Buying, selling still booming along
EAGLE COUNTY – The real estate buying and selling frenzy in the mountains ratcheted up another notch last month, setting new records.In this land of ever-escalating property values, the average price of residential property sold last month reached $734,000 on a record 381 transactions and $211.9 million in sales, according to Land Title, which tracks real estate sales trends.Low interest rates and poor performance of the stock market is pushing people to invest in real estate, local brokers said.Entry-level housing at $500,000 and less, and vacation condominiums in Vail Village and Beaver Creek, are the hottest-sellers, brokers said.
“We’re long on high-priced single family homes,” said Bob West of Hoffman-West Real Estate. “There seems to be an under-supply of vacation condominiums in the core.”At Prudential Gore Range Properties, Michael Slevin also said homes priced at $3 million aren’t moving as quickly as other properties.Market statistics support their contention. A total of 173 properties priced under $500,000 sold in May bearing an average price of $318,000. Much of that activity is occurring in Eagle and Gypsum, statistics show. At the other end of the market, just eight properties priced at $3 million or higher sold last month. Topping the list was a $4.8 million, 3,000 square-foot property at Bishop Park near Vail Village and a $4.5 million 6,800 square-foot single home with eight bedrooms and 8 1/2 baths in Beaver Creek.
Properly-priced properties are still moving as quickly, West said.”Before you can get real estate to the market, it’s selling,” he said. “I get a listing and my partner and I have an armload of prospects.”The availability of property remains low, according to the Vail Multilist, which is maintained by the Vail Board of Realtors. If you sell, it can be difficult to find a place to move to, brokers said.A total of 723 properties were listed for sale Wednesday. That’s up a bit from previous months when there were less than 600, and is attributable to seasonal activity, brokers said.
Staff Writer Cliff Thompson can be reached at 949-0555, ext. 450, or firstname.lastname@example.org.Vail, Colo.