LIV Sotheby’s: Holidays in the Vail Valley lend to significant growth in luxury home sales (column)
One of the busiest times of year in resort communities, the holiday season often brings with it an influx of activity within the luxury real estate market. This is especially accurate in the Vail Valley, where increased numbers of second-home owners in town, and prospective buyers carving out time during their extended holiday vacation to tour homes, in anticipation of purchasing come spring, have led to significant growth in the number of luxury home sales.
According to a November 2017 luxury market report released by LIV Sotheby’s International Realty and information based on statistics from Vail Board of Realtors, the Eagle County (Vail Valley and Beaver Creek) luxury home market saw an eye-popping, 40 percent increase in luxury home sales (sales of more than $3 million) year-over-year in November. This number can be attributed to the flurry of activity the holiday season brings to the valley.
“The Vail Valley luxury real estate market continues to show strength as we move in to 2018,” said Patrick Welch, LIV Sotheby’s International Realty broker. “Sales volume of luxury properties through November of this year has increased 43 percent over the same time frame in 2016, with the number of sales increasing 25 percent, to 84 sales, including a new record high sale for a home in Vail Village at $23 million.
“Our proximity to a major metropolitan area like Denver, and the increasing ease of access to our resorts for others around the world, continues to add to the appeal of owning a home in Vail and Beaver Creek.”
Data indicates that year-over-year, seven homes with a price tag of more than $3 million sold in November 2017, from five homes sold in November 2016, a 40 percent increase. Total sales volume reached $53,589,000 in November 2017, compared to $16,650,000 in November 2016, a 222 percent increase. In November 2017, average sales price increased 130 percent, from $3,330,000 in November 2016 to $7,655,571, in November 2017. The number of days on the market dropped, 19 percent, from 256 days in November 2016 to 208 days in November 2017.
Ultra-high luxury sales (more than $5 million) also demonstrated an uptick in the Vail Valley in November, with LIV Sotheby’s International Realty’s The Stockton Group credited with brokering the sale of 141 E. Meadow Drive, a luxury penthouse in Vail, for $11.7 million.
Also closed in the month of November, was the sale of 2845 Daybreak in Beaver Creek, which sold for $9 million. LIV Sotheby’s International Realty brokers Barbara Scrivens and Daniel Estrada co-represented the sale.
“To date, the Vail Valley luxury market is outperforming 2016 in just about every metric: higher total dollar volume, higher average prices, less days on market and a higher top sale price,” said Patrick Barrett, LIV Sotheby’s International Realty broker. “The upper end of the market has returned in 2017, with 40 sales over $5 million thus far in 2017, compared to only 26 sales over $5 million in all of 2016.
“Walking around Vail Village and Lionshead, you can see several large-scale redevelopment projects underway, as some of the prime, ‘beachfront’ properties also undergo substantial renovations. Beaver Creek and Bachelor Gulch Villages have been notably active in 2017, with 21 total sales over $5 million, compared to just 11 in 2016.”
The information above represents averages and varies among the different locations within the Vail Valley. For more information, contact Dan Fitchett, managing broker with LIV Sotheby’s International Realty in Vail, Edwards and 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.