Real estate in Eagle County continues to defy inflation and warnings of a flattening market as both detached and attached homes show spectacular valuation, based on the latest statistics from the Colorado Association of Realtors.
August data shows that median sales prices of townhomes and condos in Eagle County are still on fire despite rising mortgage rates. Home sellers are enjoying not only gains year-over-year but increasing month-to-month valuations.
Median Sales Prices Increase Almost 13% for Attached Homes from July to August
In July, the median sales price on an attached home was $850,000; in August, it jumped to $960,000! Year-over-year saw a robust gain of 29 percent. Furthermore, condos and townhomes continue to go under contract quickly. These homes were only on the market an average of 17 days compared to last year’s 49.
Detached Homes Show Solid Returns
While attached home increases may overshadow those of detached homes, single-family homes are still showing net gains. In August, the median home price was $1,547,969, a gain of almost 5 percent over July 2022. However, year-over-year gains were nearly flat, clocking in at .4 percent.
Single-family homes are taking longer to sell as home buyers now have more inventory from which to choose. It now takes an average of 46 days for detached homes to go under contract.
Home Buyers are Making Inroads Negotiating Price
As the real estate market shifts from summer to fall,home buyers can take some comfort in knowing they have some wiggle room when making an offer. Home inventory is increasing across the board. There are now almost 4 months of supply for detached homes in Eagle County and almost 2.5 months of supply of attached homes.
More importantly, gone are the days of making an above asking price offer or needing escalation clauses to score a home. In August, both detached and attached home buyers were able to successfully negotiate a lower price. Detached homes sold for 97 percent of the list price while attached homes garnered 98 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.