Vail Daily column: Ski-season housing market shows growth
With the 2016-17 Vail Valley ski season proving successful with above average snowfall, similarly, the area’s local real estate market is demonstrating growth. While several notable luxury sales dotted the real estate landscape during the 2016-17 ski season (Nov. 18, 2017 to date), the overall housing market in the Vail Valley demonstrated slight increase compared to last year.
The average sales price (sales $500,000-$999,999) in the resort market of Eagle County (Vail, Edwards Beaver Creek, Avon) demonstrated a two percent increase from $702,391 in 2015-16 to $716,167 in the 2016-17 ski season, according to data released Thursday by LIV Sotheby’s International Realty, and days on the market dropped 28 percent from 184 days on market in 2015-16 to only 132 days in the 2016-17 ski season to date.
Throughout the Vail Valley, specifically in Beaver Creek, smaller, turnkey residences in the under-$1 million-price-range demonstrated increased desirability.
“The most significant trend within the current market continues with the shift from larger estate homes (10,000 square feet) to smaller and newer homes that are turn-key and townhomes within Beaver Creek,” said LIV Sotheby’s International Realty broker, David McHugh. “These properties tend to have an HOA taking care of the property for the buyer, making these properties very attractive for those seeking low-maintenance living. We expect this trend to continue.”
With the increased desire for smaller, turn-key homes within the Vail Valley and Beaver Creek, there becomes more options of homes available for those specifically seeking single-family residences.
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Signs of increase
“If you are a buyer today looking for a single-family home in Beaver Creek you have many options,” McHugh said. “Additionally, Beaver Creek’s design review board has just approved new design guidelines, which allows for more contemporary architecture for single-family homes within the area. This design change should help create more interest in the single-family home market going forward.”
Within the 2016-17 luxury market (sales over $1 million), the number of homes sold in the resort market of Eagle County showed signs of increase in both sales volume and number of properties sold, compared to the 2015-16 ski season.
One-hundred nine homes with a price tag of more than $1M sold in the 2016-17 ski season to date, over 93 homes sold in the 2015-16 ski season, a 17 percent increase year-over-year (statistics pulled from Vail Board of Realtors, MLS). Sale volume increased from $206,452,487 in the 2015-16 ski season, to $336,446,625, in the 2016-17 ski season, a dramatic 63 percent increase. Days on the market were down 11 percent, from 336 days on market to only 299 in the 2016-17 ski season, an improvement in improvement in average timeframe for the luxury sector.
“Consumer confidence has improved a lot within the luxury market,” said LIV Sotheby’s International Realty broker Corey Lamothe. “Here in the Vail Valley, we have a product that is not available anywhere else. The resort community has become a year-round community, where people come for the winter and are staying for summer.”
Despite the natural ebbs and flows relevant to any real estate market, especially in resort areas, the Vail Valley is poised for continued growth as the summer selling season approaches.
“In election years and through the holidays, sales tend to slow down a little, but we are starting to see buyers move forward,” Lamothe said. “We are getting a lot of people from the front range who don’t want to fight the traffic and are now in the financial position to own two homes. The front range congestion is making this area only that much more desirable, and I see the market continuing to rise throughout summer.”
LIV Sotheby’s International Realty compiles a quarterly luxury market report to help consumers make better real estate decisions, whether purchasing or selling a home.
To access current market reports, visit http://www.coloradomarket reports.com. For more information, contact Dan L. Fitchett, Jr., managing broker, LIV Sotheby’s International Realty, Vail, Edwards, Beaver Creek, at 970-471-1208. To service all of your real estate needs visit http://www.livsothebys realty.com
Brittanny Havard is public relations manager for LIV Sotheby’s International Realty.