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Vail/Eagle County Market Update – January 2019

Posted on February 23, 2019 by Mike Budd, Berkshire Hathaway Home Services in Market Updates

Commercial Real Estate sales volume of $187.1M with 183 transactions in 2018 is down 41% compared to sales in 2017 with 154 transactions worth $318M with the decrease in 2018 due to $145M commercial sale of a hotel in 2017. Residential Real Estate sales for $1.9B YTD in 2018 are slightly up by 4.5% compared to sales in 2017 of $1.8B. Sales Taxes in Eagle County are up 6% in 2018 compared to taxes collected in 2017. New commercial real estate development projects include 4 apartment projects for 171 units in Vail, 1 apartment project in Avon for 81 approved units, 3 apartment projects in Edwards for 228 units under construction, 7 apartment projects in Eagle for 1,598 units of which 2 projects are under construction, 4 apartment projects in Gypsum for 1077 units of which 1 project is under construction. There are a total of 19 apartment construction projects worth 3,153 units coming on to the market.

VAIL/EAGLE COUNTY MARKET UPDATE

Item
2017
2018
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY – Eagle County (Source – LTGC)
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$319M
$187M
-41%
Item:
2017:
2018:
% +/- :
Commercial Transactions
154
183
19%
VELOCITY – Vail (Source – VBR)
Item:
2017:
2018:
% +/- :
Commercial Sales Volume
$34.5M
$33.1M
-4.2%
Item:
2017:
2018:
% +/- :
Commercial Transactions
50
66
32%
SALES TAX INDICATORS:
Item:
2017:
2018:
% +/- :
Eagle County
$14.7M
$15.6M
5.8%
Item:
2017:
2018:
% +/- :
Vail
$26M
$27.9M
7.2%
Item:
2017:
2018:
% +/- :
Avon
$6.8M
$7.2M (November 2018)
Item:
2017:
2018:
% +/- :
Eagle
$4M
$2.3M (June 2018)
Item:
2017:
2018:
% +/- :
Gypsum
$4.9M
$5.2M
6.6%

RESIDENTIAL REAL ESTATE – Eagle County (Source – LTGC)
Item:
2017:
2018:
% +/- :
Residential Total Sales
$1.84B
$1.92B
4.5%
Item:
2017:
2018:
% +/- :
Transactions
1,703
1,623
-4.7%
RESIDENTIAL REAL ESTATE – Vail (Source – VBR)
Item:
2017:
2018:
% +/- :
Residential Total Sales
$1.54B
$1.67B
8.4%
Item:
2017:
2018:
% +/- :
Transactions
1,377
1,353
-2.5%
DEVELOPMENTS
  • Vail – 4 projects with 171 units
  • Avon – 1 project with 81 units under construction
  • Edwards – 3 projects with 228 units under construction
  • Eagle – 7 projects with 1598 units (2 projects under construction)
  • Gypsum – 4 projects with 1075 units (1 project under construction)
  • Total – 19 projects with 3,153 units

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About The Author

Mike Budd, Berkshire Hathaway Home Services

Mike Budd’s tenure in the Vail Valley has allowed him to watch the growth and development that makes Vail the greatest resort area in the world. He offers his clients a unique perspective when professionally marketing their commercial property or working through the entitlement and sales process for real estate development in the Vail Valley area.