Average Xbox 360 Sale On eBay Tops $700

The shortage of Microsoft Xbox 360 game consoles in traditional channels has been a boon to eBay and its sellers, a company that markets online auction analysis tools said Friday.

According to British Columbia-based Terapeak, in the first week after its Nov. 22 launch, Xboxes were selling at a rate of 1 every 13 seconds during peak hours. The total dollar value of Xbox 360s sold on the online auction giant during that week exceeded $23 million.

The Xbox 360 debuted to great fanfare--consumers lined up hours prior to stores opening--not only in the U.S., but also in Europe, where the advanced game system also quickly sold out. The console goes on sale in Japan Saturday.

The small supply and large demand moved many to "flip" their Xbox 360 purchases on eBay. During the week of Nov. 22 through Nov. 28, each successful Xbox listing on eBay garnered an average of 19 bids, and sold at an average price of $718.

Since Nov. 28, said Terapeak, the average number of bids and the selling price have both dropped slightly, to 15 and $702, respectively.

The suggested retail price of the Xbox is either $299 or $399, depending on the model.