MARKET WATCH 2013 YEAR IN REVIEW
T
he market will continue to improve in 2014. Real estate sales in the Vail Valley have stayed consistent throughout 2013 with sales volume over $1billion for the second year in a row. Buyers have found incredible value in homes throughout Eagle County. There has been an increased sense of urgency throughout the market as inventory levels hit a 5-year low in May of this year. Short supply and higher demand is keeping the market strong in most segments of the Valley. In 2013, the Vail Valley’s market reached over $1.059 billion in residential and land sales.* This was just short of 2012’s total at $1.167 billion. The number of transactions was also on par with 2012 totaling 1,266 compared to 1,229 in 2013. Inventory continued to decrease in the first half of 2013, hitting a 5-year low in the month of May at just 1,101 land and residential listings available in the Vail MLS, which represents Eagle County. In some communities, a limited amount of available homes can present a challenge to prospective buyers. We do expect more new listings to come on to the market as the year progresses.
One of the top sales of 2013 in the Vail Valley.
On a national level, the Standard & Poor’s/Case Shiller 20-city index reported that home prices rose by 13.61% in October 2013 from the previous October. This confirms that most primary housing markets in almost every major metropolitan area in the US has seen a rise in prices this year. In Colorado’s Front Range we have seen this trend for the past two years and are confident that this is the year prices will start to increase in the resort markets throughout the Vail Valley. Slifer Smith & Frampton Real Estate is proud to again have the most overall market share of any real estate company in Eagle County with close to 50% of the total market. SSFRE continued to dominate the luxury home market with 50% of the transactions (for the both the list and sell sides) in 2013 of sales over $3M. This year, the company has also gained significant market share in some of the more local based communities throughout the Valley. Singletree, as an example, experienced a huge uptick in deals with 109 transactions totaling $88,745,200. SSFRE accounted for 42% of these sales as the number one real estate company in that area. Similar success occurred in Avon/Wildridge where SSFRE was the number one company with 36% of that market. With 17 offices in prime locations throughout Eagle County, we are proud to represent our clients in fulfilling their dream of owning a piece of this spectacular community. As we head into 2014, we are coming off an incredible holiday season. With fantastic early season snow (over 160” falling so far), businesses across the board report one of the busiest seasons in several years. Guests and locals alike seem optimistic about the coming year in terms of great snowfall and skiing, as well as a return of economic stability to our market. We wish you and your family a healthy and prosperous New Year.
Jim F laum
Jim Flaum President and Managing Broker Slifer Smith & Frampton Real Estate
*
Data gathered from the Vail Board of Realtors MLS system
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