The Vail valley real estate market is just booming this summer! It continues to provide high indicators of increase in inventory and pending sales.
With multiple options for home seekers to finally experience Vail at its fullest.
More homes for sale
Multiple listings of single family and duplex homes had an increase of 16.8% while the townhome and condo inventory rose by 5.5%.
The number of active listings on the same time period in 2018 is down by 7.6%. But, Kevin Kuebert, Vail MLS Chair says that “I forecast more inventory coming to the market this summer due to the strength of the market and basic supply and demand”. With Increased inventory, it’s a good sign specially for the buyers which will have more diversified choices and will expect the prices to go down as supply increases.
With multiple homes for sale which are prised $1.5 million and higher, the lower-priced housing inventory under $650,000 will still be highly competitive and will remain constant.
With the price point lowered down it’ll be appealing on both locals and second homeowners which may spark into a bidding war.
Kuebert recommends buyers to ask more questions and be more educated when it comes to searching for their home. Which typically means speaking with their realtor and try to work and understand the current market, and find out which hindrances they may encounter in the future.
Increasing Property Values
The median sales price for single family and duplex homes is $932,500 which is up by 23.2% while the townhouse and condo market is around $600,500 which is also up by 16.6% from 2018.
The median sales price of all the properties in the valley has increased by 5.5% every summer since 2012. To add to that, the prices of Vail Valley properties have increased which results in an overall upward trend. The higher prices doesn’t seem to bother home buyers which just proves Vail’s real estate market has been booming and strong.
Lawrence Yun chief economist at National Association of Realtors says ” as of July 4th, this is the longest economic expansion in history. There are more jobs available than people to fill them and unemployment is very low.” The mountain lifestyle has been known to attract multiple individuals with amazing Ski areas, breathtaking views and amazing amenities, that’s why it’s vital to have your own realtor which will help you in buying and selling your home.