Homes sales continue to surge in the Vail Valley
On Real Estate
The Vail Valley’s real estate market has seen much improvement over the last year. When comparing key metrics from last month to March of 2020, the data tells a story of resilience, positivity, and strength.
Last spring, real estate restrictions temporarily brought the market to a halt, but it wasn’t long before those mandates were lifted and the Vail Valley’s unbeatable resort lifestyle beckoned home buyers back to its communities. Since then, the local real estate market has not lost its momentum.
Each month, LIV Sotheby’s International Realty compiles a monthly market report detailing the performance of the real estate market during the previous month compared to the same time frame of the year before. The monthly market report for March indicates that real estate activity continues to rise even as the peak of the ski season comes to an end.
Through March, total sales volume for the Vail Valley rose by an astounding 80% compared to the same time frame in 2020, reaching $592,470,067. This impressive boost in sales volume can be attributed to the 54% increase in the number of listings sold and the appreciation of the average price of homes in the area.
There were 338 homes sold through March of this year. The average price of the homes sold during that time was $1,752,870, which is 17% higher than it was during January through March of 2020.
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The Vail Valley has been a top destination for homebuyers due to its unmatched access to The Rocky Mountains, world-class skiing, and some of the most loved dining options in the state. Heightened demand not only fuels the rising home prices and increased buying activity, but it has also increased the pace of the marketplace.
In a year-to-date comparison of January through March of 2021 to the same time frame last year, the average amount of time a home spends on the market decreased from 151 days in 2020 to 111 days in 2021.
Even more significant growth can be seen in the luxury sector of the Vail Valley real estate market. In this portion of the market, which is defined as homes priced at or over $3,000,000, an astounding 110% increase in sales volume, totaling $260,081,700, was seen through March.
Buyers are clearly hungry for high-end homes in this community, considering that the number of luxury listings sold rose 138% through Q1 of 2021 in comparison to Q1 of 2020. Interestingly, the average price of a luxury listing in the Vail Valley has decreased by 12%, bringing the average price for luxury homes to $5,201,634 through March.
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.