GARFIELD COUNTY, Colo. – Unincorporated Garfield County has experienced an increase in the number of residential building permits issued in 2021. Through October of this year, the Garfield County Community Development Department (CommDev) has issued 242 permits, which is the most since 2007, prior to the Great Recession.
In 2007, 281 residential permits were issued for the entire year, and 226 were issued in all of 2020. Residential permits include single-family dwellings, manufactured homes, and other work, such as additions, alterations, and remodels. Overall, 453 total building permits have been issued through October in unincorporated Garfield County, compared to 508 all of last year. This upswing in activity first began in 2015, as the economy rebounded from the recession.
“That’s a pretty big jump from previous years and we’re getting close to where we were in 2007,” said Community Development Director Sheryl Bower to the Board of County Commissioners (BOCC). “These figures are only through October, and we’ll likely see quite a few more before the end of the year.”
The majority of the overall building has taken place within the municipalities, where 582 units were constructed. This mainly consisted of multi-family housing being built in Carbondale and Glenwood (434) with a higher number of single-family homes being built in New Castle, Silt, and Rifle (96). Glenwood and Carbondale saw a total of 35 single-family homes built this year. Of 791 units built so far this year, 102 were deed-restricted as affordable housing.
The value of homes in Garfield County has increased greatly through September 2021, according to a market update by the Aspen Board of Realtors. Through October 2021, CommDev has reported a total residential building permit valuation of $28,763,288 in unincorporated Garfield County. That figure is up from $23,767,702 in all of 2020.
Garfield County bases its building fees on $75 per square foot, and the average value of homes in unincorporated Garfield County is $328 per square foot.
Home values up across the county through September 2021
The median sales price of single-family homes in Carbondale rose 42.1 percent through September 2021, and the average sales price increased by 25.4 percent for 132 sold homes. Townhomes and condos increased in the same manner by 15.1 percent and 13.9 percent, respectively. The average single-family home sales price was $1,553,497.
The median price of single-family homes in Glenwood Springs increased by 28 percent and the average sales price was up 23.4 percent for 169 homes sold. Townhomes and condos followed suit by 19 percent and 16.3 percent, respectively, for median and average sales figures. The average single-family home sales price was $836,709.
New Castle values nearly mirrored Glenwood, with the median price of single-family homes up 27.9 percent and average sales prices up 23.3 percent for 75 homes sold. Townhomes and condos were up 13.2 percent (median sales) and 15.3 percent (average sales). The average single-family home sales price was $581,838.
Silt single-family homes saw median sales prices rise 14.2 percent, with averages up 13.3 percent with 70 homes sold. Townhomes and condo values skyrocketed by 38.8 percent (median) and 44.7 percent (average). The average single-family home sales price was $506,351.
Rifle saw median and average sales prices rise 17.3 and 16.2 percent, respectively, for 153 homes sold, while townhomes and condos increased by 22 percent (median) and 19.6 percent (average). The average single-family home sales price was $414,948.
Detailed figures for Parachute and Battlement Mesa values were not provided, but the median single-family home price this year is $313,750, and the median townhome/condo price is $225,000.
Overall, a household earning just under $76,000 can afford a mortgage of roughly $395,000, with good credit and a 20 percent down payment, according to the U.S. Office of Housing and Urban Development.