I hope this finds you and yours well as we enter 2014. The new year is a great time to reflect on our market and how it compared to 2012. The macro real estate market has pointed to a recovery for a number of years and the Vail Valley real estate market has followed – to a degree. In 2013 we had a tale of three markets – the resorts of Vail and Beaver Creek, our mid-valley market and the western part of the valley. Down valley, in Eagle and Gypsum, the market recovery continued limited only by inventory. Average sales prices rose more than 19% while unit sales fell. The mid-valley experienced the highest gain in both unit sales and dollar volume, growing 4% and 28% respectfully. Demand was strong throughout the year on the valley floor with Singletree, Homestead and Cordillera leading the gains in units and sales volume.
The trend we experienced in the resorts of Vail and Beaver Creek early in the year of relatively flat unit sales but lower volume continue throughout the year – cited by a 22% drop of $5,000,000+ sales compared to a unit sale gain of 25% between $700,000 - $2,000,000.
The numbers aside, activity is very strong. Buyers are active and have been searching for the “right” property. And in today’s market they are willing to wait until it becomes available. In most of the valley the “deals” are very limited and with a drop in foreclosure and short-sale activity, we are experiencing our most “normal” since before 2005. While our valley is small, the differences in each neighborhood could not be bigger. Whether you are looking to sell or buy in the valley, guidance and knowledge are key. Understanding each area is critical. Contact me today to discuss your personal real estate needs or questions in this very dynamic and diverse real estate environment.
Have a wonderful 2014!