The Vail Board of Realtors Multiple Listing Service recorded 110 residential property sales in July 2018, including 49 single family or duplex homes sold.
This is an archived edition of our regular news brief. Visit our Vail Valley Real Estate News page for the latest from the Rocky Mountain Home Team.
That’s little changed from a year ago, when 97 residential sales, including 45 single family or duplex home, sold in July 2017. Price per square foot, however, launched from an average of $305 in July 2017 to an average of $390 last month for single family and duplex homes. For Condos and Townhomes, the increase was more modest. They gained an average of just $5 over prices a year ago, to rise from $531 to $536.
Looking at the overall averages can give you a feel for global trends, but the Vail Valley is an extremely diverse real estate market for its size. It is so diverse, in fact, that it continues to confound algorithms (such as the notorious Zillow “Zestimate”) designed to determine property values even as those algorithms improve in larger markets.*
That said, it’s safe to say that the current market is strong and home prices are on the rise. The Rocky Mountain Home Team breaks the valley into three distinct markets in order to give a more accurate read of how different segments are performing for our market report center. All three are showing strong performance at this time.
Curious what your Vail Valley home might be worth in today’s market? Contact the Rocky Mountain Home Team for a no-risk, no-obligation market analysis of your home’s potential value.
While the comparison may seem funny at first, in some ways the Vail Valley resembles an urban real estate market – it’s a destination of choice, proximity to key features is highly valued, and space is limited. So the news that metro home prices rose to a new all-time high may be more meaningful to our market than it first seems.
Similarly, news that the luxury market is on a record streak is significant in a market with a high percentage of luxury properties. Even the news that rising sea levels may push affluent buyers away from beachfront homes may have some local relevance – there’s no place like the Vail Valley to get far away from the encroaching beachfront.
*The evaluations these algorithms provide should not be considered the last word even in the best case. The best way to assess property value is combining hyper-local comparable sales with a physical walk through. We can help with that.