Real Estate At a Glance |

Real Estate At a Glance

Data compliements of Land Title Guarantee CompanyGarfield and Pitkin County Real Estate Still Going StrongReal Estate sales for the first six months of 2007 continue to be strong in Garfield and Pitkin Counties, bucking the national trends of declining values and numerous foreclosures. A forward looking indicator based on pending home sales shows the national market is likely to stabilize in the months ahead, according to a recent article by the National Association of Realtors. The Pending Home Sales Index, based on contracts signed in June, was 5% higher from the downwardly revised May index, but 8.6% below June of 2006. The 5% monthly gain is the largest in more than three years, since a 6.1% increase in March of 2004. Lawrence Yun, senior economist for the National Association of Realtors , said the news is encouraging. “However, it is too early to say if homes sales have already passed bottom”, he said. “Still, major declines in home sales are likely to have occurred already and further declines, if any, are likely to be modest given the accumulating pent-up demand.” Garfield CountyGarfield County saw its second largest month for the year with a total dollar volume of $106,104,300, up 19% from last year. June saw 268 transactions with 175 being single and multi-family properties. Total number of units sold through June 2007 were 1437, compared to 1249 units for the same period in 2006, an increase of 15%. Total dollar volume for the first 6 months of 2007 has increased $131 million over the same period in 2006. Average residential sales prices continue to hold strong. Carbondale’s average price for sales in the month of June was $650,794, Glenwood Springs $449,973, New Castle $345,443 and Rifle $309,828.

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