Vail Valley Real Estate Report: March 18, 2014

Spring is on the way, and the Vail Valley real estate market is already seeing a lot more than just green shoots.

Median sales prices were up 18.6 percent to $873,750 for single family / duplex homes, while new listings dropped 48.5 percent according to the Vail Board of Realtors Monthly Indicators market report for February, released last week.  The condo-townhome market saw a 127.9 percent increase to a median price of $875,000, while new listings remained flat. As home prices rise and with inventory low, many builders are “bullish on new construction,” according to the VBR report.

Rising interest rates and higher prices are converging to negatively impact home affordability. Historically, the overall percentage of income spent on housing is still low – primarily due to historically low interest rates. As the Federal Reserve continues to taper its policy of quantitative easing, affordability may continue to decline. On the other hand, if construction begins in earnest, prices may decline in some areas as new homes come on the market.

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This Month In Real Estate

Keller Williams’ Jay Papasan runs us through the numbers, and offers some advice for buyers in a market where inventory is at its lowest rates since 2005.

Expect Competition – Multiple offers are back, and the most desirable properties go fast.

Be Ready – Make sure your finances are in order.

Prioritize – Fewer choices available mean you may have to compromise on some of your wants. Even so, you should never compromise on your needs.  Knowing the difference between the two could mean the difference between contentment and dissatisfaction in your new home.

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Out On The Town

It’s Ski Patrol vs. Ski School Ice Hocky Action Wednesday at Dobson Ice Arena!  The Vail Resorts annual charity hockey game will take place  March 19th at 7:00 PM at Dobson Ice Arena. Doors open at 6:30 PM and there is a suggested donation at the door of $10. (Of course, you can always give more for the cause!) Proceeds from this event will benefit Vail Resorts employees who have recently experienced a medical crisis and need financial assistance via the Valley Charitable Fund. If you would like to help but can’t make it to the game, please visit www.VVCF.org to make a donation by credit card or send a check to the Vail Valley Charitable Fund at PO Box 2307 Edwards, CO 81632

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