The Vail Valley lifestyle and low inventory continue to drive record high demand
On Real Estate
Courtesy LIV Sotheby’s International Realty
Two months into 2022, and the real estate market in the Vail Valley continues to prove that much like we see on the slopes, even when supply is low, the demand is high. In February, the number of listings sold across all price points dropped 11% from last year, yet the total sales volume and average sold price were up 8% and 21%, respectively. The total sales volume through February 2022 was up from $338,368,338 in 2021 to $364,896,797.
This decrease in inventory but increase in sales volume and price indicates market prosperity for sellers and continued competition for buyers. The number of listings sold under $3 million decreased from 185 in 2021 to 165 in 2022; however, listings sold in the luxury sector remained relatively steady from February 2021 to February 2022, with a slight increase of 6%, totaling 37 properties sold.
While inventory across all price points continues to fluctuate, one thing is for certain: market pace has not slowed in the new year. Listings moved off the market 66% faster than last year, decreasing from 131 days in February 2021 to just 44 days in 2022.
With just over a month and a half of time to view, bid, and buy, we’re seeing the average list price increase exponentially from $1,912,653 in February 2021 to north of $2 million in 2022 at $2,257,092. This 18% increase in list price and 21% increase in average sold price reflect the need for buyers and sellers to work with skilled Realtors who can appropriately assess the market and price property accordingly.
In the $3M and above luxury category, the number of listings sold wasn’t the only metric to increase in February. In fact, everything from total sales volume, the average sold price, highest sold price, and average list price were up significantly from February 2021 to February 2022. The only market metric that experienced a decline was the average time spent on market. Similar to the all price points segment, the average days on market decreased dramatically from 230 days to 83 days, a 64% decrease in a year-to-date comparison from 2021 to 2022.
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The sale of a 7-bedroom, 6-bathroom, $19,000,000 home in Vail kicked 2022 off on a high note. A 74% increase from the highest sold property in February of last year at $10,950,000, this expansive estate offered privacy and prestige just steps from the slopes.
As February came to a close and another high-sales volume month passed, the metrics show that market demand is not letting up. It continues to be a seller’s market with properties selling above list price and buyers competing for the chance to call our coveted mountain communities home.
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.