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April Real Estate Sales Show Significant Increase

April real estate showed a significant gain over 2011 with both dollar volume and transactions above 2011 numbers. April had an increase of 24% in sales volume over last April with $124,475,200, and a 27% increase in transactions with 135. This creates an overall average sales price of $922,039 for April.

Nearly 75% of all residential transactions have sold with a sales price of $1 million or less in April. However, there were also 6 high end sales over $4 million that largely contributed to the total dollar volume. Vail Village hosted the highest price sale at $9.35 million in April followed by an $8 million sale also in Vail Village.

The Ritz Carlton and the Landmark both had sales in April bringing the average sale at the Ritz to just over $3.4 million and the Landmark to nearly $3 million.

There were 25 bank owned properties in April bringing the total to 81 for the year-to-date with an average sales price of $260,117 per sale.

April Highlights:
- There were 5 areas with 10 or more transactions
- Vail Village had nearly 1/3 of the sales volume for the month and the average price was $914,055
- There were 12 commercial transactions

View April 2012 Market Analysis

View Eagle County PPSF Market Analysis

Eagle County Real Estate Transactions Stay Strong

March had the highest number of transactions, 102, thus far this year. Eagle and Gypsum were the areas with the highest number of transactions again. Third in March was East Vail with 8 transactions and an average sales price of just over $550,000. Avon and Beaver Creek had good activity as well with 7 transactions each. Bank Sales accounted for 17 transactions in March; 56 through the first quarter totaling more than $15 million with an average sales price of $273,421.

More than 50% of all transactions continue to be selling for under $500,000; the majority of which are multifamily homes. In the multifamily home sector, Arrowhead has had the highest price per square foot gain over 2011 with 32% bringing the price per square foot average to $617.
Bachelor Gulch had the highest priced sale in March at $10.5 million and was one of three transactions over $5 million.

March Highlights:

- Gypsum had the most transactions with 10

- Three commercial properties sold averaging $968,000

- The average sales price was $914,055

 

View March 2012 Market Analysis

View Eagle County PPSF Analysis

 

The Treasury Department announced it will withhold Home Affordable Modification Program (HAMP) payments from JPMorgan because they found they are not doing enough to help homeowners permanently lower their mortgages through loan modifications.

HAMP was introduced in 2009 as a way to help homeowners lower their monthly mortgage payments. The program requires mortgage servicers like JPMorgan Chase, Bank of America, and others to contact homeowners effectively and offer assistance in reducing their mortgage payments through loan modification programs. HAMP offers incentive payments to servicers to rewrite loan terms for distressed homeowners.

The Treasury found for the third straight quarter that JPMorgan Chase needed “substantial improvement” in their efforts to help homeowners stay in their homes. Bank of America was found to have made some progress, but still needed to do more to help homeowners avoid foreclosure.

Earlier this month, Massachusetts Attorney General Martha Coakley sued banks, including Chase, Bank of America, Wells Fargo, and others, for illegal loan servicing practices.

For more on this story, see the HousingWire’s story Treasury Warns Chase of Permanent HAMP Withholdings.