The numbers for the first half of December, interest rates already on the rise, and the snow starts falling 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 first 15 days of December 2016 saw 57 residential property sales recorded in the Vail Board of Realtor’s Multiple Listing Service. A Vail Village duplex selling for $13,500,000 on Dec. 14 was the top sale of the month so far. Two more properties sold for over $6 Million each, pushing the average list price to nearly $1.5 million for the period. As of Dec. 23, 185 residential properties were under contract and the MLS had 704 active listings.
In the Eastern Valley from East Vail through Edwards and Wolcott, there were 592 active listings averaging 308 days on market. The 98 listings in the Western Valley, including Eagle and Gypsum, averaged 183 days on market at $367.
How much is your home worth in today’s market? Depending on when you purchased your property, you could be looking at major equity gains. As interest rates begin to climb, it might be time to put an offer in on that “move up” home you have been looking at. The Rocky Mountain Home Team can help you sell your home for the most money in the least amount of time, and negotiate the best deal on the purchase as well.
The national market was “abnormally strong” in November: “The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months. Furthermore, it’s no coincidence that home shoppers in the Northeast—where price growth has been tame all year—had the most success last month.”
Interest Rates Already on the Rise: “According to Bankrate.com, the average national rate for a 30-year fixed mortgage was just over 4.15% in mid-December, around 85 basis points higher than the 3.3% lows of September. This means that a home buyer purchasing a new home with 20% down at October’s median home price of $304,500 would now have to pay $1,187 per month at a 4.17% rate, versus $1,070 at a 3.32% rate—an increase of $117 per month.”
What to Do in the Vail Valley
Christmas is nearly here, and the snow keeps falling in the Vail Valley! There are currently more than 5,000 skiable acres on Vail Mountain – over 96% of 5,289 total acres. Warmer weather on the slopes should make for an enjoyable holiday break for locals and visitors alike.