Vail Valley Real Estate Statistics - Higher Volume - Lower Prices - Big Increase in Properties Under Contract

Here are some statistics that will probably not surprise most of us in the real estate markets. Volume is up and prices are declining. Basic math provides the following insights:

Since January 1, 2009 there have been 417 residential real estate closings *
The average sold price has decreased by 17%
The average days on market has increased by 19%
The sold price as a percentage of the list price is 86%

In the last 30 days:

The number of active listings is 1621, down about 10% from August (as one would expect from properties being placed back into the rental pool for the ski season).
65 sales in the last 30 days, a 40% increase from the month of August.
The average sold price is $1,012,854, down 6% from August
Homes are still selling at 86% of list price
The average sold price per square foot is $417
The average cumulative days on the market is 277.

The statistical data above refers only to properties listed in the MLS and are believed to be accurate with no guarantees.

Of great note is that in the last 30 days, 165 properties have been put under contract. This is an increase of 165% from August. My personal take on this uplifting statistic is that many people believe we are nearing the bottom of the real estate meltdown in this Valley. While there is still tremendous downward pressure on prices, an increase in volume is a leading indicator of a recovery, even if it is 1-2 years away.

First Time Homebuyer Tax Credit Extended?

The US Senate will vote tonight on the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit. If passed, not only would first-time buyers who have not owned a home in the last 3 years be included, but so would existing homeowners looking to upgrade their home. A sliding scale is being proposed with a greater credit being offered to those homeowners who have lived int heir current residence for at least 7 years. Income limitations will apply and are being suggested at $150,000 for a single taxpayer and up to $300,000 for those filing jointly.