The Summer selling season heats up early in the west! A look at the numbers for May 2016, what color not to paint your house, and where to celebrate summer in the Vail Valley.
This is an archived edition of our weekly news brief. Visit our Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team!
The summer selling season started early in the Western Vail Valley! Historically, the summer sales bump begins with homes going under contract in May and selling in June – but in April 2016, home buyers were out in force! The Vail Board of Realtors Multiple Listing Service recorded 46 Residental Property Sales in May, up over 109% from the May 2015 total of 22, and a jump of 130% over March 2016. Price per square foot also jumped to an average of $217 in May, up from both last May ($186) and last month ($192). The average number of days on market fell to 63, with a median of just 25 days.
Valley wide, the total number of sales in May was up 31% over May 2015 with 131 sales in May 2016. Sales price for May was down from $533 per square foot in 2015 to $387 in 2016, an average no doubt impacted by all the less-expensive homes selling in the West. The Vail MLS reports 887 homes currently for sale and 220 homes under contract as of June 8. 59 new Vail Valley homes for sale were added to the MLS between June 1 and June 8.
For more information on the Vail Valley Real Estate Market, visit our Market Report Center.
Hooray for Science! The Ugliest Color in the World has been found. That color is, apparently, Pantone 448C – “It’s been lovingly described as ‘death’.” Well, now we know what color we won’t be painting our house.
“Given the weak employment report for May, we think it is unlikely that the Fed will raise rates in June. However, as other economic data are pointing to continued economic growth, we do expect that they will increase rates following their July meeting.”
What to do in the Vail Valley
The Reds, Whites and Blues festival returns Friday and Saturday, June 17 and 18, bringing live music, food, craft beer and wine to the Vail Valley. You can find more information about the event, returning to Avon for its fifth year, at www.redswhitesandblues.com.
The country’s largest celebration of adventure sports, art and music return to Vail June 9-12. Learn more about this celebration of summer in the Rocky Mountains at www.mountaingames.com/summer.