Hi everyone, I wanted to give you an update on the current Vail market.
The
sales dollar volume from January to May was $497million, which is a
12% decrease from 2012. The number of sales, however, is up by 9% in
a year-to-year comparison.
Perhaps
one of the more dramatic statistics is the 74% increase in sales
dollar volume from 2009 as well as the 123% increase in the number of
units sold. My interpretation of these figures represents a large
volume of foreclosure and short sales in 2012. There the prices are
generally under $500,000; this is basically our employee housing
market. Also a large number of $4million and over luxury property
sales took place in 2012; affluent buyers stepped in and took
advantage of the low prices. In addition, inventory has dropped to
below 800.
The
2013 residential price record is just under $6million in May for one
home. So my conclusion is now is a great time to buy! It’s the best
in fact in the past ten years. Mortgage rates are still at an
all-time low of 4% fixed. We are seeing multiple offers on attractive
properties.
