Garfield County enjoys the strongest month for real estate in 2009
Post Independent Staff
Glenwood Springs, CO Colorado
GLENWOOD SPRINGS, Colorado – Garfield County’s housing market had it’s best month of the year so far in June.
The 75 total transactions for June marks the year’s most productive month in real estate sales, according to Land Title Guarantee Company’s monthly market analysis.
Transactions were up 74 percent from May’s total of 43, however the market remained down nearly 51 percent in June compared to June of 2008. And the year-to-date market is down nearly 70 percent for year over year comparisons.
June numbers were enough to encourage John Wendt, managing broker of the Glenwood Springs and Aspen Mason Morse Real Estate Office, that the housing market may be closer to leveling out.
“I’m encouraged by the month,” Wendt said. “But I think it’s kind of normal because we have some pent up demand with the [Federal] tax credit and the interest rates being so low.”
Wendt said that he also had a good July for sales, too, and he believed that the $8,000 federal tax credit for first time home buyers and low interest rates could have been the reason for the recent bump in sales.
“I think we may have seen a little bump from that,” he said. “And buyers are getting out there and seeing a good choice of inventory now.”
Wendt said that he expects that the market will have little rises and falls until it balances out.
“It’s not balanced at all between sellers and buyers, currently,” he said. “We will have some spike ups when the prices are right with the market and we will have more activity with buyers who are waiting for those deals.”
June’s 75 transactions were the highest since February which had 46. At this rate, Garfield County could end the year with the lowest amount of transactions in over five years, with less than 600 total transactions.
2009 transactions for all of Garfield County through June were at 278, which is 30 percent of 2008’s total sales through June at 917. Total dollar volume through June was down nearly 76 percent, from $440,248,200 through June 2008, to $106,277,600 through June 2009.
So far, 80 percent of the single family home transactions in the county have been below $500,000, according to LTGC.
Rifle led the county in June with 18 transactions, with the median single family home price reported at $279,000. Rifle also leads year-to-date transactions making up 23 percent of the county’s total. Year-to-date median single family home price for Rifle is $299,850.
Glenwood Springs and Silt came in second with 14 transactions a piece in June. Carbondale, New Castle, Battlement Mesa and Parachute followed with 12, 10, five, and two transactions, respectively.
Carbondale remains in the second spot with year-to-date transactions accounting for 20 percent of the county’s total, with a median home price of $742,000.
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