Heading into fall, Vail Valley home buyers still seeking luxury homes
On Real Estate
This time of year, Coloradans are eager with anticipation of the official start of the autumn season. But even as the temperature begins to dip and the leaves change their colors, the Vail Valley real estate market remains evergreen in the eyes of homebuyers.
The resort community has been a hotbed of real estate activity since last year and continues to strengthen as 2021 progresses.
LIV Sotheby’s International Realty’s Monthly Market Report for August has just been released, and the data illustrates the local market’s strength — particularly the luxury sector. Looking at the number of listings sold at or above $3 million, there was an impressive 137% increase in luxury home sales through August of this year compared to the same time frame last year. The average price for those luxury homes sold was $5,446,589 — an 18% decrease from January through August of 2020 when the average sold price for luxury homes in the Vail Valley was $6,635,195.
This boom in luxury home buying can be attributed in part to the lifestyle that the Vail Valley provides. Unbeatable access to the outdoors in addition to the world-class skiing of the various resorts nestled within the valley make living here a one-of-a-kind experience that some just can’t resist.
For all price points, the Vail Valley’s real estate market saw continued growth but on a smaller scale. Overall, the number of listings sold through August of this year compared to the same time frame last year increased by 34%. The average price for Vail Valley homes also increased, appreciating by 19% to reach an average sold price of $1,738,535.
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The pace of the market has also quickened. Buyers are purchasing homes here at a faster rate, which has decreased the average days on market for Vail Valley homes by 36%. Through August, properties spent an average of 81 days on the market — down five days from July’s Monthly Market Report. These metrics show encouraging strengthening of the market and demonstrate a continued demand for homes in this iconic resort community.
The Vail Valley provides a unique lifestyle that creates endless opportunities for both home buyers and sellers to reach their real estate goals. To learn more about the Vail Valley’s market performance, read the full Monthly Market Report by visiting ColoradoMarketReports.com. For all of your resort real estate needs, call 970-476-7944 or visit Resorts.LIVSothebysRealty.com.