Garfield County: Real Estate At A Glance
The 2005 annual market summary was titled “Strong Finish to an Incredible Year,” and some wondered how Pitkin and Garfield counties would be able to keep the pace. But 2006 was an incredible year and had an even stronger finish than 2005. What makes this even more impressive is the rest of the country experienced a real estate slump for the majority of 2006. Again, there is speculation on where we go from here, will there be a slowdown, or will we continue our increases in both transactions and appreciation? With the National Association of Realtors saying existing-home sales are forecast to gradually rise through 2007 and into 2008 the national picture is looking up. New home sales, which have been dismal nationally, are predicted to turn around by summer. Even though interest rates are predicted to increase by the end of the year, they will be very low by historical standards. This, on top of a strong economy and one of the most profitable years on Wall Street, gives credence to the NAR predictions.Locally the same factors continue to drive our market: low inventory levels, inability to expand geographically, strong growth guidelines, and one of the best places to live/vacation in the world. All of these factors tend to point to another banner year, with continued upward pressure on prices. Let’s see what happens!
1.04 billion dollars – that’s right, Garfield County surpassed the billion dollar mark in 2006. Ending 2006 on a high note, the $104 million total volume for December was an increase of 32 percent from 2005, even with a slight decrease in the number of units transferred – 215 compared to 230 in 2005. For the year Garfield County saw a 21 percent dollar volume increase, at $1.04 billion compared to $855 million for 2005. The 2,852 units sold is a 9 percent increase from 2,612 in 2005.
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