For many throughout the valley, May is a time to take a brief respite between the end of the winter ski and snowboard season and summer events. The quiet period in real estate is short-lived as our inventory of available properties will begin to build throughout the month and well into summer (generally peaking at the start of August). Through May, the real estate numbers have been mixed with luxury properties and mid-ranged properties ($300,000 – $700,000) declining while entry-level homes have seen a positive increase.
Growing inventory yields an increase in home buyers. The two run parallel and the market is well-positioned for another active season. For home sellers, this is a great time for a home consultation. If you are interested in your property’s value or would like assistance in preparing your home to show its best this summer, please contact me. It is a good time to consider a sale with buyers looking and a friendly interest rate environment to maximize your sales price. Properties priced to the market are generally selling quickly and at very close to asking price. Four months does not make a year and we’ll keep you updated on the market numbers as we progress into the summer season.
Mixed Results to End the Winter Season
Vail and Beaver Creek Resort real estate numbers have been mixed through the first four months of the year. While the core areas of Vail, Lionshead and Cascade Village are down about 23% in units and volume, the balance of Vail has seen an increase of unit sales of 11% and dollar volume of 9% compared to last year. Beaver Creek has had steady activity, and unit sales were flat compared to 2018, yet dollar volume is down approximately 26%, meaning lower-priced homes traded during the winter season.
Overall the Eagle County residential real estate market is down about 10% in both unit sales and dollar volume. The jump in $5m+ sales we experienced last year is a contributing factor to the decline, in addition to lower inventory numbers in many market areas. May marks the lowest inventory levels of the year and as we get into summer the available properties should increase, and thus activity, through early August. Pricing remains a crucial component to this market, in all areas and price segments. Properties priced to the market are generally selling quickly and at very close to asking price. Four months does not make a year and we’ll keep you updated on the market numbers as we progress into the summer season.