Our weekly report on Vail Valley Real Estate News, Market Conditions and Trends. This is an archived report. Check our news page for the latest Vail Valley Real Estate News.
Friday, April 11, 2014
A look at the numbers for March, clowns at the Fed and a surge in vacation home sales.
As we wait for the Vail Board of Realtors to release the final numbers for March, a review of MLS data shows 79 residential sales in Eagle County at an average list price of over a million dollars ($1,139,023). This represents a modest increase over the 73 homes sold in March 2013, and a jump from last year’s average price of $867,652.
In other local news, ski season is to an end here in the Vail Valley, with good weather on the slopes and an above average snowpack. Whitewater fans are looking forward to a strong spring runoff.
National Real Estate News
“Events this week could be mistaken for a cartoon if not so serious. And the cartoonish aspect magnified by clowns squirting lapel flowers in your eye every time something starts to make sense.”
Business or Pleasure? While investment property was in decline for 2013 (in part due to a decline in foreclosures), that year saw a surge in vacation home sales. NAR Chief economist Lawrence Yun expects that trend to continue: “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property. However, vacation-home sales are still about one-third below the peak activity seen in 2006.”
Rates on 30-year fixed-rate mortgages averaged 4.34 percent with an average point of 0.7 for the week ending April 10, down from 4.41 percent last week but up from 3.34 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.
Vail Valley Events
Karl Denson’s Tiny Universe kicks off Spring Back to Vail with a free concert at the Solaris tonight at 6 p.m. Spring back to Vail continues through until the mountain’s closing day with free concerts and events. The festivities conclude with the World Pond Skimming Championships on Sunday, April 20 at 3 p.m, followed by a free concert featuring Steel Pulse.
Check this page every Friday for more Vail Valley Real Estate News. Are you interested in buying or selling Vail Valley Real Estate? Contact the Rocky Mountain Home Team today!