That’s why positive first quarter real estate figures for Aspen’s Pitkin County were released last month has been the source of optimism in Telluride. Even more so since Vail, too, looks to be on the rebound.
Through the month of April, according to Land Title Guarantee Company figures, there have been a total of 407 sales in Vail’s Eagle County, which is up from 392 the previous year and is more than double the mark of 199 sales set in 2009. First quarter figures for Pitkin County are similar. Through the first three months of this year, there have been 196 sales. If this pace keeps up throughout 2011, the number of sales will significantly beat last year’s total of 689, 2009’s total of 702 and will be close to 2008’s total of 828 sales.
The increased number of sales in those two markets have brokers in Telluride in a hopeful mood.
More positive economic news was released in a story by the Aspen Times last week, as Aspen’s may retail sales showed a three percent increase over sales in the same month the previous year.
At three percent, according to The Times, the monthly sales increase is tracking at the same pace as the year-to-date increase. Through May this year, Aspen’s hotels, eating and drinking establishments and other retail entities have tallied $204.7 million in receipts. During the first five months of 2010, sales totaled $198.6 million. The story also notes that housing real estate transfer tax collections through June are up 23 percent compared with last year. In Telluride, sales tax revenues in 2010 were 4.6 percent above budgeted sales tax revenues and Town Manager Greg Clifton said the town has budgeted a flat projection from those revenues into the 2011 budget. Clifton said last week that, to date, the town has not compiled its June sales tax numbers, which includes the start of the festival season. However, he said, sales tax figures up until May are 1.52 percent above what the town had budgeted.
“In other words, we are slightly ahead of our budget year to date, which is good, but not great,” Clifton said.