Ladies and Gentlemen…Winter Has ARRIVED!
Last week, the valley experienced a huge winter storm that left over a foot of snow in some areas as well as cooled temperatures enough to have the snow guns blazing!
In real estate news, inventory continues to get lower and as of October 4th, we are sitting with just 434 active residential* properties. Our typical “low inventory” tends to hover between 600-700, so this continues a significant decline in available homes for buyers. October sales volume showed up in a big way to perpetuate the latest trend of record-breaking numbers every month. Let’s take a look at some specifics below.
UNDER CONTRACT UDPATE
This October, the amount of new contracts written was $320,329,904 worth of property which equates to 203 homes. Compare that to October of 2019 where 103 properties went under contract for a total sales volume of $149,329,800. That is a $171M increase in dollar volume and a 97% increase in transactions. The average list price for homes that went under contract last month dipped slightly from $1.6M down to $1.5M between September and October of this year.
SOLD PROPERTY UPDATE
October produced another record amount of new contracts with $425,489,246 worth of property going under contract which equates to 279 homes. Compare that to October of 2019 where 158 properties went under contract for $202,981,449. That is a $117.3M increase in dollar volume and a 77% increase in transactions. The average sold price for homes that went closed last month dipped from $2.1M down to $1.5M between September and October of this year. In September, there were 6 homes which closed over $11M and 4 homes which closed between $8-9M. By contrast, in October, only 1 home closed over $11M and 5 homes closed between $8-9M. This shift in the $10M+ market from September to October has a great effect on the average sold price, but the high-end market is still very active!
*Excluding Mobile Homes and Ranch subtypes.
A Hidden Treasure: The Fossil Posse
Did you know that we have an abundance of dinosaur fossils in Eagle County?
Did you know that we have a dinosaur museum in Wolcott that
includes a “dig site” for the kiddos??
Jade and I had so much fun exploring The Museum at Dinosaur Junction with creator, Billy Doran. Check out our adventures and put this place on your list (especially for the kiddos) next summer.
I Joined The Fossil Posse!Our mission at Fossil Posse Adventures is simple. We work to instill an appreciation of natural sciences, specifically paleontology & the prehistoric world, and the environment as a whole, by providing a fun, interactive, and education-based adventure for children and families in Colorado.
We bring adventure-education to a new level by celebrating and delivering an understanding of the ancient world, specifically prehistoric Colorado. Eons of geologic time have put our Earth through incredible and amazing changes. Along with those changes, the beasts and creatures of fantasy that inhabited our Earth will come to life like never before. Transport yourself with us!
Become a Fossil Posse Member: https://www.fossilposse.com/merchandise
The Story Behind The Story
I am so excited to announce an exciting, new video partnership with
Inside Singletree Magazine to showcase local businesses and non-profit
organizations throughout the community!
Every week, you can get to know the people and places that make up the heartbeat of the Vail Valley on my Facebook, Instagram, YouTube and VailAreaRealEstate.com
Colorado Q3 Luxury Market Report
So far, 2020 has presented the real estate market with many ups and downs. Due to restrictions put in place for the health and safety of the public, the housing market slowed down significantly in the spring. However, consumers’ desire for Colorado homes never ceased and the pent-up demand resulted in a surge of buying activity throughout the summer and well into the fall. Now, thanks to the state’s array of naturally socially distant activities such as hiking, fishing, biking, and more, it has become a top destination to buy and sell houses. In analyzing luxury real estate performance through Q3, it is clear that the Colorado luxury home market has made a full recovery. Click here to read the full report.