Buyers Market in the Vail Valley

    A lot of national news has recently been focusing on the status of our economy, and much of that focus has been on the real estate market. More locally, in the Vail Valley, it seems that what has been going on in many other parts of the nation and even in Colorado, this real estate market has been unscathed. But is that really an accurate picture, let’s say, from the buyer’s perspective?

    Looking at just the inventory of what’s on the market and what has sold thus far in 2008 in Vail, Edwards, and Eagle will help make an arguement that this is a buyer’s market. For example, using a price range of $500,000 to $1,000,000 and looking at single family homes and duplexes there are over eighty homes for sale.

    The distrubition of where these homes are paints an interesting picture. In Vail there are only five homes on the market, while nearby communities of Edwards and Eagle which have twenty-two and fifty-seven, respectively. And, the number of sold homes also supports the arguement for a buyer’s market. No homes in this price range have sold in Vail so far this year. In Edwards, eight homes have sold and only eleven in Eagle have sold.

     Local buyers and second home owners do have a huge inventory to choose from in all price ranges in the Vail Valley. There are ski in/ski out condos, townhomes, single family and duplexes available. There are golf course residences and non-golf course residences available. 

    Sellers are anxious as they watch the inventory, the activity in the market, and interest rates which are hovering between six percent and six and a half percent for a thirty year fixed. With all of this lining up on the buyers side, now might be the time for qualified buyers to make a deal with frantic sellers who have had their home on the market for awhile! 

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