Real estate sales volume drops in July |

Real estate sales volume drops in July

EAGLE COUNTY, Colorado – Eagle County’s real estate sales in July matched those recorded last year, but the prices dropped.

Sales for $500,000 or less accounted for 70 percent of the 92 completed transactions in July, according to the latest data from Land Title Guarantee Company. Almost 60 percent of those sales were owned by banks. For the year so far, 162 bank-owned properties have sold, nearly a quarter of all transactions. More than 40 percent of the lower-priced sales were in Eagle and Gypsum.

Overall, sales of $1 million or less accounted for 90 percent of all sales, but 62 percent of the dollar volume.

The activity in the under-$500,000 market dropped the average sale price to just more than $529,000. The decline in prices resulted in a dollar volume drop of 45 percent from July of 2010. The overall dollar volume in July dipped to $48 million, the lowest monthly volume since January 2009.

As is the case most months, a few high-priced sales accounted for most of the nearly $39.5 million in July residential sales. The highest-priced property – almost $3.4 million – was at the Ritz-Carlton Residences in Vail.

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