September wave ends third quarter for Pitkin County real estate

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Total real estate sales will hit $ 3 billion for the second year in a row and only the second time in Pitkin County. September made sure of this by generating more than $ 400 million in total revenue, according to public data.

Information from the Pitkin County Clerk and Recorder’s office, where all real estate transactions in the county are documented, showed sales volume of $ 420 million last month. It also showed 12 sales exceeding $ 10 million and four more over $ 9 million.

June alone was more lucrative this year, with $ 485.2 million in total sales, according to data from Land Title Guarantee Co.



Approximately $ 2.6 billion was generated in sales from January to August, and with the September posting, that will mark the total sales volume for the second year in a row – whether it’s commercial goods sales, agricultural, undeveloped or residential, fractional ownership, deed or free market properties – topped $ 3 billion in Pitkin County. The first time this happened was in 2020 with nearly $ 4.1 billion in total property sales, following a 2018 and 2019 that saw $ 1.8 billion in sales and $ 1.9 billion. dollars in 2017, according to the date of the land titlea, which bases these figures on so-called historical fee simple data.

Home sales on the open market are fueling the real estate industry, but a declining inventory means home prices continue to rise.



In its snapshot of the Aspen real estate market, Coldwell Banker reported 147 properties for sale as of October 3, marking a 30.3% drop in inventory from September 3.

As Steven Shane of Compass in Aspen noted in his recent e-newsletter: “The simple rules of supply and demand are in full force; therefore, selling prices continue to rise.

The increased demand for homeownership in Pitkin County has been well publicized since the real estate market multiplied during the summer months of the first year of the pandemic in 2020. Before that, until Around 2010, homes could sit in the Snowmass Village and Aspen markets for 18 months or up to five or six years, noted Andrew Ernemann, of Aspen Snowmass Sotheby’s International Realty, in a September report.

“Think about it for a minute, if you put a property up for sale it would take a year to sell (on average) and in some cases it could take three or four (or more) years to sell a property,” Ernemann said. . “Fast forward to today… days on the market have dropped 20-50% depending on location, price and type of property.”

Listed condos are now selling in three to four months; last year at this time it was 12 to 18 months, he said. The Snowmass condo inventory is about a month or two, according to Ernemann.

“I don’t see this dynamic changing in the near future, unless of course there is a major macro change at the national or international level,” he said. “It seems likely that over the next six to 12 months, we will see buyers stop more and more in the face of continued price increases, which in turn may lead to an increase in ad inventory. . “

For Pitkin County as a whole in the first half of this year, the average residential selling price was $ 3.9 million, up 21.2% from the average of $ 3.2 million. dollars of the first half of 2020, according to the land title in its report on mountain communities. Sales have been in that mid range, ranging from low to mid six-figure closings in the employee housing market to mansion sales exceeding $ 20 million on the open market.

In Aspen alone and through August, the average selling price of a single-family home was $ 12.6 million; it was $ 9.5 million from January through August 2020, according to the Aspen Board of Realtors. The median price of homes also increased over the same period, from $ 7.7 million to $ 9.9 million.

The second-most expensive county in the 12-county region studied in the Mountain Communities report recorded an average sale of $ 2.1 million in the first half of this year. It was San Miguel County, where the Telluride ski resort is located.

Of the 613 transactions in the first six months of 2021 in Pitkin County, 279 were made by foreign buyers and seven included international buyers, according to the report. 41 others were from the Front Range while 286 were “local”, according to the report.

In Garfield County, 935 local buyers were responsible for 1,134 sales in the first half of 2021; 71 were from the Front Range and 128 were out of state.

Eagle County’s buyer profile was more in line with Pitkin’s. The county where Vail is located recorded 1,352 real estate transactions from January to June. Out-of-state buyers numbered 429; 12 were international, 290 were from the Front Range and 621 were considered local.

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