LIV Sotheby’s: Market report indicates continued real estate growth (column)
The momentum of Eagle County’s residential real estate market continued at a strong pace, with an increase in home sales and property values (some areas rising more than 50 percent) in the third quarter.
The Vail Valley Micro Market Report, prepared by LIV Sotheby’s International Realty, compares January through September statistics to that of 2016 for single-family homes and attached dwellings in Eagle County. The report indicated that the number of single-family homes and condos sold rose to 1,006, a 2.8 percent increase year over year, with average days on market decreasing 8 percent, to 126, over the same time period last year.
“Interestingly, activity in terms of showings has increased significantly, especially during the summer selling season, which is translating to an increased number of buyers writing offers this fall,” said Ben Finn, of LIV Sotheby’s International Realty.
“Even though we’ve tracked very similarly to last year in terms of number of sales, we have seen improvement in terms of both price per square foot and sales volume. We are very optimistic for a strong fourth quarter because we anticipate many of those offers to convert and under-contract properties to close.”
Highlights from the Vail Valley area include Bachelor Gulch’s average price of single-family homes rising to $9,020,714, up 33.6 percent from 2016. Vail Village’s average price for all properties rose to $4,433,385, up 57.2 percent from 2016, and Beaver Creek’s average price rose to $2,159,894, up 20.5 percent from 2016.
Sales price to list price ratio is holding at 94.4 percent throughout the Vail Valley, which is evidence of continued competitive conditions in the marketplace.
“The middle of the Vail Valley real estate market continues to experience lower inventory and limited newer product, while the midvalley markets have seen activity with local buyers and entry-level and second-home purchasers,” said Dan Fitchett, Vail Valley managing broker with LIV Sotheby’s International Realty.
“In (the third quarter), a majority of sales activity took place in the 1 to 4-million-dollar range, with primarily domestic and Front Range buyers, demonstrating buyers’ and sellers’ continued confidence in Vail Valley real estate.”
For more information, contact Dan Fitchett, managing broker for LIV Sotheby’s International Realty, Vail, Edwards, Beaver Creek, at 970-471-1208. To service all your real estate needs visit http://www.livsothebys realty.com.
Brittanny Havard is public relations manager for LIV Sotheby’s International Realty. LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home. To access current market reports, visit http://www.coloradomarketreports.com. For more information about LIV Sotheby’s International Realty, visit http://www.livsothebysrealty.com.
The parcel where workforce housing is being proposed was listed for decades as belonging to the Colorado Department of Transportation.