Despite the continuing rise of mortgage interest rates, sales of townhomes and condos in Eagle County continue to set a blistering pace based on the latest data from the Colorado Association of Realtors. Multi-family home purchases keep showing strength as the luxury real estate market remains a favored hard-asset investment.
Townhomes and Condos Show Year-Over-Year Value Increases of 34%
The median sales price of multi-family homes hit $1,100,000 in September, up 34 percent over last year. A hefty gain was also posted when looking at the average sales price, a 45.7 percent increase from 2021 ($1,254112 vs. $1,827,476).
Further boosting the mood of attached home sellers is that they are receiving 98.5 percent of the list price, i.e. there are minor price reductions happening.
Single Family Homes are Facing Declines
While sales of townhomes and condos are seeing amazing returns, single-family homes are seeing year-over-over decreases in most every category, except inventory and new listings.
The median price of single-family homes dropped 21 percent from 2021, $1,325,000 vs. $1,675,000 from a year ago. The average price was also in negative territory, down 32 percent.
Furthermore, price reductions on detached homes are now starting to emerge as home buyers have more negotiating power. Typical reductions seen in September were at 4 percent as home sellers compromised and sold at 96 percent of the list price.
Inventory is Up; New Listing Show Mixed Results
The inventory of detached homes increased 11 percent year-over-year and there are now almost 200 homes for sale in Eagle County (197). The number of detached homes has also been boosted from 2021, 138 compared to 153 posted in September 2022.
There were 61 new listings for single-family homes in September compared to 48 in 2021 while attached homes saw a significant decrease of almost 50 percent. In September 2021, there were 90 new listings for condos and townhomes while last month saw only 42 properties come to market.
Usaj Realty is Ready to Help with Your Real Estate Needs
If you are considering buying or selling a home in the Vail Valley, contact Matt Wilson or Haley Dyer. Usaj Realty offers personalized service to make any real estate transaction a smooth and easy experience.