Westin project drives Vail Valley real estate | VailDaily.com

Westin project drives Vail Valley real estate

Scott N. Miller
Vail, CO, Colorado

EAGLE COUNTY ” Big real estate projects continued to fuel the local market in September.

A number of closings at the Westin Riverfront project made Avon the valley’s sales hot spot in September. Overall, though, sales and dollar volume are still significantly behind last year’s pace. Through September, Eagle County real estate sales totaled just more than $1.6 billion, compared to more than $2.3 billion through the same period in 2007.

While September sales volume is 35 percent lower than the same month in 2007, it was the second-best month this year for real estate sales.

The number of transactions is also lower. The number of sales in September of this year was 33 percent off the September, 2007 number. Year to date, the number of transactions is down 44 percent.

Sales in Avon accounted for nearly one-fourth of all transactions in September. For the year, transactions in Eagle, Gypsum and the Basalt/El Jebel area made up more than 36 percent of all sales.

So far this year, the 50 sales of homes worth $5 million or more account for $392 million of the county’s total sales volume. The average transaction price so far this year is just more than $1 million. The median price ” the point at which half the sales are lower and half are higher ” is $562,000.

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