September 12, 2018
The Vail Board of Realtors Multiple Listings Service recorded 123 Residential property sales for August 2018, with an average sale price per square foot of $456. That’s up almost five percent over 2017 prices for the same period, and up over 25 percent above the 2013 average. Eagle County homes sold in August spent an average of 109 days on market.
Nineteen of those sales were in the Slopeside Market, where a quick glance at the numbers would make it seem as if values have fallen off a cliff:
Of course, we’ve seen this before in the Slopeside Market – back in September 2017, sale prices hit their lowest per-square-foot average in five years ($842). In a market where your monthly data point is the average of only about 20-30 sales – and those properties differ widely in value due to location, age and other factors – steep peaks and deep valleys are to be expected and in no way signify a market in decline.
Working with full year averages provides meaningful numbers. Even factoring in last year’s “September Slump” the average sale price per square foot for all slopeside homes sold in 2017 was $1,014 per square foot. So far, that average in 2018 is $1,045.
What’s more, check the narrow gap between “list” and “sale” here. Had the decline in the monthly average represented a real decline in property value, we would expect to see homes selling at less than the current 95% of list price.
Want to know what your home may be worth in today’s market? Just ask for a no-risk, no-obligation Home Value Report from the Rocky Mountain Home Team.
So what’s actually going on? Going over the data, it looks like a seller or two listed their properties as good deals per square foot, and naturally, those properties sold. That, plus a coincidental lack of any conspicuously high value-per-square-foot properties closing in August, conspired to bring us a low monthly average.
Want to be ready the next time a “good deal” shows up in the slopeside market? Contact the Rocky Mountain Home Team at 970-306-7711 to set up a property search!
Numbers for the wider eastern valley – covering East Vail through Edwards Wolcott – recorded 77 sales, mitigating the impact of those swingy numbers at the top. Sale price for eastern valley properties averaged $527 per square foot, their highest point since April. The West – the area including Eagle and Gypsum – recorded 37 sales at an average of $251 per square foot. The average price for 2017 was $222 per square foot.
Fox Hollow Project Approved
Here at the Rocky Mountain Home Team, we appreciate the pressing demand for affordable housing in the Vail Valley. Our team leader Michael Routh helped form Populace Development in order to do help meet that demand.
Today, the Rocky Mountain Home Team is please to announce that Populace Development’s 87-unit Fox Hollow project at Edwards has been approved in a public hearing before the Eagle County commissioners. We look forward to bringing you more information on this community as it develops.