ASPEN, Colo.—Even the coveted resort town of Aspen is feeling the pinch of the Great Recession. A real estate appraisal company says the median sales price of a single-family home fell 16 percent last year.
But at the reduced price of $5.1 million, buying a home in Aspen still remains beyond the reach of all but the wealthy.
The Aspen Appraisal Group says the median price of a single-family home fell by $1 million last year. The number of single-family homes sold fell 8 percent.
The report says Aspen property prices normally don’t decline during an economic downturn, although the number of sales does.
The report also notes a glut of commercial space, with about 90,000 square feet available for a vacancy rate of about 7 percent.
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Information from: The Aspen Times,
