Vail real estate column: Vail Village real estate market showing strength
There can only be one “original,” and here in the Vail Valley, Vail Village is it. Setting the bar for real estate values, trends and fun activities, the village is the literal epicenter of the valley.
Throughout the years, our summers have become as vibrant and active as the ski season. Whether it’s the renowned Bravo! Vail Music Festival, the GoPro Mountain Games, the Vail Jazz Festival, our Sunday morning Vail Farmers’ Market & Art Show or getting out for a bike ride, hike or round of golf, there’s something for everyone during this spectacular time of the year. Truly, summer time is prime time here in Vail Village.
Vail Village sets the pace
This desirability is amply reflected in our real estate market, where Vail Village continues to set the pace for the rest of the town and, in fact, the whole valley. As we approach the mid-point of the year, the market is demonstrating a solid mix of balance and opportunity not seen in years, or in many other resort areas around the country.
As of late June, Vail Village had seen 41 sales of whole and fractional ownership residential properties, totaling more than $108 million in volume. Resurgence in our high-end niche has seen the average residential sale grow to a robust $5.1 million and $1,872 per square foot. Leading the way were seven transactions closing north of $5 million, totaling $78 million in volume, $11 million on average and a price per square foot of $2,582. Each of these numbers represents substantial gains during the prior year and lends confidence and stability to the overall Vail Valley real estate market.
There are a number of unique, one-of-a-kind opportunities currently available in Vail Village as we welcome the arrival of our summer season. Whether a sophisticated slopeside penthouse in Golden Peak, a spectacular $34 million single-family home on Beaver Dam Road or a hidden pied-a-terre on the banks of Gore Creek, several special properties are currently available for the aficionado of Vail Village real estate.
We encourage your visit this holiday weekend to any of our four Vail Village office locations, should you wish to review these properties and overall trends, in greater detail. There’s lots to talk about.
Statistics in this column were garnered from the Vail Multiple Listing Service as of June 26. Led Gardner is a branch broker with Slifer Smith & Frampton Real Estate. You can reach him at 970-376-0223 or firstname.lastname@example.org.