Albeit 2011 was a not so stellar year for real estate, Aspen’s Pitkin county still looked good in comparison to other resort areas in Colorado.
According to a report by Land Title Guarantee Co, Pitkin county had one of the top finishing real estate markets in 2011, even though it only tallied a 0.5% increase in total dollar volume from 2010. That increase only seems dismal if not compared with the 23% decrease in the same time period for Vail and Eagle counties.
Vail and Eagle were not alone in their market decline. Also included in the report were double digit decreases for Routt county, which includes the familiar name Steamboat springs, and a 2% fall for the county Breckenridge calls home, Summit County. The only other county included in the report that showed any signs of growth was Garfield county, posting a 12% surge from 2010.
Here are the numbers according to the data collected:
• Pitkin County real estate sales pushed the $1 billion amount again in 2011. The annual sales volumes stayed above that level throughout the recession and slow recovery. Total dollar volume reached $1.27 billion last year, up 0.5 percent from $1.07 billion the prior year.
• Eagle County is the only other county in Colorado’s central mountains with sales close to Pitkin County’s level. Eagle County ended the year at $1.16 billion, down 23 percent from $1.5 billion in 2010. An official with Land Title Guarantee Co. noted that the company’s reports for Eagle County don’t include sales of fractional ownership units, while Pitkin County’s report does include those units.
• Summit County’s dollar volume dipped 2 percent to $684.23 million.
• Routt County’s dollar volume fell 12 percent to $450.88 million.
• Grand County’s dollar volume fell 10 percent to $214.96 million.
• Garfield County posted the only sizable gain in 2011 over 2010. The 2011 total dollar volume was $279.07 million, or an increase of 12 percent. Garfield County had 921 real estate transactions of all types, an increase of 32 percent from 2010.