The foreclosure process is certainly one that bears a lot of attention in Eagle County, and as of the end of the year 2012, there has been a noticeable drop in those numbers. Over the past year there were 309 foreclosure sales compared to 338 in 2011. More significantly, in 2012 there were 446 initial flilings compared to 615 in the previous year, a 28% drop. What those numbers mean can vary widely since the process itself can take quite a bit of time, sometimes over a year to complete.
Real Estate in Eagle County, Vail, Colorado had a great October in both dollar volume and number of transactions according to Land Title Guarantee Company. Here is what Land Title reports:
October sales soar!
Eagle County real estate had a great October in terms of both dollar volume and transactions. There were 218 transactions, which is up 68% over last October and officially surpassed the entire year's transactions in 2011. This is also the first time Eagle County has surpassed 200 transactions in any given month since September 2007. During 2007, Eagle County averaged 224 transactions throughout all of the year.
Dollar volume has also stayed strong with over $159 million in October, 42% above last year. This brings the total to $1.15 billion for the year, 26% above last year and just $6 million away from surpassing 2011 year-end volume.
Eagle continues to have the majority of the transactions each month with 33 in October. However, Eagle-Vail had 22 while Edwards followed closely with 18.
One of the most important decisions that consumers face today is whether to buy or to rent. So for starters, take a look at what has transpired since the housing crisis of 2008. Home prices are starting to rebound from their lows and prices have risen 2.3% from last year, but rents have been rising even faster at 4.7%.Secondly, mortgage rates are at an all time low and have been as low as 3.5%. Therefore when looking at rents and home prices in the summer of 2012, if you plan to stay in your home for 7 years(the average occupany period) you can save $771.00 per month by purchasing your home rather than renting.
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Good news for the renter as sales in the Vail Valley slow down. Eagle County residents saw the real estate market peak in 2007, and as a result, development and construction of new projects quickly slowed down. This factor was the beginning of a major loss of jobs in the real estate segment of the economy, and as of this year the Valley has lost 6,000 jobs. January through June of that year saw 879 transactions generating sales of $927 million. In January of this year transactions dropped to 407 and sales volume dropped to $401 million representing a 43% drop. On the other hand, sales for the first six months of this year are almost double the total in 2009, which was the low point. In addition to the loss of jobs and because of that fact, there have been a host of foreclosures in the Valley as well - 618 in 2010 and an equal number already this year.
The true answer to this question is: who knows? The most important factor in any market is investor psychology, which can not really be predicted with much accuracy.
Rather than predict, we can at least see where a few housing statistics stack up against long term averages. The most thing to remember is that valuations always revert to the? mean in the long run - there is always a magnetic pull toward sanity.
There are three fundamental housing numbers to look at for comparison sake:
The Vail Daily Staff Report on September 2 quoted the Land Title Monthly Housing Report which showed there were 92 completed real estate transactions in July. This number was far above the 75 transactions a year previously. For most of this year, we have seen other monthly increases over 2009. The fact remains that 2009 was probably the largest declining market I have seen in all my years selling real estate here in Vail(20 years). From the perspective of the Gateway Land office, there is no question that we have seen a lot more activity this year than last. However, there are several reasons for this activity.
First, because prices finally dropped when the market went south means that a lot of savy real estate investors have swooped in to buy up distressed properties at bargain prices. Secondly, many of the 'low end' deals were driven by tax incentives that are no longer in effect today. This fact is backed up by the fact that 75% of the transactions were below $1 million.