Real Estate Market Conditions
According to Land Title, the dollar volume from property transfers in 2013 were down approximately 12%, however the number of transactions were up 125%, mostly based on transactions associated with the Innsbruck fractional sales. If the Innsbruck sales are taken out the dollar volume is down 12% in Pitkin County and the number of transactions are still up about 13%.
The dollar volume of Real Estate transactions were $1.31 Billion. The totals are similar to the dollar volume seen in 2010 and 2011, but well below 2005-2007 levels of $2.2B-$2.6B.
According to data we have seen higher volume of transactions with lower total dollar volume. Meaning there were less big ticket sales and larger amount of sales that were less expensive. The dollar volume decline is mostly attributed to the fact that in 2012 a $90M sale in Base Village and very strong commercial sales representing $90M in activity verses $47M in commercial sales in 2013.
Based on information from the MLS (multiple listings services) there was a 13-14% increase in the number of sales in 2013, while the amount of listings declined approximately 8%.