November proved to be quieter after three consecutive months of the market outperforming 2022 numbers. As expected, more resort properties are coming to market in expectation of a busy winter season while the local market is experiencing its typical early winter and holiday slowdown. That said, inventory levels for December are at their highest since 2020 and market activity continues to remain strong for homes in good condition and priced at fair market value.
The resort/luxury market continues to be the dominant leader in sales, nudging up average sales price year-to-date by 11.52%, accounting for $2.272 million for 2023 compared to $2.037 million in 2022. List-to-sale price ratios remain steady at 97.2% for November 2023, matching ratios for November 2022.
The recurring trend for 2023 is demand remains strong and homes that are priced at today’s market value are selling quickly. Buyers are more discriminating on purchases and willing to pay for the right home at the right price. Rising inventory should continue to help meet the buyer demand as long as the price matches the location and condition.
Personally, I have a lot of Buyers that are looking for the right property, some that have been searching for months. The truth is, the longer you wait in this market, the more expensive properties continue to be. If you have the financing and a good plan to invest in the Vail Valley real estate market, now is a good time to purchase. For Sellers, if you have done the work on your property and it is updated, shows well and a good location, you can still get a great price. But, Sellers have to be realistic and realize that there is great value in cash offers and understand that cash buyers expect some sort of concession. Financing is more difficult so don’t underestimate the value of a good cash offer. Sellers still have good leverage but it is less of a Sellers market than it has been for the last two year.
For anyone interested in Buying or Selling in the Vail Valley, please contact me, your real estate expert. Jon Lindner | 970-331-6111