First quarter real estate data shows strong home prices throughout the Vail Valley
On Real Estate
Courtesy photo
On the heels on record-breaking real estate sales volume in 2020-2021, the local market has stabilized. The average days on market in Eagle County has gone from 40 days in 2022 to 69 days in the first quarter of 2023, allowing buyers more time to tour multiple properties and make decisions.
Total sales volume has declined 29.6% but sold prices and average price per square foot continue to trend upward in most neighborhoods. Vail Village’s average sold price notched up 24.2% from $5,299,208 to $6,582,111 compared to 2022. The average price per square foot rose from $2,383 to $3,053 as demand stays strong for properties within walking distance to the gondola, restaurants, and luxury shops. The desirable Vail Golf Course community had a 54.5% jump in average sold price, from $3,278,333 to $5,065,000, with the highest price ringing in at $6.85 million. The average price per square foot increased 25.2% from $1,379 to $1,726.
Arrowhead also had strong results in the first quarter, with a 31.5% increase in average sold price from $3,172,678 to $4,173,571. And the community’s average price per square foot increased 8.3% to $1,133. Results were mixed for properties in West Vail, as the average sold price was down 37.9% from $2,661,780 to $1,652,333 but the average price per square foot ticked up 18.2% to $942.
Wildridge and Wildwood continue to be attractive for buyers, with an average sold price of $2,241,250, up 37.7%. That neighborhood’s average price per square foot climbed 13.3% to $638. Edwards and Homestead saw a 44.7% increase in average sold price from $935,723 to $1,354,343. Price per square foot rose 22% from $%54 to $676.
LIV Sotheby’s International Realty brokers had several notable sales in March 2023. A ski-in Elkhorn Drive home listed by Chris Scherpf closed on March 14 for $9.1 million. An Arrowhead Drive listing represented by Andie Ohde, within walking distance to the Alpine Club and Arrowhead’s base area, closed for $4.35 million on March 28.
Support Local Journalism
With summer just around the corner, Vail Valley residents and visitors alike look forward to fly-fishing local rivers and hiking and biking hundreds of miles of trails throughout the region. Warmer weather also means entertainment options ranging from jazz, ballet and opera to bluegrass and rock at the Gerald R. Ford Amphitheater in Vail and the Vilar Performing Arts Center in Beaver Creek. With endless outdoor recreation and a star-studded arts scene, the Vail Valley is a favorite destination for visitors from throughout the US and worldwide. Demand for properties remains healthy as buyers consider relocating to the Colorado mountains or purchasing a vacation home.
For real estate needs throughout Colorado’s iconic resort communities, call 970-476-7944 or visit your local LIV Sotheby’s International Realty office. LIV Sotheby’s International Realty services the resort markets of Beaver Creek, Breckenridge, Crested Butte, Telluride, Vail, Winter Park, and beyond. These legendary locations serve as a hub to discover your Colorado mountain dream home in the perfect setting for outdoor enthusiasts.