A look at the slopeside market, wildly inaccurate “Zestimates” still stirring up trouble, and the end of Oktoberfest. (This is an archived edition of our weekly news brief. Visit our Vail Valley Real Estate News page for the latest news!)
Friday, Sept 12, 2014
The Vail Valley Real Estate Market for slopeside properties remained hot through the end of August, despite a notable drop in List and Sale Prices since July. How is that possible?
The slopeside market is made up of a comparatively small number of properties representing a wide variety of price points. In July 2014, there were 14 homes sold, with prices ranging from $725,000 to $8,747,000. The total number sold actually increased to 17 homes in August, but sale price maxed out at $3,350,000. While this certainly skews the numbers for average and median, this is a function of the small data set.
How do we know this? Well, it’s our job, and we made a spreadsheet revealing that more of August’s sales were Arrowhead condos than higher-value locations like Vail Village and Beaver Creek.
Without such a spreadsheet, though, the easiest way to tell is by looking at the Days on Market statistic, which continued to fall.
If there was a lack of interest in slopeside properties, or if buyers thought they were priced too high, days on market would be increasing as homes sat unsold. That’s not happening. Instead, slopeside properties appear to be as robust as ever.
In an earlier edition of Vail Valley Real Estate News, we promised to respond to this article on the Trulia -Zillow merger at length. Since then,we have completed parts one and two of our reply – two down, one to go!
On a similar note: “While we embrace technology and promote it as a tool for our clients, it has become apparent that the level of inaccuracy on Zillow’s website is misleading, inaccurate and outdated,”
Fannie May’s August 2014 National Housing Survey reports a continued gradual recovery for 2015. That’s not exactly a surprise, but it is good news nonetheless.
What to do in the Vail Valley
The final weekend of Oktoberfest comes to Vail Village Sept. 12-14. Saturday’s events include Bavarian Dancers, a Bratwurst Eating Contest and a Keg Bowling Contest. Sunday’s schedule starts with a 9 a.m. Fun Run.
Check this page every week for more Vail Valley Real Estate news from the Rocky Mountain Home Team. Are you interested in buying or selling Vail Valley Real Estate? Contact the Rocky Mountain Home Team today!