Temperatures and luxury transactions begin to rise in the Vail Valley
On Real Estate
April showers bring May flowers, and throughout the Vail Valley, wildflowers weren’t the only thing blossoming throughout the fifth month of the year. As we’ve seen for some time now, the $3 million and above luxury market has continued to hold strong through seasonal inventory slowdowns, with April seeing a year-to-date increase of 10% in total sales volume, despite a 6% decrease in high-end listings sold.
For May, the luxury market saw an even more significant increase in total sales volume year-to-date, rising from $515,303,795 in 2021 to $618,851,471, a 20% increase correlating to a 6% increase in listings sold.
Although inventory appears scarce across the all-price points sector, luxury properties within the coveted valley continue to prevail. From year-to-date comparisons of the first five months of 2021 and 2022 to year-over-year comparisons from 2020-2021 and 2021-2022, real estate above the $3M mark continues to come onto the market for short periods and steadily appreciates as the demand for high-end mountain living grows.
Through May 2022, the average sold price increased 13%, with the average list price already starting 10% higher than in 2021, at $6,394,505. While many market statistics grew in the luxury category, one number, unsurprisingly, did not. Down 66% from January through May last year, the average days on market dropped from 225 days to a shocking 76 days. With a little over two and a half months to conduct transactions, the competition remains strong from East Vail to Gypsum.
While standing inventory is less than the market is used to, with listings sold down 22% year-to-date from 2021 at 492 sales across all price points, average list and sold prices continue to rise. From January through May of last year to the same period this year, the average list price rose 21% to $2,247,740, and the average sold price topped that with a 24% increase, from $1,777,658 in 2021 to $2,210,129 today. Like the $3M and above sector, inventory, when it comes to market, moves quickly. In the all price points sector, properties stayed on the market for an average of 33 days, a stark contrast to last year’s market pace at 102 days.
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As we prepare for temperatures and tourism to rise in the summer months, it is likely, that the real estate market will too. While the luxury sector continues to hold firm with inventory and interest, all eyes will be on the all-price points market as we head into a historically busy season for buying and selling.
To learn more about the Vail Valley’s market performance and other regions of Colorado, visit our monthly market reports on LIVSothebysRealty.com. For all of your real estate needs throughout Colorado’s iconic resort communities, call 970-476-7944 or visit Resorts.LIVSothebysRealty.com.