PRICES SLOWLY ADJUSTING IN THE VAIL VALLEY

All though prices in our valley have been resistant for the past six months to drop, we are beginning to experience some modest price corrections for those who are in a position of having to sell their homes. The national average of nearly an 8% drop in home prices during the first quarter is beginning to creep it's way into certain niches of our market. Some 2bth/2bd condos and 3bd/2bth townhomes that were priced in the mid $300's to mid $400's are seeing price reductions of 7-10% which is very good news for buyers, hence, I personally have seen more buyers stepping into the market as the search for more reasonably affordable homes. Financing continues to be a challenge for some buyers I am working with, but with the modest price reductions they are seeing some real options becoming available and are out shopping again...which is great news for sellers who have priced their homes according to market needs. As prices continue to slowly adjust, I believe the market will become "alive" again, it's only a matter of time!