Just because the summer is ending doesn’t mean that Vail Valley home sales are slowing down
On Real Estate
The Vail Valley continues to be a hot spot for homebuyers looking for a mountain escape. Throughout the summer, LIV Sotheby’s International Realty has seen a significant increase in the number of properties sold throughout this popular Colorado mountain community. As fall begins, homebuyers and sellers are showing that they’re not done with the real estate market just yet.
Each month, LIV SIR compiles a market report highlighting the latest data and real estate activity in the Vail Valley. During the month of August, LIV SIR reported that there was a 9% increase in total sales volume, in a year-to-date comparison of 2020 to 2019. This increase in sales volume is unsurprising as more consumers are shifting their homebuying preferences from urban areas to communities with direct access to the Rocky Mountains and a focus on more relaxed lifestyles.
The average list and sold prices of homes in the Vail Valley saw an increase, which also contributed to the rise in total sales volume. Both the average list price and average sold price for properties in this area grew by 16%. As of August, the average list price for Vail Valley homes was $1,545,532, and the average sold price was $1,462,456. These impressive increases were influenced by one exceptionally expensive home which sold last month for $29,750,000.
The $29,750,000 sale was part of the record-breaking sale of 99 and 100 Vail Road, two luxury properties that sold for an amazing combined price of $57 million last month. LIV SIR broker, Tye Stockton, of The Stockton Group, brought the buyer to this incredible sale, making Vail Valley real estate history.
The luxury sector of the market, defined as homes priced at, or over, $3 million continues to perform extremely well. Total sales volume for luxury homes rose by 19%. This increase is partially influenced by the aforementioned sale however, the number of luxury listings sold also plays a role in the sharp 19% increase. Luxury listings sold in the Vail Valley grew by 6% during August, in a year-to-date comparison to 2019. Last month there were 67 luxury homes sold, a notable difference from August of 2019 when 53 luxury homes were sold.
With so much success in the high-end home market, LIV SIR is seeing more ultra-luxury homes coming onto the market to meet the demand. Tye Stockton is representing the seller of 587 Paintbrush, in Mountain Star, a stunning, farmhouse chic estate with sweeping Vail Valley mountain views, listed for $11.5 million. Malia Cox Nobrega, another broker from LIV SIR, is currently representing two beautiful luxury properties, 670 Forest Road which is available for $11,775,000, and 672 Forest Road which is available for $14,999,500.
As more people begin their real estate journeys in search for homes in Colorado’s mountain and resort communities, more homes in the Vail Valley will continue to sell thanks to their ideal location and the lifestyle they are able to provide. To learn more about the real estate market in the Vail Valley and to view the August Market Report, visit coloradomarketreports.com. For all your real estate needs, call 970-476-7944 or visit resorts.livsothebysrealty.com.
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