Single-family prices up; multifamily, land prices down
Garfield County real estate data continues to show slower activity levels than in years past.
While that may be the case, single-family home prices remain higher than last year. However there continue to be advertised price reductions on the homes for sale in the market place.
So what is the missing link? Land Title’s statistics strictly account for actual sold prices as reported by the clerk and recorder’s office, not list prices for properties that are on the market. That being said, compared to last year, the average Garfield County single-family home price through the month of March, as compared to the full year 2008, is up 9 percent, to $489,498 from $448,167.
All areas in the county have shown an increase in this category, with the exception of Carbondale, which is reporting a decrease of 14 percent, down to $757,990 from $879,579. The median price for single-family, however, shows an increase in all areas, up 13 percent from $372,000 to $420,000.
The story is a little different, however, with regard to multifamily and residential land prices.
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The average price for a multi-family property, including townhomes and condos, is down 6 percent for the year from $305,239 to $287,550.
In this category, only Carbondale has shown an increase and is up 5 percent for the year to $445,880.
The median multi-family home price is down 10 percent to $240,000. Carbondale also posted the only increase in this category for the county and is up 24 percent to $465,000.
Residential land transactions, which have slowed in 2009, show a decrease in average price of 26 percent to $207,521 for the county. Rifle and New Castle, however, show increases.
The median land price also shows a decrease of 5 percent to $208,000. Rifle and Silt, however, both posted increases.
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