The first quarter has come to a close with a number of positive market trends to report. First and foremost, activity remains steady relative to last year. With a record number of visitors converging on the Vail Valley this winter the real estate market seemed to break free of the divide between buyers and sellers in the resorts of Vail and Beaver Creek.
One indicator of this equilibrium in the market is “days on market” of closed properties. Most areas are showing a higher days on market – meaning that buyers and sellers, some holding out their moves for months or years, are sending a message – now is the time to buy and sell. Buyers continue to flock to the market with very unique/limited properties in high-demand and those priced to the market selling. Price is the great equalizer and those sellers who price to the market are experiencing more activity and faster sales.
On the valley floor and especially down valley in Eagle and Gypsum, inventory levels remain critically low. Property owners looking to sell their homes have a large buyer pool waiting for homes to become available. And while prices have found a support level and are seeing reasonable increases, the buyers in waiting remain cognoscente of values and are buying at “fair”, and not inflated, prices.
The message to sellers in today’s market – price your home to the market. The homes priced appropriately generally receive more interest, faster sales and at higher prices than those sellers trying to “test” the market. And for buyers, with limited inventory it is critical that they move quickly on properties of interest.
I hope the Market Trend Report is beneficial as you learn more about the market in the Vail Valley. Please contact me for more information on these trends or any other questions about real estate in the Vail Valley