The low number of affordable homes for sale in the Vail Valley is a well-known complication for locals, but 2017 is proving to be a particularly tough year for would-be home buyers.
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 just six residential properties selling for under $325,000 in the first 21 days of April 2017. We need only look how long these properties spent on market – anywhere from zero to seven days – to understand that it isn’t demand that’s holding the market back.
A quick look at inventory on Wednesday, April 26 saw just 16 homes for sale* for less than $325,000. Six of these homes are in Two Rivers Village, far to the west and a lengthy commute for service industry employees at Vail or Beaver Creek. Setting those properties aside, that leaves just 10 options – and if you’re hoping to avoid commuting from Gypsum or Eagle, that number shrinks down to four.
While this is nothing new to the Vail Valley, the notable lack of inventory in 2017 is nationwide.
Lawrence Yun, Chief Economist for the National Association of Realtors, had this to say: “The dismal number of listings in the affordable price range is squeezing prospective buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”
Are you hoping to buy an affordable Vail Valley Home? Here are five ways to get the advantage in a competitive market.
Meanwhile, on the opposite end of the market, 19 property sales were recorded in the Slopeside market over the same 21 day period. The biggest sale of the period remains the $13,500,000 Vail Village duplex reported last week. The wider Eastern market from East Vail to Edwards and Wolcott saw 58 sales, on pace to finish similar to the 74 total sales in March.
What to Do in the Vail Valley
The skiing may have just come to an end, but they’ve already started golfing as far east as the Eagle Ranch Golf Club. Meanwhile, the locals are availing themselves of shop and restaurant discounts or sneaking off to A Basin for an extra ski day – all while getting their bikes and rafts ready for the weeks ahead. The shoulder season is short in the Vail Valley.
*This search omitted out-of-county homes, mobile homes and remote areas such as Red Cliff and Fulford.