October real estate sales surpass last year
EAGLE COUNTY, Colorado – Plenty of local property changed hands in October, but prices are down from last year.
According to the latest report from Land Title Guarantee Company, there were 130 transactions in October, the second-highest total of the year, behind September. The Eagle/Gypsum area had the largest share of those transactions with 30 sales.
Most of sales were for $500,000 or less, and there were 18 sales of bank-owned property.
Those bank-owned transactions – which often carry below-market asking prices, have helped drive down average prices throughout the market. There were more 15 more sales in October of this year than the same month last year, but the total sales volume was down 16 percent.
As is often the case, a few high-dollar sales account for the lion’s share of the dollar volume. Eight transactions of $2 million or more were completed in October, but those sales accounted for one-third of the month’s dollar volume.
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So far in 2011, 40 percent of the county’s sales volume has come from Vail Village, which has recorded 49 of the year’s 1,100 sales. In fact, the average price per square foot for a single-family home in Vail Village has gone up by one-third over last year while the price per square foot of single family homes elsewhere in the county has dropped an average of 23 percent.
The county looks to be on track to surpass $1 billion in real estate sales for this year. That’s a long way from the years of $2 billion-plus in sales in the years just before the current economic slump, but it’s a marked improvement from 2009, when the county didn’t reach the $1 billion mark for the first time in years.