The Vail Valley’s real estate market is strong, but showing some variability in pricing

The Eagle County real estate market is showing some variability, according to the most recent data from Land Title Guarantee Company. In the first quarter of 2024, there were 349 transactions in the county, with areas like Vail Village, Avon, Eagle, and Gypsum all seeing different levels of activity.

Average prices for single-family homes in these areas also varied greatly. While Vail Village saw a 195% increase in average prices, Avon showed no change, and Eagle and Gypsum had different stories with a 10% increase and a 6% decrease in average prices respectively.

Michael Slevin of Berkshire Hathaway HomeServices Colorado Properties cautioned that the small sample size of sales data can sometimes misrepresent the overall market. However, he mentioned that multiple offers are still common for high-end properties, and lower-priced properties are selling quickly.

Matt Fitzgerald, Vail Valley Market President for Slifer Smith & Frampton Real Estate, noted that transactions and dollar volume are up from the first quarter of 2023. He also highlighted the challenges in the entry-level home market.

Buyers are carefully scrutinizing comparable properties and their finances before making purchasing decisions. Travis Cox, Team Leader for Keller Williams Mountain Properties, mentioned that local buyers in Eagle County seem to have accepted the higher mortgage rates, with around 50% of homes being bought with cash.

Overall, the market in Eagle County is showing signs of moving towards historic norms, with strong activity and buyers bringing equity from other areas. However, first-time home buyers are facing challenges in finding affordable homes in the current market.