Vail Valley real estate market failed to hit $1 billion in 2009 |

Vail Valley real estate market failed to hit $1 billion in 2009

Scott N. Miller
Vail, CO, Colorado

Real estate sales in Eagle County failed to top $1 billion for 2009 for the first time since 1996.

The most recent data for the Vail Valley from Land Title Guarantee Company now includes December and all of 2009, and the numbers reflect a serious, year-long slump in the local real estate business.

There were 95 sales completed in December, just seven shy of the numbers in December of 2008. In comparison, though, there were 149 completed sales in December of 2007, and 249 in December of 2006.

With 12 months of data now available, real estate sales in 2009 were 42 percent down from 2008. The sales volume was even farther off the 2008 numbers, down 60 percent. Total sales volume for 2009 was just less than $900 million, compared to $2.2 billion in sales in 2008.

The vast majority of sales this year have come at prices of $1 million or less, with the under-$500,000 part of the market leading the way.

Still, there have been some very large single sales.

There was just one sale of more than $5 million in December, but it was for $15.5 million. For the year, only 18 homes priced at more than $5 million changed hands. The most expensive residential property sold in 2009 was in Vail Village with a selling price of $15.95 million.

Beaver Creek ended the year as the area with the highest dollar volume $106.5 million, while Eagle had the most transactions with 135. Eagle County ranked second in dollar volume for Colorado resort markets.

Support Local Journalism

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User