Vail Daily column: Local real estate continues steady growth
February 10, 2017
Another year has come and gone in the Vail Valley, during which our real estate market continued its steady trajectory of growth. Transactions were up 5 percent over last year at 1,493, which is the highest we've seen since 2007. Closed sales volume was even with last year at $1.4 billion, which is encouraging considering the slow start we experienced in the high-end market.
The low to middle markets continue to be the driving force behind the steady growth. The $1 million and under market saw a 4 percent increase in transactions and a 6 percent increase in total sales volume while the $1 million to $3 million market saw even an ever bigger jump with total transactions going up by 15 percent and sales volume increasing by 10 percent.
Our high-end market experienced a slow start in 2016 but finished the year strong. Through the first 6 months of the year, the market saw 9 closings at the $5 million and above price point. Since June, we had 17 properties close at this price point including three properties priced at over $10 million. The high-end market is already off to a quick start in 2017 with three sales of more than $5 million in the first week, including a record sales price in Vail Village at $23 million.
The strong finish in 2016 combined with the quick start this year points to a very strong market in 2017. This encouraging market information along with inventory at a record low brings about an opportunity for sellers. For those homeowners that have been considering listing their properties, now may be an ideal time.
While the overall real estate market continues to improve, it also remains very complex, differing significantly in pricing, days-on-market and other important metrics from area-to-area. This is why we continue to provide you with this in-depth analysis of real estate throughout Eagle County. It is our hope that it will prove to be of value as you consider buying or selling throughout the coming year.
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John Pfeiffer is Slifer Smith & Frampton Real Estate's vice president of sales and broker development for both Summit and Eagle counties.
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