Today in Vail Valley Real Estate News: Looking at the numbers for April 2017, it is clear the Vail Valley is once again becoming a seller’s market, which – despite the lasting memory of the nation-wide downturn – is perhaps closer to a “normal” market for a small yet highly attractive area.
Of course, part of why the market is so strong is because it is still an excellent time to buy a home. Here are Five Ways Buyers Can Get The Edge in today’s competitive market.
Looking at the numbers for April 2017, it is clear the Vail Valley is once again becoming a seller’s market, which – despite the lasting memory of the nation-wide downturn – is perhaps closer to a “normal” market for a small yet highly attractive area.
The Vail Board of Realtors Multiple Listing Service recorded 95 residential property sales for the month of April 2017, including 73 sales in the Upper Vail Valley from East Vail to Edwards. Sale Price per square foot averaged $655, surging 19.5 percent over the 2016 average and 21.7 percent above April 2016. If further proof is needed that values are appreciating, in 2013, the average sale price per square foot in this market was $475.
The good news is that, generally speaking, the reason for the seller’s market is that it is actually a very good time for Vail Valley residents to be buying homes. At lower price points, many home renters have done the math and realized they would be better off buying. First-time homeowners who purchased five years ago are realizing they’ve built up significant equity, and with interest rates still at historic lows can now afford larger homes. While it is impossible to predict the future, these market trends are in line with healthy growth than worrisome bubble.
Homes at lower price points are in very high demand throughout the Vail Valley. Contact the Rocky Mountain Home Team to learn what your Vail Valley home may be worth.
Gains at the top, while still significant, have been more modest – sale price per square foot averaged $1,006 in the slopeside market, up 14% over April 2016 and 5.67% over the 2016 average as a whole. Homes were under contract after an average of 341 days on the Slopeside market, which includes Vail Village, Lionshead, Beaver Creek, Arrowhead, and Bachelor Gulch.
The Federal Reserve decided to leave interest rates at current levels this week, not entirely surprising given the ongoing assurances that the expected increases will be enacted slowly. NAR Chief Economist Lawrence Yun expects those increases are almost certainly on the way:
“The Federal Reserve will surely raise interest rates two more times before the year ends. The rate hikes are due to continuous improvement in economic conditions.”
What to do in the Vail Valley
Last week’s obligatory post-closing-day snowfall is far behind us and it is time to get out and enjoy the weekend. Hikers and Mountain Bikers should be advised that despite the current sunny weather, last week’s snowfall means lingering mud at higher elevations. For all of the geeks* who missed “Star Wars Day” (May the Fourth be with you!), be sure to stop by Eagle Valley Music & Comics in Minturn on Saturday, May 6 for Free Comic Book Day!
*We who gleefully spend our sunny afternoons crunching Vail Valley Real Estate numbers use this as a term of endearment.