Fitchett: LIV Sotheby’s releases first-quarter reports, showing strength in Vail, Summit markets (column)
On Sunday, April 22, LIV Sotheby’s International Realty will release its first-quarter micro market reports, indicating that the Vail Valley and Summit County continued to demonstrate growth for the first quarter of 2018.
The reports compare statistics from the first quarter of 2018 (January through March) to that of 2017 for single-family homes and attached dwellings for the residential areas the brokerage services. The report indicates that the resort markets are performing extremely well as we move into the spring selling season.
“Not only did the continued 10-year low in inventory cause upward pressure on desirable properties, contributing to the increased number of condo, townhome and duplex sales throughout the Vail Valley region, but many domestic and international buyers continued to invest in Vail Valley real estate, based on their confidence in the local economy,” said Scott Webber, LIV Sotheby’s International Realty president.
“It’s also important to note the healthy balance we are seeing in Summit County, which continues to attract buyers from around the world.”
The Vail Valley luxury housing market delivered some positive results in January through March 2018. In Eagle County (Edwards, Vail, Beaver Creek), the average home price rose by 2.4 percent, while the average price for single-family homes in Beaver Creek led the market with a 26.4 percent increase compared to that of 2017.
Overall, average days on market fell by 19.5 percent, from 159 days in 2017 to 128 in 2018. Additionally, the average price of all properties sold in Cordillera and Cordillera Valley Club — which includes single-family homes, condos, townhomes and duplexes — increased by 26.4 percent during the first quarter of 2018.
Average sales prices in Eagle County increased by 11.8 percent year-over-year, demonstrating consumers’ willingness to pay more for homes they truly desire, especially at the higher end of the market.
The firm posted several significant sales in the first quarter of 2018, including the March 2018 sale of 483 Beaver Dam Road in Vail for $9.8 million, followed by the $5.25 million sale of 180 Daybreak Ridge Road No. 508 that took place the same month. These significant private sales serve as a testament to the strength of the Vail Valley real estate market.
In Summit County (Breckenridge, Keystone, Copper Mountain) the number of single-family homes sold remained the same year over year, holding at 88. Days on market dropped a significant 31.8 percent year over year, from 85 days in 2017 to 58 days in 2018 — an excellent timeframe in a resort market, where homes typically stay on the market longer.
Other Summit County highlights include an increase in the average price of all properties in Frisco, which rose to $760,196, up 22.2 percent from 2017, as well as Keystone’s average price of all properties to $660,999, up 20.5 percent. Average price for condos, townhomes and duplexes in Breckenridge and Blue River rose to $708,627, up 4.8 percent from 2017.
LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home. Reports for Denver Metro, South Metro, West Metro, Boulder, Foothills, Summit County and Vail Valley can be accessed at http://www.coloradomarketreports.com.
For more information, contact Kristen Muller, senior vice president of marketing and communications for LIV Sotheby’s International Realty, at 303-629-8102 or visit http://www.livsothebys realty.com.
Dan L. Fitchett Jr. is the managing broker for LIV Sotheby’s International Realty in the Vail Valley.
Those units are all deed-restricted, meaning that only people who work an annual average of 30 hours per week can live there. That keeps the apartments out of the short-term rental pool and available to local residents.