While the number of homes in the ‘sold’ column are declining, the median and average sales price of properties, as well as new listings, continue to rise in Eagle County.
The latest report from the Colorado Association of Realtors shows significant gains for home sellers for both single family homes and attached properties year-over-year. In particular, home sellers of condos and townhomes are enjoying astronomical gains.
Sales of Attached Homes are Soaring
In June of 2021, the median sales prices of attached homes was $737,500; during the same time frame this year, that number has jumped nearly 42 percent to $1.045 million. Average sales prices year-over-year are also similar, showing a leap of 37 percent ($1,263,947 to $1,733,776).
Detached homes are recording increases as well, but as a much lower rate. The median sales price is now at $1,325,000 compared to $1,125,000 in June of 2021 (nearly an 18 percent increase). Average sales price in June 2021 was $1,827.689; June 2022 checked in at $1,964,375 for a 7.5 percent increase.
New Listings are Rising While Sales are Dropping
This comes at a time when new listings are increasing; yet the number of sales is dipping. New listings for attached homes last month clocked in at 103 compared to 86 from June 2021 (almost a 20 percent increase). On the flip side, there were 78 listings sold in June, 26.4 percent less than 2021 (106).
Single family homes are seeing a similar trend. The number of new listings recorded in June showed 133 compared to 113 from a year ago (almost an 18 percent increase). But sold listings saw a drop of 28.6 percent (77 from 2021 to 55 this year).
Home Pricing is Key to Success
Despite rising mortgage rates and inflation, homes in Eagle County are selling at asking price or above, and home valuations are not showing signs of decreasing. In other words, it’s still a great time to sell your home and take advantage of the equity you’ve earned!
If you are considering buying or selling a home in the Vail Valley, contact Matt Wilson or Haley Dyer. Usaj Realty offers personalized service to make any real estate transaction a smooth and easy experience.
