Vail Valley’s luxury home market leads the way to recovery in resort communities
On Real Estate
The delayed spring real estate market has finally made its way to Colorado. Following the height of the pandemic, most of the restrictions put on real estate activity have been lifted, creating a more welcoming environment for buyers and sellers. Consumers are now ready to pick up where they left off in their buying and selling journeys in the Vail Valley, with many interested in purchasing luxury listings.
As the country begins to adjust to its current circumstances, consumers have regained some confidence and are beginning to resume more normal buying and selling behaviors. Nationwide, mortgage applications are skyrocketing, and consumer confidence numbers are climbing. These factors are encouraging more homebuyers to dive back into the market headfirst and find a property to call their own.
The resort communities, such as the Vail Valley, have become popular destinations to invest in real estate due to their proximity to open spaces and nature as well as the elevated lifestyles they can provide.
In May, the number of sold homes in the area was still down the previous year, however, more buyers were engaged with the marketplace. With a surplus of interested buyers and a relatively low inventory of available homes, the Vail Valley saw an increase in both list prices and sold prices last month.
For all price points, the average list price grew by 13% in May in a year-to-date comparison of May 2019, making the average list price for homes in the Vail Valley $1,556,599. The average sold price for homes in the area rose by an impressive 14%. In the luxury sector of the market, defined as homes priced at or over $3 million, the average list price was $6,706,667, a 3% increase from the year prior.
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The increases illustrate that interested buyers outnumber the amount of available homes, creating more competition and favorable conditions for sellers. But as the weeks pass, and more sellers seek to take advantage of the current market, the playing field will level, and buyers will have more opportunities to find their ideal mountain homes. Motivated buyers have proved that now is still a perfectly good time to buy homes in the Vail Valley, with luxury listings leading the pack.
In May, the number of luxury listings sold mirrored that May of 2019, yielding 27 sold homes in both years. Last month, one of the most significant sales that look place in the Vail Valley was that of 37347 Highway 6 203. This $2,200,000 sale in Avon, represented by LIV Sotheby’s International Realty broker Andie Ohde, shows that buyers are still able to find what they’re looking for. The home has stunning walls of windows and breathtaking mountain views off of the large terrace.
The housing market in the Vail Valley is showing encouraging signs of improvement that will likely continue to progress over the coming weeks and months. If you are in need of real estate guidance or are interested in buying or selling a home in the Vail Valley, let the experienced professionals at LIV Sotheby’s International Realty assist you. For more information, call 970-476-7944 or visit resorts.livsothebysrealty.com.