September Vail Real Estate Update
The Vail Valley's real estate momentum has carried into September 2020 with an unprecedented market in the midst of unprecedented times. The confluence of lifestyle changes, historically low interest rates, and the beauty, security and recreational opportunities here have resulted in real estate numbers we simply have never seen before.
The numbers tell a story of supply and demand, home buyers making life changes and an overall confidence in a market and a community. Unit sales still lag a very strong 2019 (down just 6.1%) and dollar volume is up 9.5%. Pending sales from 2019 are up 60% as we enter September. The strength in the closed and pending sales has been offset (to a degree) with limited inventory in some market and price niches.
That said, we are seeing untraditional market moves and more listings are coming to the market every day (when normally we see a steady decline this time of year). If you currently own and are considering a sale of your property, please contact me - the market is moving quickly and prices continue to rise so a current analysis of your home's value likely yields a different market price than 6 months ago.
If you are looking to buy, let's talk! Having a very clear understanding of what you are looking for, the area, price range and specific details for a home will allow me to identify current listings and help uncover unlisted properties that may be coming to market soon. I look forward to connecting with you soon!
Pending Sales Jump!
In what is traditionally a high point for pending sales, 2020’s numbers are making up for the quiet March – May we experienced.
Pending sales are up 60% from this time in 2019 and that should help the overall real estate unit sales and dollar volume exceed those of 2019.
The dramatic weekly increase in contracts, from 1 in late March to 88 at the end of August, is another sign of our area’s strong demand. September looks to continue this trend as more properties have come to market, providing better supply for our increasing number of buyers.
End of August Real Estate Snapshot
August brought 59 more homes sold and 62 more homes under contract compared to July.
Price per square foot has increased almost $100 per square foot, and the highest price sale is over $5m higher than the highest price sale in July.
Homes are still moving fast, with prices increasing. Contact me for an analysis of your home to see if now could be the right time for you to sell.