From the Front Range to the Rocky Mountains to the Four Corners area, Colorado’s residential real estate market is a juggernaut like no other.
Home values across the state are increasing at a rate that defies predictions and so far, the appetite for home shopping hasn’t shown any signs of abating. The only element that is slowing down home buyers from going under contract is the lack of inventory.
While the Denver metro area often grabs the headlines, a recent article in the Denver Post reports that the top six counties seeing the biggest home price jumps from 2019-2021 were far from the Front Range. Breaking down statistics from the Colorado Association of Realtors, the Post shows demand incredibly high in rural and resort areas.
“Mountain and Western Slope housing markets have risen the most in the past two years, of the 30 counties with 300 or more sales last year that were examined,” the Denver Post article stated. “The median price of a single-family home sold statewide was $529,995 last month, up from $400,000 in December 2019, a gain of 32.5%.
Eagle County Takes 5th Spot in Home Price Increase Rankings
Notably, Eagle County ranks fifth behind Pitkin, Delta and Montrose Counties with a home price increase of 54 percent from 2019-2021. The median home price in Eagle County jumped to a staggering $1,650,000 by December 31, 2021.
According to the CAR statistics, Pitkin County led all Colorado counties with a 97.5 percent gain in the median price of a single-family home. The median sales price for homes in Pitkin County (at the end of 2021) was in the rarified space of $5.75 million. This represents nearly a doubling of home prices in just a two-year period of time.
In addition to skyrocketing prices, of even more concern is the lack of home inventory. Eagle County has witnessed its inventory drop meteorically for both single family homes and multifamily listings (townhomes and condos) year-over-year.
From January 2021 to January 2022, the inventory of single family homes for sale in Eagle County plummeted 53 percent. In January 2021, there were 181 homes for sale; in January 2022, there were a mere 85. The median sales price for a single family home clocked in at $1,569,318 closing out January 2022.
It’s even more dire for multifamily units. In January 2021, there were 249 townhomes and condos for sale. At the end of January 2022, only 75 units were for sale, a stunning 70 percent decrease. The median price for a multifamily home has gone from $695,000 in January 2021 to $898,000 in January 2022 (29 percent increase).
Real Estate Records Continue to be Shattered in the Vail Area
According to a recent article in the Vail Daily, Eagle County in 2021 set a new real estate sales record, hitting nearly $4.3 billion.
“Perhaps the bigger news is how many buyers paid cash for new homes (42 percent of the purchases),” the article states. “The latest data from Land Title Guarantee Co. shows the valley’s market set a number of milestones.”
The article goes on to include a few of the facts and figures including:
- $615 million in sales in Vail Village, the highest number for any area in the county
- 124 homes sales of $5 million or more
- 354 vacant land sales
- The average sale price in the county was $2.04 million
If you’ve been considering buying or selling in the Vail Valley, be sure to check out these statistics. Serving both Eagle and Summit Counties, Usaj Realty is ready to assist you with all of your real estate needs in the mountains.
If you are interested in learning more about the Vail Valley and Eagle County real estate market, please contact Matt Wilson at 970-471-9959. Whether you are looking for your first home or want to explore buying a vacation home, he is ready to assist with all your real estate needs.