Depending on the type of property you are looking at buying or selling in Eagle County, the real estate picture is showing quite the dichotomy based on data from the Colorado Association of Realtors.
Except for days on market and overall inventory, which are fairly similar, single family and multifamily homes are taking completely different trajectories in the Vail Valley based on year-over-year statistics.
Comparing information from May 2021 to May 2022, new listings of single family homes have skyrocketed from 69 to 105, a 52.5 percent increase. The number of homes that have sold is virtually the same and the median sales price shows a 12 percent increase ($1,450,000 to $1,625,000).
However, on the multifamily home front, the landscape is much different. New listings have dropped from 92 (May 2021) to 84 (May 2022) and the number of homes that sold show a 13 percent decrease (88 compared to 77). While those numbers have dropped, the median sales price has experienced a huge jump of 34 percent, from $717,500 (May 2021) to $959,000 (May 2022).
Properties continue to sell very quickly. For single family homes, days on market are now at 33 days compared to last May’s 67 (51 percent decrease). Townhomes and condos are scooped up even more quickly – only 19 days on market compared to 70 last year (73 percent drop).
And finally, home inventory is also lower than last year. Single family home inventory this year in May was 123; last May posted 177. Multifamily homes also show similar stats with 133 homes on the market in May 2022 compared to 165 last year.
If you are considering buying or selling a home in the Vail Valley, contact Matt Wilson or Haley Dyerwith Usaj Realty offers personalized service to make any real estate transaction a smooth and easy experience.