“Normal” Market Trends Emerging
By Michael Slevin
The informal selling season is beginning to wind down and real estate market trends we anticipated three months ago has manifested into a reality. Interest rate increases, while still at historically lower levels, have caused some pause in the market, but more for primary home buyers than second or vacation home buyers. This has resulted in sellers being more market-sensitive to prices. Some adjustments are being made by more serious sellers in order to attract buyers, particularly as inventory levels rise. Thanks to some creative lending and more realistic sellers in the market, deals are happening, just not at the frenetic pace of the past few years.
While prices remain at high levels, buyers have more options and are more critical of properties, including pricing and condition than they were a year or two ago. Sellers today must be nimble – but if price, condition, and location are appropriate, the demand is still strong. Multiple offers on attractive homes are still happening, although tempered.
Throughout the valley, July and August were quieter than even pre-pandemic years, though the end of August and into September has seen more activity with some ultra-luxurious properties going under contract. There is always a bit of an activity surge as we say goodbye to the summer and plan for winter’s arrival and that appears to be playing out — a welcome occurrence that demonstrates these real estate market trends with more normal market activity and interest.
Alida Zwaan, an associate broker and luxury collection specialist with Berkshire Hathaway HomeServices Colorado Properties’ Vail/Lionshead office, notes that when the luxury market buyer finds the right property, they are making offers and moving forward, as evidenced in the higher-end home sale upswing. “Prices are stabilizing, which is attracting more buyers in this segment who are typically less influenced by interest rates,” said Zwaan. “There are still some sellers who have yet to realize – or accept – current real estate market trends when the market is flattening. Homes that are overpriced are sitting on the market. Only the most remodeled properties with the best location and views are selling at premium prices.”
Mid-Valley to Down Valley
According to Scott Marino, a broker associate with Berkshire Hathaway HomeServices Colorado Properties’ Eagle office, the last few months have seen a trend toward healthier inventory.
“While last year we had mostly single-digit inventory in certain markets, we have seen more homes come on the market this summer, including more than 25 single-family homes in the Eagle area and 18 in Gypsum,” said Marino.
Marino also notes that while prices are still elevated, homes that are overpriced are coming down, similar to the resort/luxury market. The most recent trend is among sellers lowering prices to try to get their homes sold before the snow falls. “The added inventory is also driving homes to be on the market longer. The five-to-seven-day market listing trend of the past is now up to 30 to 40 days. We’re also seeing fewer local or full-time resident buyers, a reflection of rising interest rates that impact this buyer segment more than the resort/luxury buyer. Overall, homes that are priced right are still seeing strong demand and even multiple offers.”
Michael Slevin is the president and owner of Berkshire Hathaway HomeServices Colorado Properties, started by his father, John, 51 years ago. The company has grown to 12 offices in 10 communities, spanning from Summit and Eagle Counties to the Western Slope.
Eagle County Stats:
104 Homes Sold (154 in August 2021)
$769 Average Price per Foot ($706 in 2021)
$15,750,000 Highest price sale
$479,000 Lowest price sale
112 Home sales pending (end of August 2022)
735 Charolais Circle, Edwards
Located at 735 Charolais Circle in Edwards, this 5,943 sq. ft., 5 bed/6 bath single-family home in Singletree overlooks the 15th and 16th fairways with sweeping views of Arrowhead and Game Creek Bowl. An inviting, sunlit great room features vaulted ceilings, and opens to an expansive outdoor patio, along with a custom-designed kitchen, wine room family room with pool table, sauna and outdoor hot tub on its own private deck add to the home’s entertaining appeal. Listed by Alida Zwaan, Berkshire Hathaway HomeServices Colorado Properties. The home sold for $4.025M in March 2022.
10 Prairie Circle, Edwards
This luxury and contemporary, 4,604 sq. ft., 4 bed/5 bath custom remodeled home at 10 Prairie Circle in Singletree showcases the best of golf course and mountain living, including an open-air floor plan with a gourmet kitchen, great room, and dining area. Listed by Alida Zwaan with Berkshire Hathaway HomeServices Colorado Properties for $3.318M.
31 Sawmill Circle, Eagle
Located at 31 Sawmill Circle in Eagle, this 5,199 sq. ft., 5 bed/6 bath remodeled, single-family home comes with an open floor plan and an expansive outdoor entertaining area. Mature landscaping creates private living areas while framing spectacular views of Castle Peak from the living, dining, kitchen, master, and master bath. Listed by Scott Marino with Berkshire Hathaway HomeServices Colorado Properties. The home sold for $1.7M in August 2022.
511 Metcalf Road, H-23 Avon
This mid-valley, 935 sq. ft., 2 bed/2 bath upgraded condo at 511 Metcalf Road H-23 in Avon comes with abundant natural light, custom-built floating kitchen shelves, a new range, and a large one-car garage. Listed by Scott Marino with Berkshire Hathaway HomeServices Colorado Properties for $600,000.