Eagle County’s annual sales dollar volume has topped Pitkin County’s in eight of the last nine years, dating to prerecession days.

A report on Colorado mountain resort counties’ real estate markets by Land Title Guarantee Co. showed that Pitkin County’s dollar volume was highest among seven counties with first half sales totaling $939.91 million. Eagle County was runner up at $875.48 million.

Pitkin County was up 41.81 percent over the first half of 2014, the report said. Eagle County’s dollar volume was up only 4.77 percent over first-half 2014.

The Aspen-area real estate market started the year stronger than the Vail-area market. However, Vail enjoyed a monster June with total sales dollar volume at $225.92 million. Aspen-area sales totaled $103.09 million for June.

The number of transactions in Eagle County dwarfs those in Pitkin County. Eagle County had 857 deals go down in the first half of 2015 compared to 395 in Pitkin County.

Land Title Guarantee Co.’s first-half performance report also showed that Summit County’s total dollar volume was $538.38 million, up 36.59 percent from the same period last year. Summit County includes the resort towns of Breckenridge, Dillon and Frisco.

Sales in four other mountain resort counties lag far behind Pitkin, Eagle and Summit counties. The title insurance company’s report said sales in Steamboat Springs and the rest of Routt County were $239.48 million during the first half, up 3.75 percent; Glenwood Springs and Garfield County was at $212.35 million, up 2.51 percent; Telluride and San Miguel County saw sales of $198.76 million, up 0.8 percent; and Winter Park and the rest of Grand County were at $150.61 million, up 3.95 percent.

Total sales for all the resort counties over the first half were $3.15 billion this year compared to $2.67 billion last year over the same period.

The record for a full year was $11.22 billion in 2007.

The report showed that bank transactions have dwindled as recovery from the recession continues. There were 149 sales of bank-owned properties in all seven counties during the first half of 2015, including 16 in Pitkin County, according to Land Title Guarantee Co. There were 1,146 for the year in 2012, including 46 in Pitkin County.

Land Title Guarantee Co.’s report showed that more new construction is occurring in Pitkin County than in Colorado’s six other mountain resort counties. There are 13 projects valued at $102.21 million in Pitkin County. Eagle County is the next most active with 58 projects valued at $87.19 million, the report showed.

scondon@aspentimes.com


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