This week, we take a break from the week-over-week updates to take a broader look at the market by comparing the first six months of the year for 2011 through 2016 in Vail Valley Real Estate. Also, how to keep your head in a tough election season and tax advantages for second homes.This is an archived edition of our news brief. Visit our Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team.
“So, how’s the Vail Valley Real Estate Market?”
It’s a question we hear quite often at the Rocky Mountain Home Team. We created our Market Report Center to showcase the three major markets in Eagle County, Colorado – Slopeside Properties, the Eastern Valley, and the Western Valley.
A broader look at the Vail Valley Real Estate market as a whole reveals some positive trends.
Over the past five years, the number of residential properties sold in the Vail Valley for the first half of the year has increased every year except 2013, which essentially stayed even in 2012 (482 vs 481). Overall sales price for this six-month peaked in 2014, but sales price per square foot shows a much stronger upward trend. In 2011, sales price per square foot was averaging $434 at the end of June – in 2016, the average at the end of June was $462. Price per square foot hit is highest peak of the five-year period just last year, averaging $488 for the first six months of 2015.
So while overall prices may appear lower, Vail Valley homes are selling for more per square foot. As rents soar with no sign of falling, low interest rates have made home buying an attractive option for many Vail Valley residents. That demand leads to lower inventory and a drop in days on market until homes sell – which declined for the first six month of the year for each of the past five years – falling 100 days total from 385 in 2011 to 285 in 2016.
Election years always feature a degree of uncertainty, especially in “purple states” like Colorado. Historically low favorability ratings for both major-party candidates have added to the worries in 2016. Money Magazine offers some market advice that applies to Real Estate as well – Keep Your Partisan Emotions in Check. Tips like “Visualize History, Not Your Worst Fears” and “Stay out of the Echo Chamber” apply just as much to the housing market as the stock market.
Did you know a second home in the Vail Valley isn’t just for fun and family adventure? Check out these tax benefits of second-home ownership.
What to Do in the Vail Valley
Summer is winding down in the Vail Valley, and in a few short weeks locals will be prepping their winters sports gear and hunting for bargains as the summer tourists leave town. Now is the time to take a last quick dip at Nottingham Lake, cross the final summer hikes off your list, and take another run on the Boneyard in Eagle.
Watch this space for the latest news and information on Vail Valley Real Estate! Are you thinking of buying or selling a home in Eagle County, Colorado’s Ski Country? Michael Routh’s Rocky Mountain Home Team can help!