Vail Valley real estate sales hit $2 billion in 2008
When is $2 billion in Vail Valley real estate sales a bad year? When sales the year before added up to $2.7 billion.Land Title Guarantee Company Monday released its monthly report on real estate sales in Eagle County. And, while county real estate sales will top the $2 billion mark for the fifth straight year, both transactions and dollar volume of those sales are considerably from the last three years. The number of sales peaked in 2005, when nearly 3,700 sales closed. The high-water mark for sales volume was set last year, at more than $2.7 billion.The closest any month this year has come to matching 2007 for the number of sales was October, when 2008 sales almost matched those of the year before. For the rest of the year, the number of sales has been anywhere from 23 to 60 percent off last years pace. Over the first 11 months of 2008, the number of sales is off 41 percent from 2007.The price paid for each sale is a little different. For the first 11 months of 2008, the sales volume is off 27 percent from the year before.The dollar total was helped by seven sales of $8 million or more. Another two sales were for more than $4 million.Many of the high-end sales were at Manor Vail, where five units sold for a total of $29.6 million.About a quarter of the real estate sales for the entire county came at the Westin Riverfront Resort & Spa. Deals closed on 33 units there. Only one other transaction was recorded in Avon in November.A combined total of 35 sales closed in Eagle and Gypsum. In Eagle, the average price per sale was $434,000. The average sales price in Gypsum was $312,000.Business Editor Scott N. Miller can be reached at 748-2930, or firstname.lastname@example.org.