Led's Take

What’s happening in the Vail Valley market?

Vail real estate remains both robust and resilient as we transition into the summer selling season. May year-over-year data shows Eagle County residential sales up 18.8% in transaction volume and 22.7% in sales dollar volume. The average transaction in May was up 3.2%, to $2.18M, and the average price/square came in at $968, up 10.6%.

Perhaps the more meaningful comparison lies in our May 31 year-to-date figures, with transactions growing by 30%, sold dollar volume up 38%, average sales price escalating 5.9%, to $2.4M, and average price/square foot up 15.4%, coming in at $1,131. While closings at some of our new developments in Avon have bolstered these numbers, with Riverfront and Frontgate leading the charge, the trends are all very positive.

Of notable mention is the slight upward trend in our inventory of available properties. After languishing at around 300 – 325 residential properties on the market ever since “the COVID years”, inventory is currently up almost 11% over a year ago, offering buyers a more diverse range of opportunities, and stirring additional interest in the market overall.

What does this means to You?

If Selling

Low inventory, rising prices and solid demand combine to make this an opportune time to be on the market. This will be especially true over the next couple of months, before the uncertainties of the upcoming election come into play… a time when buyers tend to pull in the reigns and put purchases on hold as their focus shifts away from real estate. With two solid selling months in front of us, my encouragement would be to buff, polish and fully prepare your property for market, price it appropriately, and then make it as available as possible for Open Houses and showings. Following these guidelines, you’ll best position yourself for a sale.

If Buying

The impact of the coming election might open a window of opportunity, perhaps the best in the past four years. Following Warren Buffet’s admonition to “Be fearful when others are greedy… and greedy when others are fearful…” if you recognize that an election rarely (if ever) has a real impact on your long-term real estate holdings, then you can ignore the concerns of others over the coming election season, and take advantage of any slight dips in the market which might occur. You’ll then be positioned to enjoy your new Vail property for years to come!