This is an Archived edition of our weekly news brief. For the latest from the Rocky Mountain Home Team, visit our Vail Valley Real Estate News page.
November 2016 saw 25 sales recorded in the Vail Valley’s Slopeside Market, which includes Vail Village, Lionshead, Beaver Creek, Bachelor Gulch and Arrowhead according to the Vail Board of Realtors. That matches the October total, and falls behind only September’s high of 29. Price per square foot averaged less than $1,000 for the fifth time this year, hitting $803 down over $200 from the year to date average of $1,044 through October. The numbers are fickle in a market this small and diverse, but if you’ve ever thought of owning a ski home in Vail right now seems like a good time to take a serious look at the market.
In the wider eastern valley market -from East Vail to Wolcott – transaction volume took its the first dip after three straight month of growth. Price per square foot rose just above $500. 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 Vail Valley’s western market – including Eagle and Gypsum – average price per square foot continued to fall from August’s high and hit $214 in November. Still, prices have gained a lot of ground overall in 2016 – the year to date average was $211 in October, 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.
National trends don’t always apply to our valley, but the National Association of Realtors sees some strong headwinds in the forecast for 2017. Most notably, both the incoming administration and the Federal Reserve have been signaling interest rate hikes in the near future. Assuming home prices don’t simply fall to meet rate hikes, this will have an effect on affordability. Add to this a stubbornly low inventory and Gary Keller’s predicted “shift” may indeed lie ahead.
Need to know what a change in the national Real Estate market could mean for your neighborhood and home? The Rocky Mountain Home Team can help you plan for the future. Contact Michael Routh today at 970-306-7711.