A look at the numbers for October, counting the minutes until we’re back on the slopes, and our first, fleeting look at … Generation Z? This is an archived edition of our Vail Valley news briefs. Visit our Vail Valley Real Estate News for the latest from the Rocky Mountain Home Team.
The Vail Board of Realtors’ Multiple Listings Service recorded 127 residential property sales in the Eastern Vail Valley – from East Vail to Wolcott – in October 2016. This marks the third straight month of transaction volume growth for the Eastern Vail Valley. Price per square foot dropped below $500 for the third time for the year, which might be contributing to the increasing number of sales. It’s too early to make a clear call on the direction of the market, but if prices come down and interest rates remain low we can probably expect transaction volume to remain high – the “pent up demand” for housing in the Vail Valley is well known.
In the Western Vail Valley – from Eagle to Gypsum – average price per square foot continued to fall from August’s high of $257, and hit $217 in October. Still, prices have gained a lot of ground overall in 2016 – the year to date average is $211, up 14.7% over the same 10 month period last year and 38.8% for the same period in 2013. Days on market are up from historic lows, while distressed property sales remain low –the MLS has recorded just 4 so far in 2016.
Are you looking for a home in the Vail Valley? Now might be the time to buy! Both the President Elect and Federal Reserve are signaling that it might finally be the time to raise interest rates, and there are still deals to be had in today’s market. It’s entirely possible you could be paying less than your monthly rent, and building equity at the same time.
“Millennials are finally expected to unleash their buying arm in 2017. They are predicted to make up 61 percent of the first-time home buyers under age 35 in the new year.”
Beyond the Millennials already? A look at what to expect in Real Estate for 2017, we get our first, brief mention of “Generation Z”.
What to do in the Vail Valley
The waiting is the hardest part. As the snowfall starts in the upper Vail Valley, we now have a week to keep checking out those web cams on Vail.com before we break out the skis on Nov. 25. We’ll see you on the slopes!