Market Demand Creates Year-Round Selling Opportunities
By Michael Slevin
Years ago, the shoulder season dictated the pace of the market in Eagle County. While there was always activity during the winter, sales, and property showings generally dropped-off when the mountain closed for the season and the locals (brokers included) would take a much-needed respite before summer. The same held true in the fall and before the new season commenced. Those cycles, by-and-large, are gone and we are much more of a year-round community both with visitation and in real estate.
This means that “timing” the market is less important than it was. Buyer demand is so significant that “waiting until the summer/winter season” holds less weight than many other factors that affect activity. Today, both local and second home properties are commanding top-dollar, and some are still receiving multiple offers. The caveat is that properties realizing this type of activity are priced to the market from the onset, they are well-positioned given location and condition, and when those factors are combined, create a winning real estate outcome for buyers and sellers.
While early 2024 Eagle County market numbers demonstrate a surge of sales, many of the homes that have closed are a result of two of the larger projects in Avon – Frontgate and One Riverfront – that were contracted for a couple of years ago. While these sales have boosted numbers, the leading indicators (active listings and pending sales) are also higher than a year and two ago, demonstrating an active and robust market in all price points and areas.
What the current market means for buyers and sellers:
Luxury/Resort Market
Nate Hall, certified luxury specialist and broker associate with Berkshire Hathaway HomeServices Colorado Properties, notes that strong buyer demand and limited inventory in the resort/luxury communities of Vail, Beaver Creek, Cordillera, and Arrowhead have led to heightened competition among buyers. Coupled with limited inventory relative to demand, sellers continue to experience steady appreciation, making it a favorable time for sellers to capitalize on their investments.
“The allure of these mountain communities as vacation destinations and investment opportunities continue to attract affluent buyers looking for second homes or investment properties,” said Hall. “While current market conditions favor sellers, it is the properties that are priced right (to market value), in the right location, and updated are the ones moving quickly and at times, creating multiple offer scenarios. While demand is high, today’s buyers are savvy and won’t overpay.”
Hall notes that the key ingredients for buyers in the luxury market is to be prepared to act swiftly with competitive offers. This is where working with an experienced, local broker can be the difference between the offer that gets accepted or the one lost to another buyer.
“Understanding the market dynamics and having the relationships with other brokers gives buyers an advantage,” said Hall. “Make sure your broker is not one of the ones saying, there is no inventory, and only waiting for things to show up on the MLS. This is an active market, and it is our job as brokers to help you find and acquire the properties you desire.”
Down Valley/Local Market
With interest rates more stable and anticipated to come down by the end of this year, buyers are coming to terms that rates are unlikely returning to the historic low of previous years. The down valley markets, including Eagle, Eagle Ranch, and Gypsum are also seeing heightened buyer activity. Inventory levels are also on the rise and both buyer and seller activity are expected to continue to increase as we head into the busy summer season.
Servicing locals and people looking to relocate, Paula Fischer, broker associate with Berkshire Hathaway HomeServices Colorado Properties, says the biggest shift recently has been in more buyers deciding to stop waiting. “There are a lot of buyers out there and more and more are coming to the realization that there is not going to be a significant market or interest rate shift,” said Fischer. “When a buyer finds the right home and the mortgage payment is what they can afford, don’t wait.”
Fischer notes she is also seeing sellers who are moving on to the next chapter in their lives. “Down valley and local market sellers are more willing to negotiate than a couple of years ago, making it more attractive for buyers. As for the interest rate, there is always the opportunity to refinance later if they drop. The value of real estate has historically always increased over time no matter the ebbs and flows, making it a good investment,” added Fischer.
In conclusion (and as a financial advisor might say), try not to time the market. Do what is in your best interest and in your timeframe and the opportunity to make a move will be there. While the market could benefit from more inventory to meet buyer demand, there are many options in most price-points. Sellers electing to make a move any time of year will see that activity first-hand with showings and offers.
Michael Slevin is the president and owner of Berkshire Hathaway HomeServices Colorado Properties, started by his father, John, 53 years ago. The company has grown to 12 offices in 10 Western Slope and mountain resort communities, spanning from Grand and Eagle Counties to the Western Slope.
54 Cresta G-4, Arrowhead
Located at 54 Cresta Road, G-4, in Edwards, this 3 bed/4 bath, 2,004 sq. ft. corner unit and ski-in/ski-out penthouse in the heart of Arrowhead Village offers brightly lit and airy living spaces along with views of the surrounding mountains. An open-air concept with cathedral ceilings and newly remodeled kitchen and master bath adds to the townhome’s appeal. Sold by Nate Hall with Berkshire Hathaway HomeServices Colorado Properties for $2.605M in February 2024. Photo courtesy of Bjorn Bauer Photography.
38460 Hwy 6 #428 Avon
Situated in the new Frontgate development in Avon at 38460 Hwy 6, #428, this top-floor,
3 bed/3bath 1,750 sq. ft. residence offers a bright and contemporary design, including vaulted ceilings and views of the Eagle River from its spacious balcony. The spacious, open floor plan includes Arrigoni hardwood floors, stainless steel kitchen appliances, walk-in closet, owner's storage, and upgraded finishes. Abundant on-site amenities include water park/pool, heated underground parking, dedicated shuttle, fitness room, ski/book storage, and community bikes. Listed for $2.6M and under contract with Nate Hall, Berkshire Hathaway HomeServices Colorado Properties.
101 Springfield St, Gypsum
Offering views of Cottonwood Pass, a fenced-in back yard and built-in fire pit, this
4 bed/3 bath, 1,945 sq. ft. single family home at 101 Springfield St. in Gypsum offers the ideal blend of indoor and outdoor living. The interior includes open and single floor living including fireplace, walk-in closets, abundant storage, two-car garage, and combined laundry and mudroom. Listed by Nate Hall and sold by Paula Fischer, both with Berkshire Hathaway HomeServices Colorado Properties, for $750,000 in February 2024.
400 Whitetail, Gypsum
This 4 bed/4 bath, 2,420 sq. ft. single family mountain modern home at 400 Whitetail in Gypsum is located in the desirable Cotton Ranch neighborhood. The open floor plan includes an updated kitchen with quartz countertops, stainless steel appliances, and extra storage. The main level, ensuite master bedroom and bath includes a fireplace and an outdoor patio and mature landscaping offer additional entertainment and outdoor living options. Sold by Paula Fischer with Berkshire Hathaway HomeServices Colorado Properties for $1M in December 2023.