The Vail Valley sees significant market improvement over the summer
On Real Estate
For many reasons, the Vail Valley is a sweet escape for both Coloradans and tourists in the summertime. Cooler temperatures, nearness to nature, and the area’s resort lifestyle draw people from all over to this mountain community. Even with social distancing measures still in place, the Vail Valley is alive with activity.
The increased activity also brings more attention to the inventory of available homes in the area. As consumers have begun to prioritize investing in properties outside of metropolitan areas, with more amenities and bonus spaces to truly make their home a “home base,” real estate activity in the Vail Valley has surged.
According to data pulled from LIV Sotheby’s International Realty’s Monthly Market Report, the Vail Valley is seeing significant increases in the amount of home buying and selling taking place thanks to the demand for houses in the area.
As a result of the boom in buying activity, both the average list price and average sold price have experienced an upward trend in a year-to-date comparison of July in 2020 to July in 2019. The average list price for homes in the Vail Valley as of last month was $1,460,887, a 12% rise from year ago levels. The average sold price rose by almost the same percentage, increasing from $1,234,559 in 2019 to $1,376,478 this year, an 11% growth.
Not only are home prices being driven upward due to the surplus of homebuyers competing for limited inventory, but the rate at which homes are being sold is also picking up speed. In July, the average days on market for homes in the Vail Valley decreased by 3%, shrinking from 131 days on market in 2019 to 127 days on market in 2020.
“The activity we’ve seen throughout the Vail Valley has been tremendous,” said Dan Fitchett, vice President and managing broker of LIV Sotheby’s International Realty’s Vail Valley offices. “Given the community’s unique location and the range of lifestyles it caters to, I’m not surprised to see the strong buyer interest in the market. People want a high-end resort experience that offers an escape, especially now, and that is something that the Vail Valley offers that can be hard to find.”
The luxury home market has seen success in Eagle County as well. Luxury homes, which are defined as properties priced at or over $3 million, have seen a notable increase in the average list price and the average sold price. Average list price for luxury homes rose by 13% and the average sold price grew by 12% during July, compared to last year’s levels. This impressive increase in prices is influenced by the recent, $24 million sale of 375 Mill Creek Circle, which was listed by LIV SIR broker Tye Stockton. This sale caused the highest sold price for the area to rise by 39%.
This iconic estate, which was originally listed for $26,000,000, is the highest-priced sale ever recorded as of July 2020 by the Vail Board of Realtors. Incredibly, the buyer, who is based in Paris, France, purchased this home without ever seeing it in person thanks to The Stockton Group’s innovative technology strategy developed for this remarkable estate. Utilizing the best digital tools the industry has to offer, The Stockton Group made this sale possible through the use of high-definition videography, 3D virtual tours, personalized walkthroughs of the home via video chat, and rich professional photography. The Stockton Group also tapped into the global Sotheby’s International Realty network to market to potential buyers from around the world.
With homebuyers hungry for properties in the resort communities and interest rates at record-low levels, now is a great time to sell a home or buy a property in the Vail Valley.
To learn more about the real estate market in the Vail Valley and to view the July Market and Luxury Reports, visit coloradomarketreports.com. For all your real estate needs, call 970-476-7944 or visit resorts.livsothebysrealty.com.
LIV Sotheby’s International Realty has 23 office locations in the resort communities of the Vail Valley, Breckenridge, Dillon, Winter Park, Crested Butte, and Telluride, also including Denver Metro and the surrounding areas.