Welcome to the Rocky Mountain Home Team’s Vail Valley Real Estate Market Report Center! Here you’ll find the latest real estate statistics news, and information for Eagle County, Colorado, homes. To begin, simply select the area you would like to explore: Slopeside Markets Edwards East Eagle West Glossary
The Vail Board of Realtors recorded just 10 residential property sales for July 2017 in the slopeside segment of the Vail Valley Real Estate Market, which includes Vail Village, Lionshead, Beaver Creek, Bachelor Gulch and Arrowhead. Average sale price was $1,022 per square foot, well above the 2016 average of $952 per square foot.
So – are property values spiking? Remember when looking at averages for this market that the Slopeside Market is small, select and diverse even compared to the Vail Valley Market as a whole. The numbers can vary wildly depending on what property types sell month to month. Small numbers of transactions, larger price tags and buyers with specific and unique demands make the details of individual properties – always an important consideration – even more important in this market.
January 2017 serves as a great example of how this market can spike. That month, price per square foot launched to $1,288, the highest the in our 5 years on record. However, there were just 13 sales that month, including three sales for over $10 Million each – including the month’s top sale, a single family home in Vail Village selling for $23 Million. Those sorts of numbers are going to push averages upward, especially in a month with a small number of transactions.
Working from full-year averages gives us a better picture of what we’re really looking at. The Vail MLS saw an average of 19 residential properties sales per month in 2016 – a drop from the 2015 average of 23 homes per month. Price per square foot also fell from an average of $961 in 2015 to $952 in 2016 – but few homeowners are looking to flip a home within a single year. Looking even just a little bit further back, the price per square foot average for 2013 was just $820 – meaning a 16% gain in value over just three years. As a long-term asset, it does look like Vail Valley property is appreciating nicely.
The best way to track the value of a specific property is to ask for a professional analysis. Michael Routh and the Rocky Mountain Home Team offer a no-cost, no-obligation comparative market analysis to give you the information you need to make informed decisions in the Vail Real Estate Market.
Edwards – East
The Vail Board of Realtors’ Multiple Listings Service recorded 85 residential property sales in the Eastern Vail Valley – from East Vail to Wolcott – in July 2017 – down just a bit from the June tally of 89. Price per square foot fell to $560, its lowest point since Nov. of 2016. The year-to-date average stands at a sale price of $619 per square foot, up from the 2016 average of $548.
It’s impossible to predict the long-term direction of the market – but low inventory at lower price points is definitely making an impact right now, and it is hard to see that situation changing in the near future. So long as interest rates remain low the only real limit on transaction volume is likely to be inventory – the “pent up demand” for housing in the Vail Valley is well known.
There is a definite reason for that pent up demand. Although they are finally ticking up from historic lows, mortgage rates are still low enough that owning a home is easily comparable, and often more affordable, than renting in the Vail Valley. Factoring in equity and tax deductions makes home ownership even more desirable. Since price is such a big part of the equation, affordable homes are flying off the market when priced appropriately. Multiple offer situations and bidding wars are commonplace – be sure to have a good agent when entering this market!
Are you looking for a home in the Vail Valley? Now might be the time to buy! Both the Executive Branch and Federal Reserve are signaling that interest rates will be on the rise, and there are still deals to be had in today’s market. It’s entirely possible you could be paying less than your monthly rent and building equity at the same time.
Michael Routh and the Rocky Mountain Home Team can help you find the home you’re looking for. Contact us today for more information on buying a home in Eagle County or to start your Vail Valley property search.
Eagle – West
The Vail Board of Realtors’ Multiple Listing Service recorded 30 residential property sales in the Vail Valley’s western market, including Eagle and Gypsum in June 2017. That’s a significant drop since June’s 55 sale high – more in line with the YTD average of 30 per month. Average price per square fell to $216, up exactly 2.85 over the 2016 average. The region has seem some steady gains over time – that 2016 average was $210 was a gain of 39% since 2013 – as a combination of ongoing economic recovery and historically low interest rates has renewed interest in home ownership.
While the average days on market stood at 71, the median was a mere 21 days. Think about that – three weeks was the middle of the range. Many homes are going under contract in less than a week. We may not be quite to summer 2016 levels of crazy – and that’s a good thing – but demand is high for affordable Eagle County homes.
Distressed property sales in western Eagle County hit 75% of the 2016 total in a single month in March 2017. Since there were just four TOTAL bank owned or short sale transactions in 2016, three sales in March looked like a huge jump -since then, the bank owned market has been quiet as most homeowners are back to gaining significant equity.
Overall, the market in the west appears healthy at this time – managing to come down from a late spike in 2015 without coming anywhere near a crash. While affordable homes don’t last long on the market, there appears to be a more reasonable balance between buyers and sellers at higher price points. The real winners in the current market are frequently move-up homeowners – those selling a home in the highly competitive segment of the market while purchasing one in a less competitive market segment, at a time when interest rates remain historically low.
Are you thinking of selling your home in the Western Vail Valley? Michael Routh and the Rocky Mountain Home Team have the skills you’ll need to sell your home for the most money in the least amount of time. Contact us today to see how much your home might be worth.
Pending Sales: A count of all the listings that went into “Pending” status during the reported period. Pending listings are counted at the end of the reported period. Each listing is counted only one time. If a listing goes into Pending, out of Pending then back into Pending all in one reported period, this listing would only be counted once. This is the most real-time measure possible for home buyer activity, as it measures signed contracts on sales rather than the actual closed sales. As such, it is called a “leading indicator” of buyer demand.
Closed Sales: A measure of home sales that were closed to completion during the report period.
Average and Median Sales Price: The average sale price is exactly that – the sum of all sale prices divided by the number of sales. The median sales price is a price point where 50% of activity was higher and 50% was lower. A few high level sales at the top of the market can raise the average, but will have little effect on the median.
Percent of List Price Received: A mathematical calculation of the percent difference from last list price and sold price for those listings sold in the reported period.
Days on Market until Sale: How long it takes homes to sell, on average.
Housing Affordability Index: A measure of how affordable a region’s housing is to its consumers. A higher number means greater affordability. The index is based on interest rates, median sales price and average income by county.
Inventory of Active Listings: A measure of the number of homes available for sale at a given time. The availability of homes for sale has a big effect on supply-demand dynamics and home prices.
Months Supply of Inventory: A measure of how balanced the market is between buys and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale, given current levels of home sales. A balanced market ranges from 4 to 7 months of supply. A buyer’s market has a higher number, reflecting fewer buyers relative to homes for sale. A seller’s market has a lower number, reflecting more buyers relative to homes for sale.