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The sample sizes are small, but there’s a little variability in the Eagle County real estate market.
The most recent data from Land Title Guarantee Company covers March and the first quarter of 2024. That data shows that while some areas are appreciating, others are showing small declines.
Again, though, we’re talking about a small sample of sales. The entire county saw 349 transactions in the first quarter of this year. Of those, 21 were in Vail Village and 64 were in Avon. Eagle and Gypsum saw 35 and 53 sales respectively.
The average prices for single-family homes in those areas saw wild fluctuations. Average prices in Vail Village shot up 195%. Land Title showed no change for Avon. Eagle and Gypsum told different stories in their average prices, with Eagle’s average increasing 10% and Gypsum’s average price dipping 6%.
Michael Slevin, owner of Berkshire Hathaway HomeServices Colorado Properties, said a small sample size can misrepresent the overall market. But, he added, multiple offers are still being seen for some high end properties. Even lower-priced properties tend to move quickly.
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“From a sales and inventory standpoint, I think we’re moving more toward historic norms,” Slevin said. “I think the market is trying to figure itself out.”
Matt Fitzgerald, Vail Valley Market President for Slifer Smith & Frampton Real Estate, said transactions and dollar volume are both up from the first quarter of 2023. The first quarter of this year was an active one across all price points, Fitzgerald said, noting that entry-level homes remain the “most challenging” part of the market.
While market activity is strong, Fitzgerald noted that buyers are “really scrutinizing” comparable properties when they’re making buying decisions.
Buyers are also looking closely at their finances.
Travis Cox is the Team Leader for Keller Williams Mountain Properties. Cox noted that while 30-year fixed mortgage rates are currently between 7% and 7.5%, it seems that local buyers seem to have “come to terms” with those higher rates. But, as in so many other ways, Eagle County’s market is different than other areas.
Cox noted that around 50% of all homes in Eagle County are bought with cash. Other buyers are coming from other areas and bringing a lot of equity with them, sometimes as much as 50% of a home’s purchase price. People who do move into the valley are often buying smaller homes with the equity they’re bringing in from elsewhere.
And those trying to buy their first homes are left looking.
