Vail Real Estate Market Update
2nd Quarter, 2020
It is an understatement to say that the world has changed since our last Neighborhood update sent in January of this year.
We missed our April mailing due to the Covid-19 shutdown although did send out the update via email. If you missed the April mailing and want to make sure you are included in the event of another shutdown, please make sure we have your email address.
The pause of real estate activity for the second half of March and all of April has left a gap in the year to date activity numbers. First quarter closings were good and even trickled into the second quarter. Since the State of Colorado allowed real estate to re-start in early May, the market activity has been quite robust. Several factors may contribute to the activity, from buyers fleeing high population areas to small markets like the Vail Valley, low interest rates, and lack of inventory.
The next months will be interesting as we watch a multitude of closings from properties that have recently gone “Pending”. While we have seen several heavily discounted offers over the past few months, it appears that only a small portion of those have resulted in contracts. We expect to see some surprisingly strong closing prices and others that have been discounted as some sellers have more urgent needs. For every exuberant buyer there is a seller with their own thoughts and agenda.
While the Vail Valley market seems to be rebounding nicely for now, it is more difficult to forecast where we will be in three months or a year. We do know that this incredible valley remains a safe haven and in high demand. There is no reason to doubt it will stay that way for years to come.
The real estate business has changed due to events of the past months, and we have changed with it. Our marketing plan has always featured the latest technology. Even more so now, it is critical to capture the essence of a home via images and text that buyers can digest in approximately seven seconds! More and more home buyers are shopping from their computers or mobile devices and oftentimes know the home before requesting a personal tour. So, our priority has become positioning your home to quickly capture the attention of buyers through the latest and most extensive technology.
Now more than ever, experience counts. Hire the right broker to help with your real estate needs. We have a combined 52 years of experience in helping buyers and sellers navigate the Vail Valley real estate market. We welcome any questions and would love to help you, too! Call today for a free consultation. Stay safe and healthy.