The 2008 numbers are in, and Pitkin County – the bellwether market for high-profile, high-dollar real estate in the Colorado Rockies – has gone downhill. Dollar volume? Down 46 percent from 2007. Real estate transactions? Off 40 percent.
Sales numbers in Pitkin County totaled $1.37 billion (2008) versus $2.52 billion (2007). I tend to put more credence in these figures than the number of transactions because transaction totals include everything from land to condos and industrial space.
According to the Land Title Guarantee Co., which compiled the figures, last year’s totals were the lowest since 2003. Not surprisingly, the falloff has had an impact on local brokerages. Several have closed, and more than a few have downsized.
According to Land Title, a similar percentage drop occurred in neighboring Garfield County, whose county seat is Glenwood Springs. Total dollar volume fell 41 percent to $723 million.