FS = For Sale. UC = Under Contract | Rural Eagle County is excluded.
The decreasing volume of properties under contract is a normal trend as contracts close toward the end of the year.
We are all watching the Fed raise rates and they are on record stating that part of their agenda is to slow the real estate market. It is indeed affecting many cities/markets around the country but the primary effect in the Vail Valley is what I call local's immobility. Most of us local residents have a mortgage with an interest rate below 3.5%. If we sell and buy another property, the new interest rate will significantly increase the cost of carrying the same loan amount. Thus, locals are not upsizing nor even downsizing. With part-time residents in the villages and resorts, I think the lack of turnover is popularly this: homeowners are in love with using their home.
The resulting limited inventory makes it challenging to find the perfect house for those who are hunting. At the same time, it buoys market values by minimizing competition among sellers. Ultimately, and most importantly, buying today in the Vail Valley remains a safe investment. If you are wanting to buy here, my most sincere advice is, 'the greater the challenge, the greater the reward' (I also mutter that to myself while biking up long hills). It takes time. So, let me know if you are up for the challenge and I will do most of the digging.
Let’s have a look at some of the market activity from which I draw my conclusions...
Since early September, these properties went under contract in less than two weeks: UNDER CONTRACT
Here are some gems for sale that are waiting to be discovered: FOR SALE
...therein, Ridgepoint No. 130 in Beaver Creek gets honorable mention. It is in original condition, but it is the best unit location at Ridgepoint and thus very worthy of renovating.
It’s ‘For Winter Lease' season and I receive emails daily with rental opportunities valley wide. Let me know if you are in search of a rental and I can probably point you in the right direction.
