Vail Daily real estate column: Report: High-end residential sales healthy
The Vail Valley luxury real estate market is demonstrating signs of healthy growth as we enter the summer selling season. The number of luxury home sales, defined as sales of more than $1 million, in the resort markets of Eagle County showed signs of significant increase year over year according to a May 2017 luxury market report prepared by LIV Sotheby’s International Realty.
“The summer season has really been heating up lately, and a busy series of activities brings many people to Vail,” said Matthew Blake, LIV Sotheby’s International Realty broker. “As the weather heats up in many parts of the country, people flock to the mountains to be in the cool, dry air and lush mountain environment. Most all outdoor activities are in full swing — hiking and biking trails are now open — and it is a great time to experience the summer mountain lifestyle in Vail.”
A total of 44 homes with a price tag of more than $1 million sold in May 2017, compared with 27 sold in May 2016, a 63 percent increase, according to data released by LIV Sotheby’s International Realty and information based on statistics from Vail Board of Realtors.
Total sales volume increased year-over-year from $67,904,842 in May 2016 to $115,877,300 in May 2017, a 71 percent increase. Average price per square foot also increased, rising 13 percent from $724 in May 2016 to $819 in April 2017. The information above represents averages and varies among the different locations within the Vail Valley.
Month over month, Eagle County saw a significant decrease in average days on market, with buyers looking to purchase homes before the summer months. In May 2017, average number of days on market was 244, down from 338 in April 2017, a 28 percent decrease.
“The Vail market continues to increase in value, and buyers are primarily families who have continued confidence in the stability of their investments,” said Dan L. Fitchett Jr., Vail, Beaver Creek and Edwards managing broker at LIV Sotheby’s International Realty. “This is driven by the exceptional recreational and social opportunities that are available year-round.”
The most expensive residential sale in Eagle County in May was an 11,785-square-foot residence located at 65 Elk Track Court, Beaver Creek, which sold for $10,700,000.
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.