2007 Total Volume breaks the Valley Wide Record

The year 2005 finished with $2.8 billion in sales volume and yet we have learned that 2007 broke that record by $160 million almost topping the $3 Bilion mark. A great deal of this volume can be attributed to the number of over $1 million sales in Beaver Creek, Bachelor Gulch and Vail Village. The bad news amongst this record year is that the total number of transactions was lower than the past three years. Total transactions in 2007 were 2,688, which was 86% of 2006’s 3,115, and 4,000 in 2005. This should come as no surprise as we have seen the national collapse in the real estate market impacting every part of the country. The good news here is that lack of land in Vail has held up prices so well. The trend for resort properties has been excellent with a 42% increase in Routt County and a 17% increase in Garfield County, each being influenced by Steamboat Springs and Snowmass ski areas respectively.

At this point, Vail real estate continues to be in demand in spite of national slow downs, but inventoy has also started to build up. That means potential deals for the aggresive Buyer and Gateway stands to find the best opportunities in the Valley. Call Judd Babcock at 970-376-3230 for more information and up to date listings.

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