Mountain Market Watch: Waiting Game

As soon as rates drop, the Vail Valley will get hot.

2930 Snowberry Dr., Vail, CO 81657
Photo by Kyle Walker.

Kira Taylor, managing broker for Berkshire Hathaway Vail Valley, sees the market displaying great resilience. “Despite the persistence of higher mortgage rates, we are observing a vibrant scene with increases in available homes, pending sales, and overall dollar volume compared to the same period last year,” she says. “This activity clearly indicates high demand for homes across the valley.”

A notable trend, Taylor points out, is that many homeowners are staying in the valley but eyeing larger, newer homes within the resorts. Sellers have less competition, and buyers can purchase homes with less rivalry, she says.

“A certain kind of equilibrium is forming due to homeowners holding onto low interest rates while potential buyers are gauging the price landscapes and the current rates,” Taylor says. “This has resulted in a shadow inventory, representing homeowners keen to sell but holding off for more favorable rates.”

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Taylor knows of many homeowners who are eager to sell but haven’t officially put their houses on the market.

For now, “new construction and remodeled homes are capturing buyer attention and warranting strong sale prices and continued bidding wars for new and ‘like new’ construction,” Taylor concludes.

Kira Taylor
Photo by Kyle Walker.

The Numbers

New Listings
August 2022: 125
August 2023: 167

Sold Listings
August 2022: 109
August 2023: 117

Average Sold Price
August 2022: $1.9 million
August 2023: $2.5 million

Average Days On Market
August 2022: 36
August 2023: 79