Secluded at the top of the Singletree community, this 8,516- square-foot, six-bed, seven-bath private residence at 261 Mesquite Drive in Edwards is surrounded by open space and National Forest land with views of New York Mountain and Arrowhead. Ideally suited for entertaining, the home features a spacious great room with vaulted ceilings, towering windows, a wrap-around deck, and a gourmet kitchen, along with a separate two-bedroom, one-bath apartment. Listed by Alida Zwaan, Berkshire Hathaway HomeServices Colorado Properties. The home sold for $4.995 million in August 2022. Courtesy photo
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There's still a robust buyer pool for well-priced homes that are in great condition.
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May 2023 statistics:
- Lowest price sale: $400,000
- Highest price sale: $14,750,000
- Number of sales: 71 (129 in May 2022)
- Avg. sold price per foot: $867 ($965 in May 2022)
- Avg. days on market: 76 (27 in May 2022)
- Homes under contract: 59
Despite lower numbers of sales (71 in May 2023 vs. 129 in May 2022) and an increase of days on the market (76 vs 27 in May 2022), real estate fundamentals are reemerging and driving success for buyers and sellers. Well-priced homes that are in great condition before coming to market are receiving attention from a robust buyer pool trying to enter the market or who are making shifts in their current housing here in the valley. Buyers, who are prepared to act quickly in active markets, have been rewarded.
The overall pace of the real estate market continues to lag from previous years (to be expected). It is primarily being hindered by inventory and seller’s (or potential seller’s) concerns about replacement properties if remaining in the area.
Market-priced homes continue to attract multiple offers, a clear indication that buyer interest and activity remain strong despite headwinds at a macro level. For buyers financing, forecasts show that mortgage interest rates should decline over the next 12 months and that may lead to even more activity. Either way, with limited inventory, there is no sign of a marked decline in values. If anything, they are stable, though a few pockets of the market have experienced some softening — mostly due to affordability — or being overpriced relative to condition and location.
What it means for buyers and sellers:
Resort/Luxury Market (Vail, Beaver Creek, Arrowhead, Singletree, Cordillera)
Alida Zwaan, a broker associate with Berkshire HomeServices Colorado Properties in the Vail/Lionshead office, says current luxury market buyers are being more selective and are primarily interested in new or remodeled homes.
“There is still demand, which is good news for sellers, but these buyers don’t want to pay for property that has to be remodeled,” Zwaan said. “Resort market buyers have the luxury of cash to buy what they want when they want. With rising building costs, combined with the time required for construction and added expense, buyers would prefer to pay for a new property.”
This buyer trend also impacts sellers and Zwaan notes that listing a home that’s out of line with market values based on location and condition is driving up days on the market. Homes that are priced right are selling and selling pretty quickly.
“Buyers are not willing to pay more than they believe is fair market value, not always what the seller wants to get for their home, ” Zwaan said. “It’s a reality check; if you want to sell, listen to the advice of an experienced broker versus one who just wants your business. he market stats don’t lie and the homes that are selling are priced right.”
