A look at Bank Owned properties in Eagle County, a national perspective on the vacation homes market, and a look at the end of ski season in the Vail Valley. This is an archived edition of our weekly news briefs. Visit our Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team.
Bank owned and short sale property sales spiked in Q1 2017 – but only by way of comparison.
The first three months of 2017 saw four distressed property sales in the Vail Valley, double the number sold in the same period last year. Despite the 100% jump, these numbers are still extremely low compared to the recent past – Q1 of 2012 saw 75 distressed property sales in Eagle County. Here’s a five-year look at the western Vail Valley market to illustrate:
For now, at least, that spike appears to be a one-off. Only one bank-owned property – the Rocky Mountain Home Team’s 15 Left Lady Belle listing in Eagle Ranch – is currently under contract. One more, a $2.125 Million Beaver Creek Condo, is currently on the market. While we’ve never claimed to predict the future, there’s nothing in the short term to suggest a return to 2012 or 2013 numbers.
You can learn more about purchasing a bank owned property in the Vail Valley on our blog.
Property values in the Vail Valley are on the rise. Curious to see what your home might be worth? Contact the Rocky Mountain Home Team for a no-cost, no-obligation market analysis of your Vail Valley home.
Visit our Market Report Center for more on the Vail Valley Real Estate Market.
“Tight inventory conditions pushed the median sales price of both vacation and investment homes last year to levels not seen in roughly a decade. The median vacation home price was $200,000, up 4.2 percent from 2015 ($192,000) and the highest since 2006 (also $200,000). The median investment-home sales price was $155,000, up 8.0 percent from 2015 ($143,500) and the highest since 2005 ($183,500).”
Vail Valley Ski Report
As of Tuesday, April 11, the base at Vail Ski Resort stood at 48”, with a season total of 216 inches of snowfall and 10″ over the past week. Beaver creek was at 59 inches, with 269” total snowfall including 16” in the past seven days.
Spring Back to Vail begins Friday April 14, bringing music, pond skimming, an on-mountain luau and more to shut down the 2016-17 season in style all weekend long. Find a schedule here.