From an article written in the Aspen Daily News earlier this week, the Aspen real estate market is down nearly 47%
October saw the lowest monthly volume of real-estate sales in Aspen since December 2004 and sales this year through October are down 47 percent compared to 2007.
“It is slow,” said Ryan Anslyn, a broker with Land + Shelter Real Estate and a director at the Aspen Board of Realtors. “People are just really skittish about doing anything, even people not necessarily affected by the stock market.”
In October, all property transactions in Pitkin County added up to $86.5 million.
Sales in September were $100 million and sales in August were $160 million, which was the high water mark for the year.
The sales figures are collected and distributed by Land Title Guarantee Company of Aspen.
October may well mark the end of this decade’s remarkable real-estate bull market in Aspen. Monthly sales took off in August 2003 and hit $102 million, the first time that year that monthly sales climbed over the $100 million mark. Since then, there have been only four months, if October is included, when monthly sales volume dropped below $100 million.
In fact, since August 2003 there have been 17 months when sales added up to over $200 million and there have been three months when sales were over $300 million.
Real estate transactions so far this year in Aspen through October add up to $1.2 billion.
Last year ended with $2.2 billion in sales, while 2006 saw $2.1 billion, 2005 saw $1.9 billion and 2004 saw $1.4 billion.
Back in 2003, annual real-estate sales amounted to $897 million.
The number of transactions this year, at 714, is down 37 percent against 2007, when there were 1,140 units sold.
The real-estate sales figures do not include about $450 million worth of fractional units put under contract in Aspen and Snowmass over the past several years, as those sales will not be finalized until the projects are completed.
Craig Scott, an Aspen Real Estate broker with Mason & Morse, and also a director at the Aspen Board of Realtors, estimates that the Viceroy project in Snowmass Village has $113 million worth of fractional units under contract.
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