E
agle County's residential real estate market remains active, with a strong focus on right-priced homes driving sales activity. While total sales for August 2024 were down from last year (103 vs. 119), average list and sales prices continue to rise, up 6.6% and 7.5%, respectively.
Buyer demand and sellers pricing their homes correctly are key factors in the market's success. The list-to-sales ratio remains high at 98%, with median days on market decreasing to 22.5 in August 2024 from 41 in July of this year.
As we head into fall, listings and pending sales are near peak levels, fueled by declining interest rates. September and October are expected to be busy months for the real estate market.
In the resort/luxury market, properties priced well in Vail Village, Beaver Creek, Arrowhead, and Cordillera continue to move quickly. However, sellers who overprice their homes risk sitting on them. As an example, a recent listing in Vail Village was adjusted from $34M to $29.9M after failing to generate interest at the higher price.
"The market will dictate value," says Craig Denton, managing broker for Berkshire Hathaway HomeServices Colorado Properties' Vail Village office. "Today's buyers won't make an offer if they think a property is overpriced."
In the mid- to down valley markets, including Edwards, Eagle, and Gypsum, interest remains strong despite low inventory. Buyers are more confident in purchasing due to lower interest rates and sellers pricing their homes correctly.
Laurie Slaughter, managing broker for Berkshire Hathaway HomeServices Colorado Properties' Gypsum office, notes that buyers are hesitant to make offers on overpriced or poorly maintained properties. However, those priced right can see multiple offers. Recent examples include a single-family home that received nine offers and sold for $25,000 over list price after being on the market for just four days.
Slaughter emphasizes the importance of pricing homes correctly, citing a listing that has been on the market for 300 days despite two price reductions. "Today's buyers get hesitant and suspicious when homes are not priced right," she says.
