The Vail Board of Realtors Multiple Listings Service recorded 96 sales for the month of July 2017, with an average sale price of $429 per square foot. A single family home in Bachelor Gulch, which sold for $6,7000,000 after 1350 days on market, was the month’s top sale. Meanwhile, homes under $300,000 continue to sell in a matter of weeks or even days.
The real estate market in Eagle County has been reasonably balanced between buyers and sellers in recent years. Sellers have seen increased demand, while buyers have been buoyed by low interest rates and sellers of opportunity enticed by that demand. As prices continue to rise and overall inventory continues to fall, the Vail Valley market is turning once again toward sellers.
What a “seller’s market” looks like at the top of the market isn’t quite the same as what it looks like at lower price points, however. Luxury homes still take longer to sell on average, both because of the prices involved and the uniqueness of these properties. The large number of high-end listings concentrated in Eagle County skew averages for both sales price and days on market. We can see the latter clearly in the western valley, where the gap between average and median days on market is widening:
We may not be back to summer 2016 levels of crazy, but affordable Eagle County homes are still very much in demand.
Visit our Vail Valley Market Report Center for more information on the Eagle County Real Estate Market.
“Low supply is an ongoing issue holding back activity. Housing inventory declined last month and is a staggering 7.1 percent lower than a year ago.” – Lawrence Yun, NAR Chief Economist. That said, pending home sales picked upward in June regardless. It appears the nation as a whole, like the Vail Valley, could use some new construction.
What Going On In the Vail Valley
The Vail Farmer’s Market runs every Sunday until October 1 from 10 a.m. to 3:30. If you have never been, it is certainly worth a visit. Spreading throughout Vail Village and offering everything from fresh veggies to fine art, it’s a wonderful way to spend an afternoon out shopping.
If you HAVE been to the Vail Farmers market and are simply looking to pick up some farm-fresh produce without the crowds and commotion, the Edwards Corner Farmers Market runs weekly on Saturday from 9 a.m. to 1:30 p.m. Be sure to stop by the new Hovey & Harrison Market, Café and Bakery for some coffee and Monkey Bread while you’re there.
Michael Routh’s Rocky Mountain Home Team is one of the Vail Valley’s top-producing real estate teams. If you are looking to buy or sell a home in Eagle County, Colorado, we would love to hear from you! Contact us today at 970-306-7711.