Vail Valley Luxury Market Report, Nov. 20

 

This week the Rocky Mountain Home Team completed the sale of Arrabelle 587, which was under contract after just 36 days on market with the Rocky Mountain Home Team. Congratulations to the new homeowners!

This week the Rocky Mountain Home Team completed the sale of Arrabelle 587, which was under contract after just 36 days on market with Michael and the team. Congratulations to the new homeowners!

The Vail Valley luxury real estate market typically slows down a little in November, and November 2014 is proving no exception.  While the number of sales is down over 50 percent from the same period in October, however, prices have remained steady.  The first half of the month saw six residential sales over $1.5 Million, including two Ranch at Cordillera sales.

The slope side markets – including Arrowhead, Bachelor Gulch, Beaver Creek, Lionshead and Vail Village – counted just four sales, including 3 over $1 Million. This is down by over half from the same period in 2013, which saw 10 sales.  The decrease may be due in part to abnormally icy weather in the beginning of the month, which closed down roads and may have delayed transactions.

November’s slowdown comes after a particularly robust period which saw five months sustained sales growth in the slope side market.  Both list and sales prices continue to trend upward despite high month-to-month variability.

Visit our Market Report Center for more information on Vail Valley Real Estate Market Conditions.

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In national news, deals on existing homes priced above $1 million increased by over 16 percent in October compared to 2013.  “There is little volatility in the stock market. It is whoppingly higher, so people in the top 10 percent of wealth are really feeling confident now.”

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Meanwhile, home flipping is at its lowest level since 2009. “Those discounted distressed properties have become harder to find, but a recent jump in scheduled forclosure auctions could provide more fodder for flippers in the next three to six months.”

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In the Vail Valley, today marks the start of Ski Season with opening day at Vail Resort. Low temperatures and decent snowfall for the first half of November should create decent conditions on the slopes.  Beaver Creek is set to open next week. Perhaps we’ll see you on the slopes!

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