Vail Valley Real Estate News for Feb. 15, 2017

High demand for down-valley homes, prices on the rise in the Eastern Valley and how much you really need for that down payment. This is an archived edition of weekly news brief. VIsit our Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team!

The demand for reasonably priced, down-valley homes is high, a reality the The Rocky Mountain Home Team witnessed first-hand with our latest listing in Chatfield Corners. Entered into the MLS on the evening of Thursday, January 9, the 3 bedroom, 3 bath home immediately received a series of showing requests. Five days later, it was under contract.

Are you a homeowner in Gypsum’s Chatfield Corners neighborhood? Contact us today for a no-obligation consultation on what your home might be worth in this high-demand market!

In the month of January, average price per square for down valley homes reversed a five-month slump, rising to $226 in Jan. Despite the recent downturn, the western market from Eagle to Gypsum gained ground overall in 2016 – the average for the year was $210, up 9.375% over 2015 and 39% over 2013.

Meanwhile, the Vail Board of Realtors’ Multiple Listings Service recorded 51 residential property sales in the Eastern Vail Valley – from East Vail to Wolcott – in January 2017. This marks the third month of shrinking after three straight month of transaction volume growth for the Eastern Vail Valley. Price per square foot, however, shot to $659 – surpassing 2016’s July high of $622.

At the literal and figurative top of the market, 13 of sales were recorded in the Slopeside market, including Vail Village, Lionshead, Beaver Creek, Bachelor Gulch and Arrowhead.  Average sale price was $1,288 per square foot, well above the 2016 average of $952 per square foot. This average includes some very high-end property sales.  Visit our Market Report Center for more on the Vail Valley Real Estate Market.

National News

Think you don’t have enough saved up to buy a home? You may want to take another look. The average down payment on a purchase mortgage was just 11 percent in 2016. And that’s just the average; often times down payments are much lower. For borrowers under the age of 35, the average down payment was just under 8 percent, according to NAR’s survey.

“99 percent of pet owners said they consider their animal part of the family, and this becomes apparent in the sacrifices pet owners are willing to make when it comes to buying and selling homes.”

Vail Valley Snow Report

As of Wednesday, Feb. 15, the past week saw 5” of new snow in Vail and 8” of new snow at Beaver Creek. The base at both sat at 51”.  Find up to date conditions here. The next Rocky Mountain Home Team Ski Day is Wednesday, March 8. We hope to see you on the slopes!

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