This is news from a recent article in the Vail Daily Newspaper on April 12, 2024. Eagle County and the Vail Valley continue to show market resiliency, with March sales up 47% over March 2023. While the average sales price was down, and days on the market were on the rise, the list-to-sale price ratio was almost 99%. What does this all mean? The market remains strong, sellers are meeting buyers with their pricing, and although interest rates have stayed in the mid-to-high 6% range, buyers continue to make moves in all price points and neighborhoods. This is all positive news heading into summer, which is traditionally the busiest selling season. A more stabilized market amidst continued buyer demand and acceptance of the “new norm” for interest rates has more buyers and sellers deciding to make the move.
Eagle Vail Sun River 2 bedroom, 2 bath, SOLD – $850,000
Personally, I have had a great winter ski season selling just over $6 million in real estate. I just closed on a nice property in Eagle Vail at Sunriver. I have closed other deals where Sellers have had to come off listing price substantially, so I am seeing something different than that 99% list to sale price ratio. I am sure that is the average but it will become less of the norm. All the deals I have done have been cash deals. All the deals I have done in the last 2.5 years have been cash deals. That is the new norm in the Vail Valley. With interest rates where they are, we are going to see more negotiation on pricing and other details as it becomes more of a Buyers market. We still have low inventory which works well for Sellers but the pricing of years past is waning and Sellers are realizing that it is taking longer to find the right Buyer. One thing I know, in this kind of market, it helps to have a great Realtor and I want to be that great Realtor for you!
Ski Season in Vail closes this Sunday April 21st, 2024.
The Vail Daily goes on to say:
“Inventory levels are expected to continue to rise through August and with that, more sales. Serious sellers who have heeded the advice to price their home based on market value are being rewarded with offers at or close to the list price, as evidenced by the 99% list-to-sale price ratio. The good news is this reflects a more balanced, pragmatic market. So, as a buyer or seller, what does this mean based on your specific market area or interest?”
Again, having a great Realtor who knows the local market is a must. There is a sentiment with some Buyers that they can go in and low ball and buy a property just because it has been on the market for over 6 months. This is simply not the case for all properties. Sellers that have done the work, remodeled or are selling new construction are leading the market and getting close to and sometimes over listing price. There are still some of those Sellers out there that haven’t touched their property for 20-30 years and think they will get market value. That’s not going to happen. Those Sellers will sit on the market for a long time and in the end will sell at a discount. My advice to all my clients when they buy a property is to do some upgrades while they own it. This will help position the property for a good sale when that happens. With our limited inventory, we are still seeing the market lean toward Sellers. But, with interest rates continuing as they are, we will see better deals for Buyers as Sellers realize they have to negotiate on multiple levels to get the sale done.
Come to Vail and let me help you find your dream home and have your dream hot tub party!
I love a good hot tub party! I would love to help you find your dream home where you could have your dream hot tub party. I can help you sift through all the market information and find a truly good deal that works for you and everyone involved. The market has taken some twists and turns and I can help you navigate this road. Whether you are Selling or Buying, I want to be the Realtor that helps you find the best way to do that. Please call me, Jon Lindner at 970-331 -6111 or email jonka1@comcast.net.