Eagle County Real Estate Market Report: A changed market yields opportunities | VailDaily.com

Eagle County Real Estate Market Report: A changed market yields opportunities

Michael Slevin
On real estate
Located at 536 Golden Eagle Road in Eagle, this three-bedroom, three-bathroom, 2,679-square-foot single-family home sits on a quiet street backing up to a large park in the highly sought-after Terrace neighborhood. The ease-of-living floor plan features a main level master and open living area with a gas fireplace and a large deck and mature tree landscaping. Listed by Jared Saul with Berkshire Hathaway HomeServices Colorado Properties and sold for $605,000 in August 2019.
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Our market continues to show its resiliency despite headwinds from inflation, interest rates, and geopolitical uncertainty. No, it is not going to equal 2020 or 2021. That market was not sustainable. It is, however, trending back to pre-pandemic levels, where we saw a healthy market supporting the objectives of buyers and sellers.

The unique circumstances of the last two years required brokers to quickly initiate virtual showings and navigate multiple offers and escalation clauses (to name a few) to serve the dynamic market. Today’s environment still relies on this level of expertise. Pricing your home for today’s market requires a thoughtful, detailed approach. Staging, negotiating, and procuring showings have become critical elements for sellers in this transitioning environment. 

For buyers, you have the chance to be more critical of homes and allow time to look at your goals relative to today’s market. Concerns about rising interest rates are being offset by strategic broker negotiations for alternative lending options, benefitting both buyers and sellers.

On the surface, while unit sales are down for Q3 year over year (1,272 in 2021 compared to 952 in 2022), the balance of the numbers shows a very impressive year. Average sales price increased from $1.728 million to $2.032 million, price per square foot grew from $741 to $857, and days on market decreased from 82 to 36. In addition, the list-to-sale price has also nudged up from 98.5% to 99.5%, influenced by more sellers listing or coming down to market value in their pricing.

In a nutshell, the strength of the overall market in 2022 is a combination of early sales in Q1 and the resiliency of resort properties and luxury sales. 

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Midvalley to downvalley

Jared Saul, associate broker with Berkshire Hathaway HomeServices Colorado Properties’ Eagle Office, notes that while there was a surge in inventory in June and July, that has leveled off as deals were closed.

Q3 2019-2022 (Residential)

Number of Sales

  • 2019: 1,020
  • 2020: 1,070
  • 2021: 1,272
  • 2022: 952

Average Sale Price

  • 2019: $1,235,170
  • 2020: $1,551,730
  • 2021: $1,728,162
  • 2022: $2,023,614

Average Price per Foot

  • 2019: $516
  • 2020: $579
  • 2021: $741
  • 2022: $857

Average List Price to Sales Price

  • 2019: 96.46%
  • 2020: 96.79%
  • 2021: 98.57%
  • 2022: 99.57%

Average Days on Market

  • 2019: 136
  • 2020: 133
  • 2021: 82
  • 2022: 36

“We’re in a healthier state right now, even if inventory is still relatively tight. Well-priced homes are selling quickly and there are well-qualified buyers still out looking,” he said. “I have found that buyers are frequently motivated more by their stage of life and personal finances than by strictly waiting until the market conditions are most favorable. Sellers who price their home correctly are still capitalizing on very strong appreciation however they are not necessarily consistently seeing multiple offers and contingencies waived like we were the last two years.”

Resort market

Larry Agneberg, a luxury collection specialist, and associate broker with Berkshire Hathaway HomeServices Colorado Properties, concurs on the market correction versus downturn and that the numbers don’t always tell the true story.

Located at 1935 Vermont Road in the desirable Highland Meadows neighborhood in Vail, this remodeled, fully furnished, move-in ready, four-bedroom, five-bathroom, 3,219-square-foot home includes vaulted ceilings, a spacious living area, a private deck, a rock fireplace, a spacious kitchen, and two master suites. Listed by Larry Agneberg with Berkshire Hathaway HomeServices Colorado Properties for $2.695M.
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“While closings on $2 million-plus residential homes between East Vail and Edwards are down 22% year-to-date over 2021, and the average sales price is down approximately 3.5%, we’re still looking at an average price of $4.7 million,” Agneberg said. “It really comes down to the right price for the location, views, and size relative to the property’s age and updates.”

Both Agneberg and Saul agree that there is no crystal ball on what the market will do or where it will go. It really comes down to timing and the needs of the seller or buyer.

“Real estate, over the long term, continues to be a great investment and when you factor the quality of life in the Vail Valley and Eagle County, it is pretty much guaranteed to give you a return,” Saul said.

Michael Slevin is the president and owner of Berkshire Hathaway HomeServices Colorado Properties, started by his father, John, 51 years ago. The company has grown to 12 offices in 10 communities, spanning from Summit and Eagle Counties to the Western Slope.

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