After a spectacularly sunny fall the snow is coming down outside on the first snowy day. The Aspen leaves were spectacularly bright and evenly colored this year. Yet as the snow falls, the Vail Real Estate Market rises.
Real Estate sales in the Vail Valley did not start out with a lot of strength. When compared to the previous year, January was up, February was way down. March was up. April was down. Since April however, the Real Estate market has been showing real strength. May, June, July and August sales dollar volume was up in each month. Way up. As of the end of August, Vail area real estate transactions total over $1.2 Billion dollars. 14% more over the same period of 2014.
Drilling down, this data show there is real strength in the market. Being a fan of Mark Twain the famous speaker, “Lies, Damn Lies and Statistics”, I always like to take a closer look at number sets. Why? Rising dollar volume of sales is good right? Yes that is true. Yet misreading market trends results in pricing homes too high for the market or too low with a seller leaving money behind. In recent years seller pricing has very frequently resulted in homes being over priced and going unsold because of overconfidence in the trend of rising sales prices. Since the market recovery began and dollar sales volume has risen, the overwhelming bulk of that upward trend came from strength of Luxury Properties in limited market segments. Today, the dollar volume of sold homes has been rising roughly in parallel with the number of homes sold. While home prices and sales continue to rise at the upper ends of our real estate market, transaction numbers and sales prices are now strong at the lower ends as well.
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