When real estate prices escalate, it seems any property might be a good deal, even those that need “some work”. If a buyer or investor has the patience and the budget, remodeling can be a good idea, but most people would rather have a move-in ready home.
 
Houses that are outdated or in poorer condition will stay on the market longer and have a reduced number of interested buyers. In some markets, however, there are opportunities that can be enticing. Beaver Creek, which has a number of single family homes that were built in the ‘80s, is an example of an area where there’s value in older properties that can be updated.
 
Latest figures show a decrease in residential properties sold to date, from 685 in 2018 to 646 this year. According to the Vail Board of Realtors, there was a 2.6% decrease in the average sales price, from $1,303,000 to $1,270,000, and an increase of 18.8% in the number of days on the market, from 117 to 139. However, pending sales are up 5.2% and the median sales price is up 10.2%. There have been 51 sales to date over $3 million, the highest in June a $10 million home in Bachelor Gulch.
 
Eagle County locals account for 51% of the sales, out of state buyers 32% (half of whom are from Texas, Florida and California) and Front Range residents 16%. Specific facts and figures through June are in the residential market update.
 
The Fourth of July is the unofficial start of the busy summer season, and towns are packed with people on the mountain and off, hiking, biking, eating out, going to concerts or rodeos, loving life. Not to be missed is the Vail Dance Festival, July 26 – August 10! Rivers are still running high because of the late spring, but the meadows are green and the wildflowers spectacular.
 
Please contact me if you’re interested in more specific information about Vail’s real estate or for a recommendation about a beautiful hike. There’s nothing prettier or more fun than summer in Colorado.
 
All the best, Carolyn

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.