A look at the numbers for December, affordable housing in the Vail Valley and a snow report. 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 Vail Board of Realtors Multiple Listing Service recorded 92 residential property sales for the month of December 2016. Average sale price was $522 per square foot, with two sales over $12 at the top of the market balanced out by no less than three properties selling for under $200,000 and an additional 10 selling for between $200,000 and $300,000.
The influx of lower-price property sales may have been influenced in part by the Federal Reserve and president-elect both signaling that it may finally be time to raise interest rates. About half of December purchases were made on new loans, which could mean savvy buyers are locking historically low rates ahead of the expected jump in mortgage rates.
Affordable housing has always been in high demand in Eagle County. Entering 2017, there were just 13 properties for sale in Eagle County for under $300,000 and 23 more under contract. First time home buyers should take care to work with an experienced agent to find the best properties – sometimes before they reach the market – and help them navigate their way through possible complications, such as multiple-offer situations and tough negotiations.
Are you looking at becoming a Vail Valley homeowner in 2017? The Rocky Mountain Home Team has the experience and expertise you’ll need to help and guide you every step of the way. Contact us today at 970-306-7711.
Early numbers for 2016 show 1374 listings sold in the Vail MLS for the year. A full breakdown of both December and 2016 as a whole will appear at our Vail Valley Real Estate Market Report Center once the numbers are more final.
2017 is off to a great start as the snow is starting to pile up in the Vail Valley’s Ski Country! With a base depth of 33” as of Jan. 4, the terrain at Vail is almost completely (99%) open to ski – and the snow continues to fall. You can see a full report at Vail.com. Meanwhile, Beaver Creek is not far behind with 98% skiable terrain. You can see a live stream of the snow at Beaver Creek at their web site.