REAL ESTATE NEWS | EAGLE COUNTY
Spring Market Trends: Rise in Home Inventory Signals Increased Buyer Activity
As predicted, available homes for sale are increasing entering the warmer months. Compared to a year ago, inventory in the Vail Valley is up 29% while pending sales have declined 29%. Much of the pending sale decline can be attributed to the completion (and sale) of projects in Avon at Frontgate and One Riverfront that closed in late 2023 and early 2024. With new inventory coming on to market throughout the valley, expect buyer activity to increase and properties to sell given the high buyer interest and demand.
Compared to 2023, April residential sales increased 7% while the average sale price was over $3m! This demonstrates both strength and activity in the resort markets of the valley and also indicates that many local homeowners and buyers remain less active, likely due to interest rate volatility and some areas experiencing lower-than-average inventory to consider. As of April, many economists and leading real estate professionals expect homes to continue to appreciate about 3% in 2024. The lower inventory and positive interest in our markets should keep prices strong throughout the year. Expected interest rate cuts in the third and fourth quarters to create even more demand in the market.
May is generally a quiet time in the valley as we transition from winter to spring/summer (and sometimes back again). See below for activities and events this month and upcoming months as you make plans for the summer. The market here locally remains dynamic. I’d be happy to visit with you about your home or area of interest anytime. Let’s connect soon!
Market data from the Vail MLS. All statistics are deemed reliable but not guaranteed and BHHS may not have participated in each reported sale. Please contact me for statistics in your specific neighborhood. I have some great reports I can share with you about your neighborhood or one that you are interested in.
The Blues Brews & BBQ Festival is back Memorial Day weekend! Start your summer with live blues music on the main stage. Feast on mouth-watering BBQ grilled, smoked, and sauced to perfection by the region’s best pit masters.
This free event will have three different stages set up, Solaris Stage, International Bridge Stage, and Gore Creek Plaza Stage.
The course will take racers on a variety of double and single track with distances ranging from 3.5 miles for younger riders and beginners to 12.6 miles for more experienced riders.
The Vail Comedy Show is well known for hilarious, sold-out shows in a destination resort town, for which it has received international press coverage.
The GoPro Mountain Games are the country’s most celebrated festival of adventure sports, art and music. 11 adventure sport disciplines and more than 30 competitions including kayaking, running, slackline, DockDogs, rafting, SUP’ing, mountain and road cycling, climbing, fishing, disc golf, and more.
Four of the world’s greatest orchestras make their summer home at Bravo! Vail. These internationally renowned musicians and acclaimed soloists perform powerful classical works, soulful jazz, and electrifying pops programs.
Over the past year or so, there has been some uncertainty about the direction of home prices. However, it’s important to clarify that they are indeed continuing to rise. Historically, home prices tend to increase over the long term. While the graph provided illustrates national trends, which may not directly mirror our local market dynamics, we can observe a positive trajectory in our community.
If you’re interested in learning more about the value of your home or the price trends in a specific community you’re considering for a purchase, feel free to reach out to me. I have the necessary tools, knowledge, and expertise to assist you with your real estate inquiries.
Marla Hillerich
Managing Broker, REALTOR® in the Beaver Creek – Villa Montane Office
Berkshire Hathaway HomeServices Colorado Properties
Mobile: 970.390.7049
marla(at)vailbeavercreekproperties(dotted)com