Vail real estate column: Luxury housing market demonstrates balance in June
The Vail Valley luxury real estate market is showing signs of balance, according to a June 2017 luxury market report prepared by LIV Sotheby’s International Realty. The momentum from a strong winter selling season has carried over into the summer, demonstrating a slight increase in luxury home sales (sales of more than $1 million), compared with last year.
With an influx of potential buyers in town for the summer, a healthy and balanced luxury market is expected to continue into the late summer selling season.
“The higher end of the market has seen a strong surge in activity since the election, which resulted in a very busy winter with record sales,” said LIV Sotheby’s International Realty broker Tom Dunn.
“Currently, we are seeing the majority of the activity in the $1 (million) to $4 million range, led primarily by domestic and Front Range buyers. This is a direct result of a rallying stock market and a vibrant Denver economy. Inventory levels remain low in all price points, which continues to drive demand and push values.”
Demonstrating balance in the marketplace, 33 homes with a price tag of more than $1 million sold in June 2017, compared with 32 sold in June 2016, a 3 percent increase, according to data released by LIV Sotheby’s International Realty and information based on statistics from Vail Board of Realtors.
“The luxury home market in the month of June reinforces our knowledge that both local and global buyers are continuing to show confidence in Vail Valley real estate,” said Dan L. Fitchett Jr., Vail, Beaver Creek and Edwards managing broker of LIV Sotheby’s International Realty. “We have seen a tremendous market response during the first six months of 2017, with expectations that it will continue through the winter ski season.”
Number of days on market was down 31 percent, indicating luxury homes are selling faster. Year over year, the number of days on market was 334 in June 2106, dropping to 232 in June 2017, a good timeframe in the luxury resort sector. Total sales volume increased year over year from $68,097,000 in June 2016 to $87,587,000 in June 2017, a 29 percent increase. The information above represents averages and varies among the different locations within the Vail Valley.
“Real estate has been so exciting this year with the uptick in visitors and buyers,” said LIV Sotheby’s International Realty broker Heidi Bintz. “We are looking forward to finishing the summer strong as buyers continue to gravitate toward the Vail lifestyle.”
The most expensive residential sale in Eagle County in May was a 11,785-square-foot residence located at 65 Elk Track Court in Beaver Creek that sold for $10.7 million.
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.
By Christmas Eve Day 2017, when chairs 7, 10, 11, 14 and 26 still had not yet opened for the season on Vail Mountain, the resort knew something had to be done. Less than two years later Vail Mountain would be completing one of the most ambitious projects in the resort’s history.