If you think the Denver real estate market is on fire, check out the Vail Valley and Eagle County.
While days on market are much longer than Front Range communities, the Vail Valley home sales continue to show staying power despite being in the shoulder season. The median sales prices for both detached and attached homes are commanding top dollar.
Here is a breakdown of housing costs in Eagle County:
Listings are Up Dramatically Over Last Year
As you can see, new townhomes and condo listings in April 2021 showed an increase of a whopping 88 percent over 2020. And sold listings scorched the books with a staggering 203 percent increase over the previous year.
Even detached homes are lighting up the market with new listings 63 percent higher than last year at this time and sold properties in April coming in 139 percent above 2020. Yes, you read that correctly -- 139 percent!
Expect to Pay More Across the Board
Attached homes continue to be a much more affordable option than their detached counterparts. The median sales price is $887,500 and nearly all home sellers are seeing 99 percent of the list price being met.
Meanwhile, detached homes’ median price has more than doubled over the past year. Now coming in well over $1 million, homebuyers can expect to pay a hefty $1.5 million for a single-family home, 102 percent above last year.
The average square foot price is $812 and in the first quarter of 2021, Eagle County posted $760 million in total sales volume. Interestingly, out-of-state buyers accounted for 35 percent of all sales, most of whom are from Texas or Florida.
Like the rest of Colorado, especially the Front Range, there is very low inventory in the Vail Valley. In 2009, there were over 2,500 properties on the market. Today, there are less than 300. In the upcoming months, we are anticipating that number to rise as the summer months tend to bring more homes to the market.
Listings Likely to Increase in the Summer
With entertainment, concerts, and special events returning to Eagle County, we expect the summer real estate market to be quite active. These activities will bring people back to the Vail Valley, piquing interest in perhaps buying a second home and even moving here. Furthermore, many people delay putting their homes up for sale until summer when the area starts getting more visitors and thus, more looks. As a result, don’t be surprised if list prices go up again.
If you are interested in learning more about the Vail Valley and Eagle County real estate market, please contact me at 970-471-9959. Whether you are looking for your first home or want to explore buying a vacation home, I’m here to assist with all your real estate needs.
Posted by Matt WilsonFacebook LinkedIn Twitter