March real estate sales in valley bounce back
By the numbers:
Land Title Guarantee Co.’s market analysis for March:
Sales volume: $157,915,927
Activity: Avon: 14 transactions; Gypsum: 14 transactions; Eagle: 13 transactions; Beaver Creek: 10 transactions.
Largest sale: $6.735 million (Beaver Creek).
EAGLE COUNTY — After a shaky start to the calendar year, real estate sales across the Vail Valley rebounded in March, according the market analysis done by Land Title Guarantee Co.
The month of March doubled February’s sale volume with nearly $160 million. Transactions nearly doubled also, with 145 sales in March.
“I think what happened is just because of the up and down of the stock market, and different things happening in the world, people were a little on edge in January and February,” said Jim Flaum, of Slifer, Smith & Frampton.
International buyers, especially from Mexico, were also hesitant to enter the market.
“With Mexico, specifically, the (U.S.) dollar’s just so strong. They lost value,” said Robert Schilling, of Gateway Real Estate. “Say we miss one or two of these big sales, and all of a sudden our numbers are down dramatically.”
The election season is also having an impact on the real estate market in Eagle County, Schilling said.
“I think with the political agenda, with it just being so uncertain, the market doesn’t like that, either,” he said of January and February.
Lots of Local Buyers
Avon and Gypsum rebounded strong in February, with 14 sales in each town in March. Eagle followed with 13 sales and Beaver Creek ended the month with 10 transactions.
“This is the time where I see a lot of local buyers,” Schilling said, “because a lot of our local buyers and owners can catch their breath. I see a lot of that happening in April and May.”
Flaum said locals are taking advantage of low interest rates still out there as well as equity from smaller apartments and condos in Vail to move their families to single-family homes downvalley.
“Locals have really come out strong,” Flaum said.
March is traditionally one of the better months for real estate sales in the county, Flaum said.
“Lots of people come to Vail in March,” he said, “and lots of people buy when they come.”
Beaver Creek’s 10 total sales in March totaled $18.5 million — an average price of $1.8 million. The largest sale of the month was also in Beaver Creek at $6.375 million — $1,145 per square foot.
The commercial sector also saw good activity in March with 11 total sales: eight sales of improved commercial buildings; two of vacant land; and one of development land. The strong March activity of $36 million was more than half of the entire first quarter’s sales of over $61 million.
March’s real estate volume of nearly $160 million brings it closer to the average monthly volume of 2015 — $165 million, the market analysis reports.
“I think you’re going to see that April’s a pretty strong month, too,” Flaum said.
Land Title Guarantee Co. compiles data each month, which is then confirmed by the county clerk’s office.
Reporter Ross Leonhart can be reached at 970-748-2915 and firstname.lastname@example.org. Follow him on Instagram at colorado_livin_on_the_hill.