Real estate: LIV Sotheby’s International Realty releases mid-year micro market reports (column)
July 20, 2018
LIV Sotheby's International Realty recently released its midyear micro market report, indicating the Vail Valley continues to demonstrate significant growth. The report compares midyear statistics, January through June, to those of 2017 for single-family homes and attached dwellings in Eagle County (Edwards, Vail, Beaver Creek).
According to the report, the resort market is performing extremely well as we round out summer and move into the autumn selling season.
The Vail Valley housing market delivered positive results in January through June 2018, as the average home price rose by 8.2 percent. The number of single-family homes sold rose 4.7 percent year over year, with average days on market decreasing by 19 percent, from 141 days in January through June 2017 to 117 days in 2018.
"The average sales price increase year over year demonstrates consumers' willingness to pay more for homes they truly desire, especially at the higher end of the market," said Scott Webber, president of LIV Sotheby's International Realty.
Upward pressure on desirable properties
On a micro level, the statistics indicate a significant jump in number of properties sold in the Wildridge area, up 68.8 percent from 16 properties sold January to June 2017 to 27 properties sold during the same period in 2018. Vail Village also saw an increase, up 30 percent January through June, compared to that of 2017.
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In the last six months, several significant sales took place for LIV Sotheby's International Realty, including the $13.4 million sale of 51 Chateau Lane No. 11 in June, followed by the $11.4 million sale of 304 Bridge Street No. R3 in May.
It is important to note that the continued 10-year-low in inventory has caused upward pressure on desirable properties.
"It has been only within the last several years that new construction throughout the valley has started to increase," said Dan Fitchett, managing broker for the Vail Valley.
"In addition to the new construction, many buyers are purchasing older homes and bringing them up to today's standards. With this, along with properties approaching the values of 10 years ago, we are experiencing a steady and healthy growth in the real estate market."
Domestic and international buyers continue to invest in Vail Valley real estate, based upon their confidence in the local economy. With Colorado's resort markets performing at especially high levels, the value of having a seasoned professional advocating on a buyer or seller's behalf has never been more important.
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. Visit www. coloradomarketreports.com.
Kristen Muller is the senior vice president of marketing and communications for LIV Sotheby's International Realty. Sotheby's International Realty Affiliates has 950 offices and 22,000 sales associates worldwide. Locally, LIV Sotheby's International Realty has 15 office locations in the Vail Valley, Breckenridge, Boulder and throughout Denver Metro. For more information, call 970-476-7944 or visit http://www.livsothebysrealty.com.