It was bound to happen this year

September, 2005 ended with 412 Real Estate transactions and $284,867,000 in total dollar volume, which represents the highest recorded sales month in Eagle County history. The total volume for the year now stands at $1,957,410,802, just shy of the $2 Billion mark. The highest total monthly sales had been last December, so this month’s record is still breaking records set in the same 12 month period. In 2002, total volume for the entire year totaled $1,499,739,000, then 2004 jumped to $2,225, 840,000, and we are expecting that record to be broken when the year ends. When the number of transactions exceeded the 400 mark, that was also a record for any month in Eagle county.

Of the 412 transactions, 260 were under $1 million, and 50 more were under $2 million. Eagle and Gypsum continue to lead the county in total transactions with a combined total of 131 with Edwards combined total of 72. In Edwards the sales in Lake Creek had the highest average sales price of $3,419, 330 and Vail Village had an average price of $2,691,955.

In looking at the above statistics, one must wonder where the so-called ‘housing bubble" will burst. In the opinion of most knowledgeable real estate professionals, there are many factors contradicting these dire predictions. In the first place, there is very little inventory for sale, which causes prices to rise. Secondly, the Eagle County Commissioners have just passed a development ‘moratorium’, which will obviously limit the ability of developers to start new projects. Finally, one must consider the number of ‘baby boomers’ who want to retire to the mountains, especially in Vail, where the weather is almost always perfect and the skiing and golf are hard to beat anywhere else in the country.

September 2005 Statistics courtesy of Land Title

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