AN UPDATE ON THE VAIL/BEAVER CREEK REAL ESTATE MARKET -
SLIFER, SMITH AND FRAMPTON R.E. - 5 YEAR COMPARABLE SALES, MONTH OF SEPTEMBER
The Vail/Beaver Creek real estate market was enjoying heady times in the early months of 2008. Real Estate values on most area properties had seen an unprecedented rise over the previous three years of almost 100% and the finest properties in the best locations were pushing $3,000 per square foot. Along toward the middle of the summer months, however, the market started developing a little malaise. Inventory started to build up and sales slowly started to fall off. While no one was heading for the exits, things just didn't seem to be right. November, 2008 took away all doubt as to where the market was headed - down.
Within the first two months of 2009 it was evident that our real estate market was taking a sever hit. Over the next several months we were faced with the realization that literally nothing was selling throughout the Valley. Through the balance of 2009, all of 2010, and well into 2011 we were struggling with very low numbers of units sold, increasing inventory, increasing short sales and foreclosures, and when properties sold, properties were going for 30% to 40% less than during their pre-2008 highs.
Fast forward to October, 2012. Today we are experiencing a tremendous rebound in sales numbers and buyer demand is strong and getting stronger. As demonstrated in the above graph, monthly units sold have been steadily increasing from 2009 lows. In fact, somewhere last spring monthly units sold throughout the Valley eclipsed all record high numbers in 2006 and 2007. Monthly total dollar amounts sold have yet to exceed the historic highs, however, as properties are being sold at prices that are 20% to 30% off their highs.
VAIL MULTI-LIST UNITS LISTED PER MONTH, 2012
Another striking factor in the improvement of our local real estate market can be found in the above chart. At the height of our real estate recession, the Vail Multi-List was carrying a monthly average of 2400 to 2700 listings. In the last 12 month period, we have had 1/3 fewer properties on the market and since August 2012, the numbers of listed units has taken a drastic drop and continues to trend downward. While I am still seeing new listings entering the market at decidedly lower pricing than before 2008 as well as a great deal more price reductions than price increases over listing periods, average listing days on market is falling dramatically indicating that buyers recognize the excellent values available today and are loosening their pocketbooks.
In short, with sales numbers tracking dramatically upward and units available to purchase going just as rapidly in the other direction, should this trend continue, we will soon be seeing prices trending upward. In my 40 years in the Vail Valley real estate market, I have never seen a stronger indication of the demise of the Buyer's Market and the rebirth of the Seller's Market. It is becoming evident that baring any more suprises, we could be witnessing a true "V-Shaped" recovery.
FOR MORE ON THE REBOUND IN THE NATIONAL REAL ESTATE MARKET, GO TO:
http://activerain.com/blogsview/3465829/riding-the-trillion-dollar-real-estate-recovery-roller-coaster
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