The Vail Valley real estate market has seen varied results so far for 2016. Last month we saw a 16% increase throughout the valley in unit sales and dollar volume compared to August of 2015. Yet, we still saw a decrease in the luxury market sales and dollar volume as noted by the statistics below. If you like numbers, we have numbers! The Vail Valley real estate market is a very specific market. Unlike the national averages, contracts for residential properties are up almost 30% from this time last year and unit sales are up 3%. We are down 9.5% on dollar volume compared to this time last year. As stated above, this is due to a decrease in the luxury sales market of properties above $5 million.
What does this all mean for real estate in the Vail valley? The market here is very diverse. You see pocket markets where prices continue to rise based on location, home type, lifestyle and terms of price. Yet, there are still deals to be found in more outlying areas that offer great amenities and proximity to the world class ski resorts at a less than million dollar price. You will need a professional to help interpret all this data and can surely help you with that. Please don’t hesitate to call us at JRL Real estate, 970 331 6111.
July Numbers brought to you by Land Title Company.
Eagle County real estate slows somewhat in July in both total sales volume and transactions. The total sales volume was 19% below July of last year, with $139,255,646 in 2016 versus $171,312,586 in 2015. Year to date, total dollar volume is just 14% shy through the same time frame of 2015.
Transaction numbers are 31% below last July with 151 transactions this year compared to 218 last year. Year to date transactions are 7% below year to date 2015.
July had a wide range of residential sales transactions in all price categories. Here’s a breakdown of the transactions in the different price categories for July and for the year to date numbers:
Under $500,000: 45 / 337
$500,000-$1,000,000: 42 / 263
$1,000,001 – $3,000,000: 26 / 166
Over $3,000,000: 9 / 41
The highest sale of July was a Vail Village home which sold for just over $8M, ($2,045 per square foot).
July Sales of Note:
Avon had 16 sales, the 3rd highest of any area. Avon’s multi-family PPSF has increased 19% since last year going from $371 to $440. You can see all the PPSF information on page 12 of the July Market Analysis.