Greetings,
I hope you’re enjoying this summer season. With warm weather, clear skies, and green mountains, it’s the perfect time to enjoy all that summer has to offer. As we approach the upcoming Fourth of July festivities, I wanted to touch base with updates and insights regarding the real estate market in our area.
After a relatively slow off-season reminiscent of pre-Covid times, the real estate market is showing signs of picking up momentum. Since the close of the ski season, we have witnessed a 25% increase in inventory, providing buyers with a wider range of options. We expect more properties to enter the market in the coming weeks. With a solid pool of prospective buyers actively searching for homes, we expect a vibrant summer buying and selling season. It’s worth noting that the overall volume statistics show a significant decline compared to the previous year, primarily due to a lack of inventory. Many sellers are hesitant to give up the low interest rates from the COVID era in favor of trading into the mid 6% interest rate on a new home.
When it comes to specific locations, Beaver Creek has seen an uptick in inventory, with 30 properties available compared to just 2 in December of 2021. Meanwhile, Bachelor Gulch currently maintains 3 active listings and continues to exhibit considerable demand without any signs of slowing down. For a more detailed breakdown of the market, see the stats and commentary provided below.
On a personal note, our family embarked on an unforgettable journey this spring. We had the opportunity to travel abroad, visiting South Africa to spend time with our kids’ cousins and the rest of Carryn’s family. Regrettably, we experienced the loss of Carryn’s mother, Janet, due to a sudden and tragic health issue. Janet touched the lives of many within our circle of friends and acquaintances, and her absence is deeply felt. She was an extraordinary person, leaving a lasting impact on everyone she met.
Despite the circumstances, we proceeded with our plans, creating cherished memories along the way. We explored Victoria Falls, went white water rafting on the Zambezi River, took a helicopter ride over the falls, and enjoyed a memorable sunset cruise amidst dozens of hippos and crocodiles. It was an incredible experience for the kids as we introduced them to a proper South African safari. Witnessing lions, rhinos, and elephants in their natural habitat was unreal for a three and five year old. We were fortunate to see almost everything, except hyenas and leopards. Brodie and Eva were ecstatic by the entire experience.
As always, I’m here to assist you with any specific questions you may have regarding your real estate needs. Whether you’re considering selling or simply curious about your property’s value, I’m more than happy to provide a comprehensive review. I look forward to reconnecting with you this summer. Please let me know when you’re in town so we can catch up over a cup of coffee or shoot a round of golf.
Wishing you a fantastic summer season ahead!
Warm regards,
Bret Burton
Volume and total sales have decreased significantly from a year ago and the rate at which homes are trading has slowed. The days on the market have about doubled so overall activity is slowing down to a manageable pace. Inventory today is at 325 total active listings with an average list price of $2.3M. List/sold prices are holding fairly strong due to the low inventory (remember there were 750 homes listed on average in 2019). The sold price to list price ratio says there is some give on the seller side, so more traditional transactions with inspection objections, appraisals, and contingencies are common. There are some examples of well-priced, quality homes seeing multiple offers quickly, but that is happening in limited cases, unlike in 2021.
We expect this summer to have a healthy balance of buyers and inventory with low enough inventory to support strong prices. Pricing homes appropriately is imperative while staging, cleanliness and maintenance will boost the demand of listings. I’m looking forward to seeing what the months ahead bring to the Valley.
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