As we embark upon the second half of 2014, our market continues to gain momentum. The numbers show a strong and steady increase of business, particularly in the resort markets of Vail Village and Lionshead, Beaver Creek, Bachelor Gulch and Arrowhead. Limited supply of new and ideally located property caused a flurry of activity in the resorts this winter and spring as buyers moved into the high-end of our luxury market in a big way. Multiple offers on some of the valley’s premier real estate resulted in a dramatic increase in our dollar volume year-to-date. That said, whether selling or buying, one segment of the market in just a few areas does not speak for the rest and the majority of the Vail Valley has settled into a very “normal” and healthy balance between buyers and sellers.
It‘s as important as ever that you work with a professional in this market as each community, neighborhood and sometimes street is uniquely valued -thus requiring the skill of a broker who can dissect each comparable property and speak to its market attributes and assist in uncovering its true value.
On the valley floor and especially down valley in Eagle and Gypsum, inventory levels are rising and that is a positive given our shortage last quarter. Property owners looking to sell their homes have a large buyer pool waiting for homes to become available. And while prices continue to experience reasonable increases, the buyers will pay market value and very little more –a direct influence of our frenzied market before the recession.
The message to sellers in today’s market remains the same –price your home to the market. The homes priced appropriately will 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 following information is beneficial as you learn more about the market in the Vail Valley. Please contact your Berkshire Hathaway HomeServices broker for more information on these trends or any other questions about real estate in the Vail Valley. Enjoy your summer!