The Vail Valley sees a 73% increase in luxury homes sales through November
On Real Estate
Even as the year comes to an end, people continue to buy and sell homes in the Vail Valley. With snow now falling and the ski resort communities bustling with life, it is once again easy to see why anyone would want to live the mountain lifestyle. While the real estate market in this area has seen incredible surges in activity over the course of the year, the home buying activity appeared to be stabilizing through November.
Each month, LIV Sotheby’s International Realty produces a market report that examines current real estate data in a year-to-date comparison to the performance of the same time frame during the previous year. November’s Monthly Market Report reveals that the Vail Valley is still a top destination for homebuyers and sellers, especially within the luxury sector of the market.
From January to November of 2021, the number of listings sold at all price points rose by 3%. During that period of time there have been 1,528 homes sold in the Vail Valley. The average price of those homes appreciated from $1,580,337 to $1,902,115 — a 20% increase. The speed of the market remains elevated with the average days on market for local homes decreasing by 38% through last month to reach an average time of 70 days.
Luxury home sales continue to grow at an exponentially larger rate than the remainder of the market. The number of luxury homes, listed at or above $3,000,000, rose by 73% through November of 2021 compared to January through November of 2020. So far this year, there have been 270 luxury residences sold in the Vail Valley.
Despite the strengthening demand for these high-end homes, the average sold price has seen a slight decrease from $6,191,351 through last November to $5,648,354 through last month — a 9% reduction. The average time on the market for homes in this category of the Vail Valley market have spent an average of 155 days on the market this year, which is 33% less time than last year.
The Vail Valley provides a resort lifestyle that creates endless opportunities for both homebuyers and sellers to reach their real estate goals. To learn more about the Vail Valley’s market performance, read the full Q3 Micro Market Report by visiting ColoradoMarketReports.com. For all of your resort real estate needs, call 970-476.7944 or visit Resorts.LIVSothebysRealty.com.