The signs are pointing to a strong September for Vail Valley Real Estate – so why is the average Days on Market up over August? This is an archived edition of our regular news brief. Visit our Vail Valley Real Estate News page for the latestfrom the Rocky Mountain Home Team.
The signs are pointing to a strong September for Vail Valley Real Estate. The Vail Board of Realtors Multiple Listing Service recorded 71 residential property sales for the first 15 days of September 2016 in the Eastern Vail Valley from East Vail to Wolcott. Average sale price for the period was $583, up 26 percent over August’s average of $462, and 34 percent over the average of $432 for the first eight months of the year. 71 homes sold over the 15-day period, already surpassing July’s year-to-date low of 56 transactions and on pace to meet or exceed August’s total of 101.
Average Days on Market soared to 223 days as some long-standing properties at the top of the market finally sold. One Lionshead condo clocked 3175 days – over eight and a half years! – on market, before selling this month, and several homes sold after over 1,000 days on market. This rise could indicate increasing demand as buyers dig deep into the available inventory – a possibility that is supported by the fact that 52 homes went under contract in the upper Valley during the 15 day period, while just 29 came on the market.
In the Eagle West Market, the VBR-MLS recorded 13 sales over the 15 day period, for an average sale price of $221 per square foot after an average of 82 days on market. 18 properties entered the western valley in the first half of September while 19 went under contract. While the days of single-digit average days on market appear to be behind us, with only 22 properties currently priced at or below $300,000 in the entire Western Valley and rents ticking upward, there is still a lot of demand for low priced housing.
“Healthy labor markets in most the country should be creating a sustained demand for home purchases. However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.” –Lawrence Yun, NAR chief economist
The Federal Reserve has decided not to raise interest rates. Yet.