T
he Vail Valley's residential real estate market remains active, with a slight dip in total sales this summer compared to last year. However, average list and sales prices continue to rise, up 6.6% and 7.5%, respectively. The market is driven by continued buyer demand and sellers pricing their homes correctly, resulting in a low list-to-sales ratio of 98%. This has led to a decrease in median days on the market, down to 22.5 days.
As interest rates decline, listings and pending sales are near peak levels for the year. September and October are expected to be busy months, with buyers looking to close before the ski season starts.
In the resort/luxury market, properties in Vail Village, Beaver Creek, Arrowhead, and Cordillera continue to move when priced well. Craig Denton notes that if a seller overreaches, they're likely to sit on their property. He cites an example of a recent listing that was adjusted from $34 million to $29.9 million after failing to generate interest at the higher price.
In the midvalley and downvalley markets, including Edwards, Eagle, Eagle Ranch, and Gypsum, activity remains strong despite low inventory. Laurie Slaughter notes that buyers are more confident in purchasing due to lower interest rates and sellers pricing their homes correctly. Properties priced right can see multiple offers, while those overpriced or not well-maintained tend to sit on the market.
A recent single-family home in Gypsum was priced under $700,000 and received nine offers, selling for $25,000 over list price. In contrast, a listing that has been on the market for 300 days after multiple price reductions remains unsold. Slaughter emphasizes the importance of pricing homes correctly to attract buyers.
Berkshire Hathaway HomeServices Colorado Properties continues to thrive under the leadership of Michael Slevin, who took over from his father John in 2023. The company has grown to 12 offices across Western Slope and mountain resort communities, becoming the network's top-performing Colorado brokerage firm in 2023.
