VAIL—Eagle County’s residential real estate market continues to strengthen and hold, according to a monthly report by Trevor Theelke at Land Title Guarantee Company in Avon.
Countywide in September, single family homes showed an increase in value of 9 percent with the help of five transactions over $4 million. The largest transaction was a 7,900-square-foot home in Bachelor Gulch that sold for $8.15 million.
The third quarter of 2012 ended on a high note with September hosting 175 real estate transactions, the highest number since November 2007’s 190 sales. This created the second-highest dollar volume month in two years with more than $140 million in sales.
The average price in September for all categories was $809,208, while the median price was $389,250 throughout the county, according to Theelke’s report.
Eagle-Vail had a strong month of transactions with 14. Beaver Creek had 12 transactions with more than $18 million in dollar volume. Eagle saw the most activity with 25 transactions and an average sales price of $260,000.
Year to date, Eagle County's transactions are up 18 percent over 2011 while dollar volume is up 24 percent.
New projects also continue to display activity in 2012, according to the report.
The Ritz-Carlton Residences’ nine sales in Vail so far this year produced an average sales price of $3.37 million; Landmark’s three sales average $2.26 million; and two sales at Solaris averaged $3.36 million. One residence at the Arrabelle sold in July for $5.75 million.
“While we still have a long ways to go to deal with absorption and the inventory out there, I think the pace is healthy for Vail,” said Tye Stockton, exclusive listing agent for the Ritz-Carlton Residences, a Vail Resorts Development Company project with 71 wholly owned properties and 75 fractionals completed in 2009.
Stockton, a partner at Ascent Sotheby’s International Realty, said high-end buyers are increasingly looking for the exquisite amenities and services provided by Vail’s newer projects.
Across the county in September, 11 home sites sold at an average price of $207,500. Through the third quarter, 72 lots have sold at an average $324,500.
Cordillera saw two home sales in September. The private golf community, where members have been in a prolonged fight with their club owner, has seen less than 2 percent of the county’s sales activity so far this year. The club will be sold at auction in December.
September had 29 bank sales that averaged nearly $336,000, bringing the year-to-date bank sales total to 241 and nearly $72 million in dollar volume. Foreclosures represent 21 percent of Eagle County’s market so far this year, with most of the activity occurring down valley in the Eagle and Gypsum areas.
National foreclosure rates are on the decline, according to a September report by analytics and information services company CoreLogic.
There were 57,000 foreclosures in September across the nation, down from 59,000 in August and 83,000 in September 2011. However, 3.3 percent of the nation’s homes with a mortgage were in September’s foreclosure inventory, and national foreclosures are still running more than double pre-recession levels.
While shadow inventory is clearing and the housing market continues to stabilize, “there is significant progress to be made before returning to pre-crisis levels,” CoreLogic Chief Economist Mark Fleming said in a statement.
Colorado is faring better than many other states, with a 1.3 percent foreclosure rate in September, according to the company’s report, which also stated that 16,864 Colorado homes were foreclosed during the 12 months ending in September.