Real estate market continues to freeze |

Real estate market continues to freeze

Pete Fowler
Glenwood Springs, CO Colorado

GARFIELD COUNTY, Colorado ” The local real estate market continues to freeze up with sales appearing even worse than 2003 figures.

October saw the largest drop in total dollar volume for real estate sales by month in Garfield County this year. November wasn’t quite that bad, coming in 60 percent below November 2007, according to figures released Tuesday by the Land Title Guarantee Company. October saw a 66 percent decrease.

The total amount of real estate sales was at $28.89 million in November, down from $72.9 million in the same month last year. That was even worse than $30.29 million in November 2003. For the year through November, the total amount of sales in Garfield County is $685.5 million, down 38 percent from the same period in 2007.

The pace of sales also continued to slow down last month with 61 percent fewer sales than November 2007. There were 65 sales, far fewer than the 129 sales that month in 2003. The year through November saw 1,490 real estate transactions, down 43 percent from the same period in 2007. That’s lower than 1,696 transactions for the same time frame in 2003.

The average Garfield County single family home price dropped two percent to $445,086. The median single family home price rose three percent to $372,000.

In nearby Pitkin County, total property sales dropped 39.8 percent from $107.69 million in November 2007 to $64.79 million last month. The number of real estate transactions there dropped 51.6 percent from 97 in November 2007 to 47 last month.

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