According to Land Title's mot recent analysis of sales in Garfield and Pitkin Counties, sales volume has continued to show steady year on year gains in both counties. While average and median sales prices are up in Garfield County, they are down in Pitkin County. Also of note is that bank owned sales have continued to decline in Garfield and are barely a blip in Pitkin County's numbers.
The absorption rate in both Aspen and Snowmass Village has continued its steady decrease with Aspen down to 17 months and Snowmass down to 16. The Snowmass decrease is particularly dramatic since it was at 50 months just a year ago. (The absorption rate is a measure of demand versus supply and the lower it is, the more balanced the market is). A large part of this decrease can be attributed to the large number of fractional sales in Aspen and the strong sales at the Viceroy in Snowmass Village over the summer.
Further down valley, Basalt, Carbondale, Glenwood Springs and New Castle all continue to have absortption rates around the 6 month mark that suggests a balanced market. This suggests that the fairly rapid price appreciation that occurred over the summer may be settling down.
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