Havard: Vail Valley luxury housing market demonstrates significant end-of-summer growth (column)
The number of luxury homes sold — sales of more than $1 million — in the resort markets of Eagle County demonstrated significant growth month over month, according to August 2017 luxury market data released by LIV Sotheby’s International Realty and information based on statistics from the Vail Board of Realtors.
“The Vail Valley luxury real estate market demonstrated an uptick in sales in August 2017,” said Dan Fitchett, Vail Valley managing broker for LIV Sotheby’s International Realty. “Many buyers seek to purchase homes before the ski season, which typically yields to increased sales in the final days of summer.”
Month-over-month, 40 homes with a price tag of more than $1 million sold in August 2017, compared with 23 homes sold in July 2017, a 73 percent increase. Total sales volume reached $96,407,250 in August 2017, compared with $52,409,500 in July 2017, an 84 percent increase. In August 2017, average sales price increased 11 percent, from $2,278,674 in July 2017 to $2,537,033 in August 2017.
Month-over-month, August data demonstrated that the end-of-summer selling season in the Vail Valley was strong; buyers continue to want to purchase homes before the approaching ski season and before the start of the school year.
Ultra-high luxury sales — more than $5 million — also demonstrated an uptick in the Vail Valley at the end of summer. The most expensive residential sale in the Vail Valley in August was a 10,000-square-foot residence located at 2187 Daybreak Ridge Road in Beaver Creek, which sold for $12 million by LIV Sotheby’s International Realty broker Barbara Scrivens.
“When a seller knows they have a unique product and a buyer realizes it is irreplaceable, everyone wins,” Scrivens said. “This house with its location and views is simply unmatched in Bachelor Gulch, and it was a pleasure to represent the sale of this extraordinary home.”
With buyers seeking to purchase homes before the approaching ski season, the Vail Valley is positioned for a continued healthy autumn selling season.
The information above represents averages and varies among the different locations within the Vail Valley. For more information, contact Fitchett 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.