Real estate drops hard in Vail Valley |

Real estate drops hard in Vail Valley

VAIL, Colorado ” The local real estate market took its hardest tumble in years in January.

Sales figures from Land Title Guaranty Company show just less than $40.5 million in real estate changed hands in January. That’s one-third of the $124 million in sales in January of 2008.

January’s sales total came in just 46 transactions, compared to 104 sales in January of 2008. There were 102 sales recorded in December.

Vail Village accounted for the most activity in January with nearly 25 percent of the total dollar volume ” $9,537,500 in sales.

Most residential sales ” 48 percent ” were in the $500,000 ” $1 million range. The next-most active part of the market was sales of $500,000 of less, which accounted for 22 percent of all transactions.

Multi-family homes had an average price of just more than $1 million. East Vail had the highest area average sales price at $1.3 million in over 4 sales, and Vail Village had an average price per square foot of $1,261.

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