I can’t believe that we are nearing the end of this crazy year that we call 2020! It’s been a wild ride of learning, adapting, and cherishing the small moments. The mountains are now all open and more terrain is being opened every week. I’ve managed to get out on the hill a few times already and there’s just nothing like it! Looking ahead, the weather gods are predicting a stormy second half of December, so all of you snow bunnies better mark your calendars.
IN REAL ESTATE NEWS…
Once again, inventory throughout the Vail Valley is sitting at an all-time low with just 417 residential properties as of December 7th. At this time last year, we had 818 residential properties available – which presents a unique opportunity for clients right now to stretch the boundaries of what they want and allows me to do some treasure hunting!
UNDER CONTRACT UDPATE
New Contracts Written November 2020 – 89
New Contracts Volume November 2020 – $139,274,119
Average List Price November 2020 – $1,564,877
New Contracts Written November 2019 – 89
New Contracts Volume November 2019 – $146,273,156
SOLD PROPERTY UPDATE
Closed Contracts November 2020 – 126
Closed Contracts Volume November 2020 – $271,406,690
Average Sold Price November 2020 – $1,542,083
Closed Contracts November 2020 – 111
Closed Contracts Volume November 2020 – $164,519,321
That is a $106M increase in dollar volume and a 59% increase in transactions.
*Excluding Mobile Homes and Ranch subtypes.
Gift Guide: Blitz Boutique In Vail Village
Blitz Boutique in Vail Village is the perfect place to shop for the best friend, sister, mother, or colleague this winter! From apparel to jewelry to handbags and more, Blitz Boutique strives to feature women-owned brands and local artisans.
To make shopping during COVID as effortless as possible, they will hold “private shopping” hours by reservation where you can come in and shop privately for those who are concerned about their health. Blitz will also create wish lists for you that can be emailed or texted to your closet family and friends 😉
October was the single best real estate month in Eagle County history!
Eagle County once again set the record for the most dollar volume in a single month with $601,738,961 in total sales volume in October! This surpasses the previous record, set just one month ago, with sales volume of $515M in September. Total dollar volume year to date passes $2.6B, exceeding 2019 year end volume, and on pace to have the highest dollar volume year, EVER! The previous year end high was $2.9B, set in 2007. These impressive numbers create an overall average sales price of $1,361,829.
While the sales volume is at an all time high, total transactions in October reached 447, which is also an historical high. The previous record for most transactions in a given month was 412 set in September, 2005. The top areas contributing to this record setting month was Eagle with 69 sales and Gypsum with 53. These 2 areas accounted for 27% of all transactions in October. Other areas with an impressive number of sales include Arrowhead (28), Eagle Vail (25), along with East Vail and Cordillera both having 23 sales.
Vacant land sales have exploded this summer with 180 transactions through October. There were 47 lots sold in October, averaging $402,400 per transaction. This is an increase of 25% from 2019. You can see the complete breakdown by area on page 12 of the October Market Analysis.
Out of state buyers continue to purchase in Eagle County, accounting for nearly 1/3 of all sales. The trend continued in October with Texas and Florida as the 2 states with the most number of out of state buyers.