Eagle County Real Estate Market Report: Encouraging Signs for 2024

The real estate market, both locally and nationally, has encountered challenges in the past year. Local real estate expertise is essential during market fluctuations, enabling Eagle County and the Vail Valley to outperform other markets with sustained high buyer demand and price strength.

In 2023, there was a decline in numbers compared to 2022, with unit sales down by 21% and dollar volume decreasing by 12%. Despite this, prices continue to rise in many neighborhoods due to strong buyer demand and lower-than-average inventory. The positive aspect is that available homes for sale in Eagle County have more than doubled since the beginning of 2023.

As interest rates begin to decrease, we anticipate more properties becoming available during the traditional spring and summer buying and selling seasons. This, coupled with declining interest rates, is expected to stimulate more listings and active buyers, encouraging individuals to transition to a new home that better aligns with their current lifestyle.

For those considering a move, here’s insider knowledge and tips on leveraging opportunities in the luxury and down valley markets.

Luxury and Resort Market

Mark Weinreich, broker associate with Berkshire Hathaway HomeServices Colorado Properties, notes that the luxury and resort market, including Vail, Beaver Creek, Arrowhead, and Cordillera, primarily experiences cash deals. Some buyers opt for loans if it makes financial sense, with borrowing rates around 6% still considered favorable.

Buyers are advised to be prepared to act swiftly, as well-maintained and updated properties can disappear quickly. Despite global uncertainties, there are buyers ready to seize the opportunity, and historical trends suggest no drastic market swings. For sellers, turnkey and updated homes priced to market value are the quickest to sell, with well-maintained properties receiving multiple offers.

Downvalley

The anticipation of lower interest rates heading into spring and summer could drive increased activity among local buyers in Eagle and Gypsum. Laurie Slaughter, managing broker for Berkshire Hathaway HomeServices Colorado Properties’ Gypsum office, advises buyers seeking financing to get pre-approvals in place. Lower interest rates may spark more buyer activity, making it crucial to be prepared to make an offer when the right property comes to market.

Slaughter highlights that Eagle County and the Home Store are accepting applications for 43 deed-restricted condominiums in the Haymeadow development in Eagle, along with offering down-payment assistance programs. For sellers, 2024 could present a larger buyer pool once mortgage interest rates decline. Downsizing or moving into a larger home may be viable options.

Similar to the luxury/resort market, the key factors for a quick sale or prolonged market presence lie in the home’s condition, move-in readiness, and pricing at fair market value.