August real estate sales in the valley were brisk
EAGLE COUNTY, Colorado – Real estate sales in Eagle County were brisk in August, but prices are down from last year’s levels.
According to the most recent data from Land Title Guarantee Co., there were 126 completed sales in Eagle County in August. It was the second-best month for completed transactions since 2008. Nearly half of those sales – 58 – came from Eagle, Gypsum and the Basalt/El Jebel areas.
While sales were brisk – at least compared with the past few years – prices continue to lag. The sales of $500,000 and less – 56 – made up nearly half of all sales but accounted for less than a quarter of the dollar volume. The average sale price of the lower-priced units was just less than $270,000.
Sales of properties owned by banks – usually due to foreclosure – made up nearly one-third of the total. All but two of those sales were in the $1 million and less category.
The sales between $500,000 and $1 million accounted for the next-largest number of transactions – 19 – at an average price of just more than $738,000.
While sales of $1 million or more made up 60 percent of the month’s $71 million in sales, there weren’t many transactions. There were no sales in the $2.5 million to $5 million price range and just one sale of more than $5 million – a $7.1 million sale at the Arrabelle in Vail.
For the year so far, sales volume is up marginally over last year but dollar volume is down significantly. Through the end of August, sales volume was down 20 percent for the year so far but still on pace to crack $1 billion in total sales for the year.
That’s better than the numbers for 2009, which failed to crack $900 million, but a far cry from the 2008, the last year of the real estate boom. Sales that year exceeded $2.2 billion.