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Vail/Eagle County Market Update – November 2018

Commercial Real Estate sales volume of $85.8M with 117 transactions YTD in 2018 is down significantly 62% compared to sales January-October 2017 with 154 transactions worth $318M. Residential Real Estate sales for $1,505.5M YTD in 2018 are slightly up by 5% compared to sales January-October 2017 of $1,440M. Sales Taxes in Eagle County are up 6% YTD compared to taxes collected January-October 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 YTD
2018 YTD
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY – Eagle County (Source – LTGC)
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$318,850,000
$85,880,000
-62%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
154
117
-24%
VELOCITY – Vail (Source – VBR)
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Sales Volume
$29,837,000
$28,082,000
-6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Commercial Transactions
44
52
18%
SALES TAX INDICATORS:
Item :
2017 YTD :
2018 YTD :
% +/- :
Eagle County
$12,823,000
$13,552,000
5.6%
Item :
2017 YTD :
2018 YTD :
% +/- :
Vail
$13,107,000
$13,470,000
2.7%
Item :
2017 YTD :
2018 YTD :
% +/- :
Avon
$3,981,000
$4,199,000
5.4%
Item :
2017 YTD :
2018 YTD :
% +/- :
Eagle
$2,110,000
$2,337,000
10.7%
Item :
2017 YTD :
2018 YTD :
% +/- :
Gypsum
$3,800,000
$4,000,000
5.2%
Item :
2017 YTD :
2018 YTD :
% +/- :
Total
$42,675,000
$45,404,000
6%
RESIDENTIAL REAL ESTATE – Eagle County (Source – LTGC)
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$1,440,023,930
$1,505,547,986
5%
Item :
2017 YTD :
2018 YTD :
% +/- :
Transactions
1,369
1,369
0%
RESIDENTIAL REAL ESTATE – Vail (Source – VBR)
Item :
2017 YTD :
2018 YTD :
% +/- :
Residential Total Sales
$1,149,000,000
$1,229,000,000
7%
Item :
2017 YTD :
2018 YTD :
% +/- :
Transactions
1,007
992
-1%
DEVELOPMENTS
  • Vail – 4 projects with 171 units
  • Avon – 1 project with 81 units
  • 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.