While some people are worried about the possibility of home prices falling, sales of single-family homes in Eagle County continue to show strength in valuation and are far from flattening according to the Real Estate Report.
According to the July report from the Colorado Association of Realtors, the median price of a detached home increased almost 11 percent year-over-year from July 2021 to July 2022. The price climbed to $1.475 million from $1,329,500 a year ago. Average sales prices increased as well, posting a 12 percent jump.
The Market Continues to Favor the Home Seller
It is still a strong sellers’ market as homes continue to sell quickly. The days on market until a home goes under contract is down to 39 compared to 42 in July 2021.
However, buyers have gained some footing with home inventory now at 4 months of supply compared to 2.5 from a year ago. That’s a 60 percent increase! Also, there appears to be some wiggle room on pricing as the percentage of list price received has dipped to 98 percent, which means that home buyers are able to negotiate, at least a little, with sellers.
Attached Homes are Selling FAST!
Attached homes are also posting gains in valuations, but not to the extent as detached homes. The median sales price for townhomes and condos was $850,000 in July compared to $810,000 from last July (a healthy 4.9 percent increase).
Of utmost importance, days on market took a freefall. Attached homes were scooped up after 11 days on the market compared to 2021’s 73 days. Impressive! Furthermore, home sellers are benefitting from offers at or slightly above the asking price.
Like their detached counterparts, inventory of condos and townhomes has also increased, and homebuyers now enjoy 2.5 months of inventory, a 56 percent increase over last year.
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.