Across the board, the Eagle County real estate landscape is shifting as we head into the winter months. Like the rest of the country, home sellers and buyers in the Vail Valley are witnessing big changes as a result of increased inventory, fewer buyers, and higher interest rates.
The Colorado Association of Realtors’ report for November illustrates broad decreases in sold listings and sales prices. Home buyers are benefiting from increased inventory, and the months supply of homes has increased dramatically year over year.
Single-family homes inventory is up 54 percent from last year (124 vs. 191) and the months of supply is nearly at 4 months, which is considered a healthy market. Meanwhile, multi-family homes also saw a year-over-year 39 percent increase (114 vs.158) in inventory. The month’s supply of inventory is now at 2.6, which represents a 116 percent increase over last year’s 1.2.
Townhomes and Condos Show the Biggest Changes in Pricing
Both median and average sales prices of multi-family homes took a significant tumble in November compared to last year’s pricing. The median price for townhomes/condos was $929,454 last month, compared to $1,100,000 last year (15.5 percent drop). In October 2022, the median sales price was $965,000.
The average price dropped 30 percent ($1,389,383 vs. $1,985,849) year-over-year.
Sold listings in November fell a whopping 55 percent when compared to 2021. There were just 43 properties sold in November 2022 compared to 95 in 2021.
And home buyers continue to enjoy being able to negotiate with the sellers. Sellers are typically getting 97 percent of the asking price.
Single-Family Homes Show Mixed Data
Median sales price of detached homes shows a year-over-year drop of 12 percent. Single-family homes are usually sold in the $1,481,018 range compared to $1,680,000 of last year. The average sales price is actually up from last year – $3,605,667 vs. $3,342,803 (an 8 percent increase).
Sold listing dipped from 2021 levels. In November, there were 44 properties that sold compared to 61 in the same month last year, representing a 30 percent decrease.
However, home sellers are encouraged to see it’s taking less time to sell their homes. In November, it usually took 54 days to sell; last year, that number was at 76. Like attached homes, sellers are getting 97 percent of the asking price.
Usaj Realty is Ready to Help with Your Real Estate Needs
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.