Real estate numbers remain strong | VailDaily.com
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Real estate numbers remain strong

EAGLE COUNTY – The county’s real estate market continues to outpace last year’s record-setting sales.August’s real estate sales of more than $233 million were the fourth-highest ever recorded in Eagle County, according to numbers compiled by Land Title Guarantee Company in Eagle. The number of transactions, 338, was fifth-most ever.So far this year there have been $1.67 billion in real estate sales. That’s $383 million higher than at this time last year, and year-to-date sales already exceed full-year sales from 2001, 2002 and 2003.Michael Slevin of Prudential Colorado Properties said lower-end properties, with the help of low interest rates, continue to drive the market. Most of the residential sales, 62 percent, were for properties under $500,000. Eighty-six percent were for properties costing $1 million or less.The average price for what sold in August was $691,651. “The numbers are strong and right in line with what we were seeing in the last 12 months – strength in the lower end of the market,” he said.The high number of entry-level sales was reflected in the geographical distribution, which showed that Eagle and Gypsum saw 97 transactions, or 29 percent of all sales.Slevin said lower-end sales should remain high in the next few months as summertime sales close, and then resort-driven high-end properties will pick up as the ski season progresses.”The forces behind this growth are many: a lackadaisical stock market, demographic trends, low interest rates,” as well as continued investment in Vail Village, Lionshead, surrounding golf communities and the ski mountains, said local real estate agent Led Gardner of Led Gardner and Associates.Despite the unrelenting growth in the market, Slevin said he expects the market to stay strong in the foreseeable future. “Barring any unforeseen occurrence, things will continue to be strong,” he said.He said the current inventory of 699 listings is still below average, indicating that the market is staying strong.The most expensive transactions included a $9.1 million sale of a five-bed, six-bath condo in the Chateau in Beaver Creek. A house in Beaver Creek also sold for $4.586 million. That house has eight bedrooms and 8 1/2 baths.Summit County saw 400 real estate transactions in August, the highest ever recorded in that county, Land Title’s numbers showed. Those transactions added up to more than $148 million in sales.Pitkin County had more than $190 million on 155 transactions in August, according to Joe Carpenter of Land Title in Glenwood Springs. Sales were up 40 percent over last August.Staff Writer Edward Stoner can be reached at 949-0555, ext. 604, or estoner@vaildaily.com.Vail, Colorado


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