VAIL VALLEY REAL ESTATE HEALTHY DESPITE SHORTAGE OF INVENTORY!
The local real estate market, in 2018, has remained “steady”; posting the same numbers as in 2017, with over $2 billion in sales. However, the Vail Valley still has a shortage of inventory. But, there are differences between 2017 and 2018.
One of those differences is growth in the sales value of multi-family units — condos and townhomes.
The biggest average price jump so far in 2018 for multi-family units — 56 percent — comes in the Vail Golf Club area, east of Vail Village. But the average price of those same types of units in Gypsum also rose significantly — 29 percent.
Those are very different markets; but, there are some similarities. The biggest one is supply and demand. With a limited supply of single-family homes in certain price ranges, a townhome or condo starts to make a lot of sense.
Another difference is that many buyers are not, necessarily, buying for investment; but, rather, they want to live in their properties. And, many of them are favoring new construction.
As well, some buyers are finding that they can enjoy the amenities of Vail, without having to live in Vail, by simply joining “signature clubs”, such as the Vail Mountain Club, where you can store your skis or snowboards and have private parking right at the Mountain.
Yes. There are many different reasons why people are, still, buying in the Vail Valley; but, all-in-all, it’s a healthy market.