Happy New Year! Even though it has been a slow start snow-wise across the Vail Valley, there’s a flurry of activity in the region from serious buyers and brokers previewing properties – and to my delight, it’s keeping me busier than Vail Mountain’s Gondola One!
Last year brought an avalanche of market activity totaling 1,379 listings sold, according to the Vail Board of Realtors MLS. Below is a snapshot of 2017 residential sales, and current active listings in the Vail MLS as of Jan 2, 2018.
Residential Listings in the Vail MLS 2017:
- 1,379 listings sold in Vail Board of Realtors MLS for 2017
- December 2016: 92 Residential properties sold
- January 2017: 71 Residential properties sold
- February 2017: 76 Residential properties sold
- March 2017: 110 Residential properties sold
- April 2017: 97 Residential properties sold
- May 2017: 126 Residential properties sold
- June 2017: 142 Residential properties sold
- July 2017: 97 Residential properties sold
- August 2017: 145 Residential properties sold
- September 2017: 147 Residential properties sold
- October 2017: 163 Residential properties sold
- November 2017: 95 Residential properties sold
- December 2017: 110 Residential properties sold
- 647 Current Active Listings as of January 2nd
- 139 properties under contract as of January 2nd (64 of these went under contract from Dec 1-31, 2017)
- 163 Sold listings Oct 1st-Oct 31st
- 94 Sold Listings Nov 1st-Nov 30th
- 110 Sold Listings Dec 1st-Dec 31st
- 66 New listings for the month of November
- 105 New listings for the month of December
November 2017 Sets Records Across Eagle County
Land Title Guarantee Company of Avon, Eagle, and Vail reports: Eagle County real estate surpassing $2B in total dollar volume through November 2017 – the first time overall sales have exceeded $2B since 2008! Year to date there have been 1,956 transactions averaging just over $1M. November sales contributed $162M in total dollar volume over 166 transactions; both figures are just under the monthly average of $187M in total volume and 177 transactions. In November, Eagle and Gypsum both had twice the number of transactions as any other area at 26 and 25 respectively. For the latest Eagle County market analysis click here.
2018 Tax Reform
No real negative changes on the mortgage front with the exception of the $750,000 max loan amount on tax credit deductions. According to Inman.com, “The reform package caps mortgage interest deductions for primary and secondary residences at $750,000 – down from $1 million today – while capping state and local tax deductions (SALT) at $10,000 (there’s no cap at present).”
2018 Housing Forecast
I work with several great lenders including portfolio lender, New American Agent, who just released their 2018 Housing Forecast Infographic. Items of note: Indicators reveal active and excellent market conditions, home sales likely to rise in almost every market for 2018, and Millennial home buying expected to heat up as home price increases begin to stall.
If you have any questions regarding the ins and outs of Eagle County real estate, or are curious about what today’s market conditions mean for you, do not hesitate to give me a call.
Cheers to an exciting 2018 season! I hope to see you on the slopes!