Real Estate Market Analysis: Eagle County during summer, 2008
Eagle County encompasses Vail and Beaver Creek, as well as lesser expensive areas of housing, such as Edwards, Eagle and Gypsum.
Out of the four mountain counties that surround Summit County, Eagle County ranked second highest, just behind Pitkin County (Aspen) in average prices for homes during summer, 2008. Eagle County’s average price was $1.46 million, compared to $1.07 million during the summer of 2007.
However, like Summit County, the number of transactions in the summer of 2008 decreased quite a bit, from 775 summer sales in 2007 to 439 in 2008.
The first six months of 2008 in Eagle County also showed an increase in the average price of home sales, at $1.34 million, compared to the same time frame in 2007, where sales averaged $1.09 million. Again, the number of transactions fell from 1,431 sales from January through June 2007, to 776 transactions during the same period in 2008.
Prices vary wildly in Eagle County, depending upon location. In August 2008, Vail Village saw the highest average transaction price, at $9.3 million (9 properties sold to determine this August average), while condos in Avon sold for an average of $270,250 (based on 2 sales) and Edwards saw an average of $314,940, based on 10 sales.
The greatest number of sales from January through August 2008 took place between a half million and a million dollars — 280 properties sold at an average price of $694,349.
Properties under half a million had the second largest number of transactions during the same time period, at 250. Average sales price was $363,675. Homes between $1 million and $1.5 million saw 80 transactions at an average price of $1.2 million.
Economic woes didn’t seem to affect the super rich: Properties between $1.5 million and $5 million garnered 184 transactions from January through August 2008, with the average price being $2.67 million.
And, 46 properties over $5 million have sold in that time frame, with an average price of $8 million.
So, if you’re looking for a reasonably priced condo or home near a ski area, Summit County realty is still the best place to buy. Between January and August 2008, the average sales price was $561,283, compared with Eagle’s $1.34 million.
