Times are changing folks! The Eagle County real estate market is seeing unprecedented activity with higher sold prices and fewer days on market, but the numbers only tell half the story. There’s something else brewing that I’ve kept a close eye on for a while now and it’s changing the Eagle County housing market as we know it. Yep, you guessed it. A new wave of home buyers are shifting the marketplace from a seasonal resort community to an active year-round lifestyle. As a longtime Vail Valley resident, I’ve got my finger on the pulse of what’s happening in the market and have a juicy theory on all of it. Bottom line? The Eagle County housing market is changing. Here are my top three reasons why.
1 – Pre-bubble investing strategy is a thing of the past
Back before the bubble, things were more speculatory on people buying. Investors bought homes to make a quick profit and flipped them without ever living in them. Now, more people are actually buying in Eagle County to live in their properties full-time, part-time, or as a second home. This will change the way Eagle County brokers are marketing property, but not everybody has caught on. I personally am adapting, and have seen firsthand a large number of buyers trading in city life for the coveted Vail Valley lifestyle.
2 – Virtual commuting has expanded the buyer pool
The number one reason buyers are moving to Eagle County full-time? Changes in the workplace. More people are able to work remotely these days and it’s completely altering the real estate game. We are seeing a spike in younger people buying, which is contributing to the consistent growth of the buyer pool. Those who are pre-retirement and have the ability to set up shop remotely, are moving to Vail Valley for a higher quality of life, while taking full advantage of the area’s vibrant active lifestyle. Can you blame them? Eagle County offers what few others can – a small town mountain feel, coupled by the cultural amenities and conveniences of the Vail Valley. With an array of world-class skiing, golfing, fly-fishing, hiking, and mountain biking, plus music festivals, award-winning restaurants, shops, and big box stores like Costco, there’s hardly a shortage of things to do! And with easy access via DIA and Eagle County Regional Airport, it has never been easier to live, work, and play in Vail, Edwards, and Beaver Creek year-round.
3 – Denver is feeding the market
Vail Valley’s mountain lifestyle remains a big draw for traditional feeder markets like Denver, which is exploding right now. As one of the fastest growing cities in the country, it’s creating an influx of new buyers moving to the city, who are also seeking out second home opportunities in the mountains. Whether it’s the full-time people who can work remote, or the buyers from the Front Range looking for a getaway spot, it’s really about lifestyle choice now. Take a look at the numbers and see for yourself. There’s a lot happening in our neck of the woods!
As of July 18, 2018 (Residential Only):
810 Current Active Listings
220 properties currently under contract
65 properties went under contract July 1st-15th
112 properties went under contract June 1st-30th
46 Sold Properties July 1st-15th
128 Sold Properties June 1st-30th
125 Sold Properties May 1st-31st
124 Sold Properties April 1st-30th
96 New Listings from July 1st-15th
171 New Listings from June 1st-30th
$23Mil property sold July 2nd in Vail
$7.5Mil property sold July 3rd in Beaver Creek
Two properties $10Mil sold in the month of June
Three properties $5Mil-$10Mil sold in the month of June
Considering the factors above, my theory proves correct! What was once a seasonal resort market, is now a highly active, year-round community with one of the most desirable lifestyles around. I’ve already had a total of five transactions for the month of July, and am receiving consistent appointment and showing requests. With such a high level of activity kicking off the summer selling season, I don’t expect to see a slowdown anytime soon. All signs point towards a very strong third quarter.