Vail Valley sees a summer slowdown in $3M-and-under inventory
On real estate
As the summer chairlifts began to spin in June, our resort community came alive with eager visitors and events from GoPro Mountain Games to Bravo! Vail concerts and more. With this influx of tourism, the $3 million and above luxury market in the Vail Valley also continued to see an uptick.
Year to date, 2022 has seen a 17% increase in total luxury sales volume throughout the first six months, rising from $626,908,795 in 2021 to $734,390,471. This growth is also reflected by a 7% increase in listings sold, bringing the total number of properties sold through June up to 122. As expected, with this record-breaking time in the industry, the average number of days on market for luxury homes continues to dwindle, reaching a 69% decrease from 222 days in 2021 to just 69 days on market in 2022.
While the 7% increase in luxury listings sold played a role in the overall increase in total sales volume for the luxury sector, the average sold and average list prices also contributed significantly. The average sold price continued to rise through June by 9% to $6,019,594. The average list price increased 7% year-to-date from $5,842,895 in 2021 to $6,226,971 in 2022. t seems as temperatures and demand for Colorado sunshine rise across the valley, so does the desire and determination of buyers looking to own a piece of luxury living in the Vail Valley.
Over in the all price points market, the number of total listings sold, including over $3M and under, saw a significant decrease of 24% through June of this year. Last year, 800 listings were sold during the first six months of 2021, and just 609 were sold during 2022. While this decline is surprising, what is not is the continued appreciation increase in listings of all price points.
Despite a difference of 209 fewer listings sold year to date, the average list price and the average sold price were up significantly, reflecting a 22% and 25% increase, respectively. These increases correlate to an average sold price of $2,161,007 in June, up from $1,723,470 during the same timeframe last year.
Just as we saw in May, luxury transactions, inventory, and attraction continue to hold firm in our world-famous valley, but it is the all-price point market, specifically the under $3M sector, that indicates an upcoming shift from what we’ve grown accustomed to in recent record-breaking years.
To learn more about the Vail Valley’s market performance and other regions of Colorado, visit our monthly market reports on LIVSothebysRealty.com. For all of your real estate needs throughout Colorado’s iconic resort communities, call 970-476-7944 or visit Resorts.LIVSothebysrealty.com.