Vail Valley luxury housing market hits 20 percent increase year over year
The number of luxury homes (more than $1 million) sold in the resort markets of Eagle County showed signs of increase year after year, according to a July luxury market report prepared by LIV Sotheby’s International Realty.
“The Vail market continues to show steady growth in the first six months of 2017,” said Dan Fitchett, LIV Sotheby’s International Realty managing broker for the Vail Valley. “If the pace continues for the remainder of the year, we will reach $2 billion in sales for the first time since 2008. The fact that buyers are confident in placing their equity in the Vail Valley bodes well for our continued success.”
At an all time high
Year after year, 411 homes with a price tag of more than $1 million sold from August through July in 2016-17, compared to 342 homes sold in August through July in 2015-16, a 20 percent increase, according to data released by LIV Sotheby’s International Realty and information based on statistics from Vail Board of Realtors.
Total sales volume surpassed $1 billion, reaching $1,060,437,797 from $817,755,716, a 30 percent total increase from August to July year after year. During that same time, number of days on market were down 5 percent, indicating that luxury homes are selling in a slightly accelerated timeframe, though resort properties typically spend more time on the market than metro-area homes, due to their location and perception as second homes.
“Winter is not the only season to purchase a ski-in/ski-out home,” said Andie Ohde, LIV Sotheby’s International Realty broker. “Summer offers buyers a very different perspective of these unique properties, with stunning mountain views, rich foliage and flowers in full bloom and abundant wildlife roaming these properties and surrounding areas.”
Ultra-high luxury sales (more than $5 million) have also demonstrated an uptick in the Vail Valley this summer.
“From June 2017 to Aug. 15, year over year, luxury sales above $5 million have been demonstrating increase,” Ohde said. “There were five homes over $5 million sold in 2016, with the highest priced home sold for $8,072,500 and a 2,715-acre ranch, which sold for $14 million. Currently, there are five homes under contract for $5 million and seven homes sold since June 2017, including three properties for over $10 million.”
With buyers seeking to purchase homes before the approaching ski season, the Vail Valley is positioned for a continued healthy late-summer selling season. The most expensive residential sale in the Vail Valley in July was a 9,008-square-foot residence located at 107 Elkhorn in Avon that sold for $6,700,000. The information above represents averages and varies among the different locations within the Vail Valley.
Brittanny Havard is public relations manager for LIV Sotheby’s International Realty. LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home.