Eagle County Real Estate Market Report: Upside in today’s market
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The local market is experiencing much of what the country is — activity from buyers, inventory levels rising, and pockets of strength and weakness in neighborhoods and price ranges.
As an example, Beaver Creek saw a wave of activity in January with homes listed at $22.9 million, $15.445 million, and $8.99 million (to name a few) all go under contract. Other luxury and estate homes throughout the valley are also being listed and contracted for/sold in very short time periods. These premier listings and sales also helped fuel average sales and list price increases of 5.71% and 8.7% respectively.
Luxury and resort properties shine this time of year and with the spring/summer season for the bedroom communities not far behind, well-priced homes downvalley are expected to garner attention and multiple offers. Demand continues to remain high throughout the valley and Eagle County and sellers who embrace pricing their homes based on today’s market value continue to have activity and successful selling.
What it means for buyers and sellers
Luxury and resort market
Marla Hillerich, a 24-year Vail Valley real estate specialist and newly appointed managing broker for Berkshire Hathaway HomeServices Colorado Properties’ two Beaver Creek offices, notes that with strong demand, buyers will also have the greatest success if they can pinpoint their priorities, while also keeping an open mind about other neighborhoods.
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“I had one couple that was set on Vail Village until they started weighing in on other priorities and ended up buying in Beaver Creek,” Hillerich said. “Another advantage for buyers in today’s market is there may also be more of an opportunity to negotiate a little off the list price. That being said, if a buyer finds a home they love or meets their needs, they should act on it quickly, because there are others looking for the same thing, and waiting for prices to come down will likely result in a missed opportunity.”
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For sellers, Hillerich notes that it is still a great time to sell, as evidenced by the continued growth in the average list and sales price.
“The key component here is the homes that are selling are the ones that have a sound pricing strategy. A lot of buyers are looking for newer properties and older homes can present a greater challenge. This is where working with an experienced broker who understands pricing strategy based on condition and location, and getting it staged right, can make the difference between a home moving quickly or one that sits on the market.”
Local market/downvalley
Kira Taylor, the new managing broker for Berkshire Hathaway HomeServices Colorado Properties’ Edwards office who has been working in real estate and hospitality for the past 22 years, notes that the market is a little unpredictable in terms of demand.
“We have seen homes on the market for 30+ days and then all of a sudden have multiple offers,” Taylor said. “Like the luxury/resort market, if you are a seller, it is important to be speaking with a real estate professional to help you with a pricing strategy. It’s also important that you prepare your home to sell. Buyers are looking for move-in-ready homes, with neutral colors, updated finishes, and curb appeal. There is a lot that can be done affordably for older homes that update the look and feel and increase a home’s appeal to buyers.”
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For buyers, Taylor advises that if financing, it’s important to speak with a local lender about options.
“Interest rates are coming down and have been pacing this way since November. If the right home comes along, buy it now and renegotiate the rate down the road,” Taylor said. “Historically, waiting has not proven to be the best option and financial experts say we are not likely to go back to seeing the three percent rates anytime soon.”
Overall, the current market offers good news for buyers and sellers. Inventory levels are up almost double compared to this time in 2022, and pending sales are higher than a year ago. While much of the activity has been in the resort areas, as mentioned, homes throughout the valley are seeing strong activity. It comes down to a compelling pricing strategy for today’s market, positioning your home in its best possible light, and having a comprehensive marketing approach to showcase your home.
Michael Slevin is the president and owner of Berkshire Hathaway HomeServices Colorado Properties, started by his father, John, 52 years ago. The company has grown to 12 offices in 10 communities, spanning from Summit and Eagle Counties to the Western Slope.
