The Vail Valley sees spike in demand for homes
On Real Estate
In June, more businesses across Colorado’s resort communities, such as the Vail Valley, reopened their doors to consumers. After a period of more strict social distancing mandates, residents and tourists were eager to safely return to the activities they longed for in the spring.
Along with simple pleasures such as visits to restaurants, haircuts, and shopping in stores again, consumers were excited to get back into the real estate market.
Pent-up demand that accumulated throughout the spring has created a strong desire for homes in the Vail Valley. However, the supply and the demand within the marketplace are uneven at the moment. While there are plenty of homebuyers ready to claim a piece of Vail as their own, there are limited homes that are available to purchase.
This imbalance in the marketplace is illustrated in the Monthly Market Report compiled by LIV Sotheby’s International Realty for the month of June. Last month, the average list price for a home in the Vail Valley was $1,524,141, a 10% increase from the same month in the previous year. Additionally, the average sold price was $1,428.615, which is also 10% higher than June of 2019.
The combination of increased interest from homebuyers and lower levels of inventory has resulted in many sellers receiving multiple offers and often closing the sale at over the asking price.
Even though the market is seeing a slight upward trend in prices, many buyers are still able to find their mountain dream homes. According to data reported in LIV SIR’s Micro Market Report for the Vail Valley, some neighborhoods are still seeing increases in home sales.
In fact, Bachelor Gulch had a 61.5% increase in properties through June compared to the same time period in 2019. There were 21 listings sold during January through June in this community, up from last year when 13 homes sold. Edwards and Minturn also saw increases in the number of homes sold from January to June, increasing by 100% and 80% respectively.
What’s more, the highest-priced sale of a residence thus far in 2020 was represented by LIV SIR broker Malia Cox Nobrega last month in Vail Village. Malia represented the buyers of 151 Vail Lane #13, which sold for $18,500,000 in June. The sale of this incredible home increased the highest sold price by 7% from June of 2019 to June of 2020. The five-bedroom, six-bathroom estate is located just steps from Gondola One in Vail Village.
There are plenty of opportunities for both buyers and sellers to find success in the Vail Valley real estate market this summer. To view the full Monthly Market Report and Micro Market Report, visit coloradomarketreports.com and for assistance with any of your real estate needs, call 970-476-7944 or visit resorts.livsothebysrealty.com.
LIV Sotheby’s International Realty, the exclusive Board of Regent for the Who’s Who in Luxury Real Estate, 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.