ASPEN AREA REAL ESTATE
MARKET ACTIVITY REPORT
As of January 2006

This market report is brought to you as a special courtesy from Peter Kelley
For more information and to
Buy, Sell, or Rent ANY ASPEN AREA PROPERTY,
please call Peter Kelley at (970) 379-4511

Update: For the first two month of 2006, City of Aspen real estate transfer tax collections are up 26% over the same period for 2005, which was an all time record year for real estate sales in Pitkin County with over $2.2 billion in total sales. So, although these numbers reflect closings early this year for primarily sales made at the end of last year, it looks like strong demand for Aspen real estate continues. Broker’s advice to Buyers: “Buy now, before prices escalate further.” Please Call Peter Kelley for the latest market developments in Aspen. (970) 379-4511. [featured property]

Strong Finish to Incredible Year
2005 Market Summary

Demand for real estate, coupled with declining inventory in both Pitkin and Garfield counties continues to put upward pressure on prices throughout the Roaring Fork Valley. Additionally, increases in materials, due to various factors, including Hurricane Katrina rebuilding efforts will increase the cost of new construction by as much as 25% in 2006. With this years spike in energy prices, Garfield County saw even more activity in natural gas exploration, a trend which should continue for some time. The popularity of fractional ownership in Pitkin County has made Aspen “affordable” for a new segment of the population and should drive more sales in 2006.

Pitkin County

The real estate market in Pitkin County surged in the month of December, with triple digit percentage increases in both total dollar volume and transactions closed compared to December of last year.

Dollar volume was $190.5 million on 203 transactions; a 126% increase in dollar amount over December of last year and 123% increase in number of deals. The dollar and transaction volume increase was due in part to the large number of fractional deals closing at the end of the year. December fractional sales of $31 million, represented 117 units sold. Even when fractional sales are removed, dollar volume is still up $75,336,700, which is an 89.48% increase over last December.

For the year Pitkin County blew past the 2 billion mark with $2.24 billion in dollar volume, an increase of almost 40% over last year. When compared to 2003, dollar volume was up an incredible 97.69%. Total units in 2005 were 1,794 compared to 2004 totals of 1,268 represents a 41.5% increase in the level of activity.

Garfield County

The real estate market kept its blistering pace in Garfield County for the month of December in both total dollar volume and number of units sold.

Sales volume of $78.7 million was 65% above December of last year and transaction volume of 230 units was an increase of 36.1%. A strong finish with the last four months having at least a 50% increase in dollar volume over their respective months in 2004.

Garfield County’s $856 million in sales in 2005 represents a 42.8% increase over 2004 total sales of $599.5 million. For the year Garfield County had 2,612 transactions compared to 1,903 transactions for 2004, an increase of 709 units, which represents a 37.26% increase.

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