As we approach the end of the 2nd quarter of the year, we thought we’d give a quick update on the market. A recurring theme continues - that of Buyer demand continuing to be strong, and inventory low. So far, the buying and selling season has already been a busy one. As we enter the most active period of the real estate sales market, this is a very good time to sell. Buyers are ready, and with the lack of inventory, they are looking for more choices. For Buyers, it’s still a good time since interest rates have remained at one of the lowest levels ever, and if prices rise, the sooner the better to buy.
As you may be aware, the Vail purchase of Stowe Mountain Resort operations was recently completed. Many ask if that has had an impact on real estate sales. It’s still a little early to be quantitatively definitive about that, but many are talking about it, and feeling that overall, it is of economic benefit to the region. In addition, we have been seeing a pretty clear positive impact in some segments of the market. When the news first broke about the impending sale, there was an uptick in sales of condominiums located near the Mountain.
Since the start of the second quarter, there have been a total of 25 residential closings, which includes 16 condominiums. The price range is from $106,000 – $3.3 million, which is a Mountain Cabin, at Spruce Peak. Currently there are 24 residential properties under contract, ranging in price from $199,000 - $1.495 million; 2 of the pending sales are over $1 million, 7 of them are condominiums.
This is just a overview, but if you are thinking of selling, it is a great time to list your property. If you are thinking of buying, new inventory remains tight and have educated representation in this market, will work to your advantage. Let us know if you have any questions, and how we might help you reach your real estate goals, and assist you through the process.