Booming in Eagle: Only Vail Village has higher dollar volume in 2023
Locals' equity, new residents driving the surge
There are a lot of numbers in the monthly real estate activity report from Land Title Guarantee Company. Some will draw a second, or third, look — like those originating in Eagle.
For the year through Aug. 31, only sales in Vail Village exceed the dollar volume generated in Eagle. Vail Village generated that revenue — $233.3 million — with 43 sales. Eagle, though, saw a total dollar volume of $161.2 million in 154 sales.
Eagle for the year has seen an average price of $1.046 million. That compares to a Gypsum’s average sale price of $724,000 for the same period.
Rick Beveridge is a longtime veteran of the downvalley real estate business. Beveridge said the “big turn” in the Eagle market came in the wake of the COVID-19 pandemic. Starting in the second half of 2020, prices shot up across the valley.
“Everything sold,” Beveridge said, from small condos to larger homes and places up the Brush Creek Valley.
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“There’s just a lot of positives with Eagle, and downvalley in general,” Beveridge said. But, he added, many of the sellers he’s represented have moved out of the valley for other, less-expensive areas.
The valley-wide increase in prices has also led buyers from the eastern part of the valley to homes in Eagle.
Bobby Hermosillo, a broker associate with Compass Realty, said people in Edwards and EagleVail are selling and heading west with their equity.
A similar run-up in upper-valley values in the 1990s fueled another boom in Eagle, that one in the then-new Terrace subdivision. That neighborhood was expected to build out in a decade. The place was full in less than five years.
Valley native Scooter Slaughter of Berkshire Hathaway HomeServices Colorado Properties said upper-valley equity also drove a rapid build-out in Gypsum’s Chatfield Corners subdivision in the middle years of the 2000s.
In addition to people moving from east to west in the valley, a number of people from outside the valley have decided Eagle’s a “great place to be,” citing recreational opportunities.
Beveridge said he recently sold a brand-new home in Eagle Ranch to a couple from Chicago. Those people paid nearly $3 million for that home.
Hermosillo noted that there isn’t as much winter in Eagle as there is even in Edwards. Those factors have driven demand, and prices.
Slaughter said prices increased perhaps 25% on average from 2020 to 2021. Increases have slowed from 2022 to this year, as has time on the market. The average time on the market in Eagle these days ranges from 21 to 35 days. In 2020 and 2021, that average was three to five days and hours in some cases.
- $32 million: Value of 26 August real estate sales in Eagle
- $161 million: Value of 156 Eagle real estate sales for the year through Aug. 31
- $1.046 million: Average sales price through Aug. 31
- $724,000: Average sales price in the town of Gypsum through Aug. 31
- Source: Land Title Guarantee Company
There’s also a significant price difference between Eagle and Gypsum.
Slaughter said while a home in Gypsum’s Buckhorn Valley neighborhood might list for $750,000, a similar unit in the Terrace may be priced at $950,000 or more.
While interest rates may have slowed activity in the market, Hermosillo said he doesn’t expect prices to move lower anytime soon.
In fact, he added, a drop in mortgage interest rates could lead to a repeat of the 2021 market frenzy.