High-end real estate showing some life
EAGLE COUNTY, Colorado – A recent report from the valley’s largest real estate company shows more good news than bad in the eastern half of the valley.Slifer Smith & Frampton prints a report twice a year, using sales totals from the Vail Board of Realtors Multiple Listing Service. That report breaks down sales by details including neighborhood, days on the market and price per square foot.Much of the good news in this year’s report is about sales, comparing numbers from the first half of 2011 to the first half of this year. The numbers are up in many areas, from Vail Village and Lionshead, which went from two sales to six, to Avon and Wildridge, which went from three sales to 15.In Eagle-Vail, the number of transactions in single-family and duplex units doubled for the same six-month periods in 2011 and 2012, while the average days on the market for the units sold went from 152 to 72.Other numbers are less promising. Sticking to Eagle-Vail, prices per square foot fell in both the single family/duplex and condo/townhome categories. The average sales price versus asking price ratio also went down.The average days on the market also increased in Avon and Wildridge, dramatically so in the case of condos and townhomes.But units’ time on the market fell in Beaver Creek Village and Bachelor Gulch Village. In the case of Bachelor Gulch, it took an average of 111 days to sell nine condo or townhome units. The year before, the five sales spent an average of 561 days waiting for buyers.
Eric Burgund manages all those numbers for Slifer Smith & Frampton. He said while there’s plenty of data, it can be tough to pry any real trends from the numbers, especially when dealing with single-digit sales.What Burgund is seeing is a more “value-driven” market, and yes, that means prices are lower and buyers are taking advantage.Led Gardner, a broker in Slifer’s Vail office, said while pricing in the resort areas is still off the 2006 highs, a few select homes have sold for per-square-foot prices approaching the boom days. And, Gardner said, people are looking, at least in the resort areas. People looking now are looking with an eye toward having a home ready for the Christmas holidays, Gardner said. Slifer’s own sales activity in July seems to bear that out, with 87 sales contracts signed last month.While the high end of the market seems to be picking up, Burgund said the numbers also show that the valley’s inventory of homes for sale seems to be dropping, at least for the moment.Burgund said the Multiple Listing Service has shown about 1,500 homes for sale the past few months, the first time that’s happened since February 2008. The numbers the past few years have been at 2,000 or more.”It can actually be a challenge to find many homes in certain areas,” he said.Business Editor Scott N. Miller can be reached at 970-748-2930 or email@example.com.
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