The real estate market in the Vail valley stayed strong in a lot of pocket markets throughout the valley. In Eagle Vail we saw multiple offers anytime a duplex or single family came on the market in the $1 million to $1.8 million dollar range. Yet, in other parts of the valley we are seeing consistent price drops and properties staying on the market longer than others. The valley still suffers from low inventory and a lack of housing choices for first time home buyers and investors looking to get in on the lower end of pricing. As the ski season approaches and we see some investors that have to exit the market, we will see some better pricing and more flexibility on the part of Sellers. The Seller market still remains strong but we are seeing the national trend of buyers becoming more hesitant.
New Listings were down 37.1 percent for the Single Family-Duplex category and 42.9 percent for the Townhouse-Condo category. Pending Sales decreased 17.6 percent for Single Family-Duplex and 32.2 percent for Townhouse-Condo. The Median Sales Price was up 2.1 percent to $1,575,000 for the Single Family Duplex category and 15.3 percent to $850,000 for the Townhouse-Condo category. Days on Market increased 2.3 percent for Single Family-Duplex homes but decreased 66.0 percent for Townhouse-Condo properties.
Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer friendly direction.