Happy New Year!
Unlike the steady (frantic) pace of 2021, the real estate market experienced some significant changes during 2022. The first quarter was a follow-through of the hyper-activity our markets saw in 2020/2021 but the inflation and interest rate increases changed the pace of sales beginning in June. As a result, Eagle County's residential real estate market declined by about 24% in dollar volume and 30% in units. Much of the unit decline was in the local and bedroom communities that are historically more interest rate sensitive.
The rapid change in real estate markets is beginning to settle down. Interest rates have stabilized, and expectations are that they may trend down in 2023. Buyer activity remains elevated, yet buyers are increasingly more critical about pricing and the condition of properties. Pricing is a critical element for sellers in today's market. Having the most up-to-date comparable sales and pricing accordingly, in addition to placing your home in the best condition, will yield a successful result.
Overall, we are positive on the outlook for the new year. Today, as much as ever, the market is responding in-line with macro factors that are influencing behavior. Neighborhoods throughout the county are adjusting differently based on buyer demand and circumstances (e.g., cash vs. financing), but with great snow, mountains fully operational, and elevated inventory, there is great excitement for a positive winter.
If you have specific questions about your property or area of interest, please contact me to discuss.
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 In collaboration with visual artist Ben Roth, Paul Wertin and his team from Alpine Ice return to create this season's Vail Winterfest. Approximately 25,000 pounds of sculpted ice will transform the Gore Creek Promenade into a visual splendor for all ages. Enjoy the undulating ice forms during the day or in the evening when the ice transforms to a magical display of illumination.
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 Enjoy the rarified experience of an exclusive, untouched mountain of groomed corduroy surrounded by panoramic mountain views. After, you'll head over to one of Beaver Creek's exclusive on-mountain cabins where an amazing culinary team will welcome your group to a delicious gourmet breakfast
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 Bring out the whole family to enjoy free hot coca and peppermint schnapps (limited quantities available) while enjoying Avon's famous fireworks extravaganza over Nottingham Lake.
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 Enjoy these monthly concerts every 3rd Thursday of the month for the winter season! Along with live music, Prima Vail will announce it's monthly employee service winner.
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Have you started your 2023 Goal Planning? If buying or selling a home is part of your dreams for 2023, it's essential for you to understand today's housing market, define your goals, and work with industry experts to bring your vision for the new year into focus. In the last year, high inflation had a big impact on the economy, the housing market, and likely on your wallet too. That's why it's critical to have a clear understanding of not just the market today, but also what you want out of it when you buy or sell a home. Call me today, I'm happy to give you the expert and professional advice you need to help you obtain your goals.
Wishing you a prosperous 2023!