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Monday, February 6, 2012

Eagle County real estate summary 2011

Eagle County's real estate market finished 2011 with more sales for less money than the previous year.

The year-end figures show total sales were up by about 100 from 2010. But the value of those sales was down more than $340 million from the year before. In fact, November and December were the only two months in which dollar volume exceeded figures from 2010. Overall, sales volume was down by about 23 percent from 2010.

In the six-county region tracked by Land Title — Eagle, Routt, Summit, Grand, Garfield and Pitkin — Eagle County ranked third in total sales, behind Routt and Summit counties. In average price per sale for both single- and multi-family units, Eagle County was second in the region, behind Pitkin County, which has a greater concentration of second homes.

Throughout 2011, a relatively few sales of expensive property drove up both the average price and the total sales volume. While homes priced at $500,000 or less made up 55 percent of the year's total sales, those deals accounted for just 17 percent of the dollar volume.

On the other side of that coin, sales of $2 million or more made up just 10 percent of all transactions, but accounted for 46 percent of the year's dollar volume.

Eagle and Gypsum accounted for about 24 percent of all sales in 2011, but less than 9 percent of the county's dollar volume.

Vail Village, meanwhile, accounted for less than 5 percent of all sales, but accounted for 16 percent of the county's sales volume.

For the region, only Garfield County's sales volume grew by 6 percent or more — sales volume was either flat or down by more than 6 percent in the rest of the region.

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