Every day I look at the Vail MLS and watch what is going on in our valley in the real estate markets - that's my job. Lately, I've been paying more attention to what is actually going "under contract" and what is actually "selling" than the hot new listings. It is not uncommon on any given day to see 30 different listings with drastic price reductions. Often, this is accompanied by an email from the listing agent who points out that the price has been reduced another $37,000 on a $2 million dollar listing - BIG DEAL is what I say. Just today, I saw prices being reduced by up to 20%! The Vail Valley currently has about 2051 active listings for property (commercial, residential and land). In January of this year, 22 deals closed and 32 transactions closed in February. My math figures that we have a 76 month supply of inventory or just over 6 years. So, I think the sellers need to get real and offer something unique. This could include a great property at a great price, owner financing or other innovative incentives. By the way, a Founders garage parking space in Vail Village just closed today for $250,000, so people are still spending money in Vail.
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