July 11, 2018
When is the last time you checked the current market value of your Vail Valley home? A review of sales data for Eagle County homes in the first half of 2018 shows that home values are rising across the Valley.
The Vail Board of Realtors Multiple Listings Service recorded 629 residential property sales for the first half of 2018, with an average sale price of $532. Of those sales, just shy of 23 percent (144 sales) were of properties in Eagle County’s ski slope property markets, including Vail Village, Lionshead, Beaver Creek, Bachelor Gulch and Arrowhead.
Sale prices for Vail Valley ski properties, sitting at the top of the market both figuratively and literally, reached $1,077 per square foot. That’s an increase of 6.2 percent over the 2017 average of $1,014 per square foot. To put this growth in perspective, five years ago that average was $840 per square foot. Vail Valley Ski Properties are selling for over 28 percent more money per square foot than they were in 2013. It may be time for a free market analysis of your home’s value.
In less exclusive markets, home prices are up even more. In the wider eastern market stretching from East Vail through Edwards and Wolcott, average sale price for Eagle County homes was $663 for the first six months of 2018. That’s up from $588 in 2017 and $477 in 2013. That’s just shy of a 39 percent increase.
It is in the Western Vail Valley, including Eagle, Gypsum and Dotsero, where home values have gained the most. Average sale price for properties in the western valley for the first six months of 2018 was $242. Five years ago, homes in the west were selling for $151 per square foot. That’s an increase of over 60 percent over five years.
Meanwhile, the threat of increasing interest rates continues to drive buyers into the market. According to Freddie Mac, interest rates for 30 year mortgages – which averaged 3.99 percent in 2017 – averaged 4.57 percent in June 2018. That’s big jump, but it’s still historically low – ten years ago, the average rate was 6.03 percent.
As we’ve being saying for months now, homeowners looking to move into larger homes are in a great place in the current market. There’s good reason why two members of the Rocky Mountain Home Team have done just that – converting your home’s current equity into a large down payment at a time when interest rates are still at historic lows may mean you have more purchasing power than you realize.
So, in conclusion – not to belabor the point, but when is the last time you checked the market value of your Eagle County home? Contact the Rocky Mountain Home Team today for a no-cost, no-obligation market analysis of your home’s value in the current market.