After a sunny and warm Fall, it is finally starting to show signs of winter! Both Vail and Beaver Creek mountains officially opened Thanksgiving weekend and more snow is in the forecast.
There was a recent article on the front page of the Vail Daily with the headline addressing the low inventory of real estate in the Vail Valley. When I did some research, I noticed we were about 100 homes lower in inventory for the same time period this year vs. last year. Interestingly, it is what I call a neutral market, meaning it is neither a “Sellers” or “Buyers” market. Homes which are priced fair and don’t have any negative features are selling in a reasonable amount of time or quickly if in a highly desirable location. It usually comes down to price or time whether and when a property will sell. What consumers need to remember is, we as Realtors, don’t set the price, the current market sets the price.
For anyone looking to purchase property, it is never too early to start familiarizing yourself with the current market. For many of my clients, I set them up on a “client portal” which alerts them of homes within their criteria. They then can choose to move the properties into a “Saved” or “Rejected” tab to keep the homes of interest organized. Not only should clients get familiar with the market, they also should have their finances in order e.g. speaking with their Financial Advisor or having a Pre-qualification letter from their lender. They can then move quickly making an offer if the right property comes to market.
Here’s an overview of what’s been happening in our market. For the Residential market, 72 homes have gone under contract since November 1st. The average days on market for those properties were 127 and 20 of them being at $1,000,000 and above. The highest price under contract is a listing price of $7,395,000 in Beaver Creek. 98 homes were sold since November 1st with 73 of them being under $1,000,000 and the two highest priced homes being sold just over $3,000,000 in Cordillera.
We are seeing some new construction popping up throughout the valley. Currently there are 142 residential properties either under construction or were built in 2016. One project is “The Lion” in Lionshead in Vail which will be completed towards the beginning of 2017. Another new project which is just breaking ground is “Basecamp at Beaver Creek”. These are townhomes located near the entrance to Beaver Creek. There are some other smaller projects in Vail & Edwards, in addition to builder homes and projects throughout the Vail Valley. About half of these new or under construction properties are either under contract or have sold since October 1st. Prices of these new construction residences vary. For the most part, down-valley (Eagle-Gypsum) the price per square foot start at $181ppsf-$397ppsf depending on the type and location of these properties. From East Vail-Edwards they range from $310ppsf-$2,800ppsf, again depending on type of property and location. I am happy to provide you details and/or information about any of these properties.