Havard: Local real estate market demonstrates year-over-year growth in October; sales up 86 percent (column)
Like the inches of snow currently accumulating in the Colorado Rocky Mountains, the number of luxury home sales in the Vail Valley real estate market continues to rise.
In October, luxury homes priced at $3 million or more saw an 86 percent increase in sales year-over-year, according to data released by LIV Sotheby’s International Realty and information based on statistics from the Vail Board of Realtors. With the influx of potential buyers entering the Vail Valley market for ski season and the holiday season, there is little evidence that the pace of sales will soon slow down.
“Over the past 30 days, we have continued to see luxury property in both Vail and Beaver Creek go under contract,” said Daniel Estrada, broker for LIV Sotheby’s International Realty. “It seems evident that buyers are increasingly moving money into real estate and the excitement for resort property remains in demand.
“We believe that this trend will continue into our winter season. With new inventory coming into play, and qualified buyers ready to purchase that next exciting property, we expect great things for 2018.”
Year-over-year, 13 homes with a price tag of more than $3 million sold in October 2017, which represents an 86 percent increase over the seven homes sold in October 2016. Total sales volume rose 55 percent year-over-year, reaching $59,240,000 in October 2017, an increase of $38,325,000 over October 2016. During that same timeframe, number of days on market dropped 23 percent, from 223 days in October 2016 to 171 days in October 2017, a good timeframe for the luxury home market, where homes priced at more than $3 million typically stay on the market longer.
‘Excellent place to invest’
The information above represents averages and varies among the different locations within the Vail Valley. With buyers’ continued desire to purchase luxury homes in one of the nation’s most lifestyle-oriented resort areas, the luxury real estate market in the Vail Valley will likely continue to rise.
The most expensive residential sale in the Vail Valley in October was a 9,893-square-foot residence located at 1003 Daybreak in Avon, which sold for $9,250,000.
“The Vail Valley continues to invest in a well-developed activity structure that provides entertainment for all ages of families,” said Dan Fitchett, Vail Valley managing broker for LIV Sotheby’s International Realty.
“This, along with the allure of the Rocky Mountains, makes a home a good investment here. The purchasers of luxury homes in the Vail Valley are families with multiple generations looking for places to bring everyone together in the winter and summer in a place that’s proven to be an excellent place to invest.”
For more information, contact Dan Fitchett, managing broker with LIV Sotheby’s International Realty, Vail, Edwards, Beaver Creek, at 970-471-1208.
Brittanny Havard is public relations manager for LIV Sotheby’s International Realty. 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.