Vail Valley’s real estate market remains active through March of 2020
LIV Sotheby’s International Realty
Springtime in the Vail Valley is different this year. Typically, now would be the time to finish those last runs on the ski slopes, enjoy the slowly warming weather by heading outdoors with friends, and testing the new seasonal menus at local restaurants. But this year, the agenda for spring, at least for the next few weeks, doesn’t follow suit.
With social distancing being a major priority to ensure that community residents stay healthy, many businesses and everyday activities have been adjusted to stay compliant with health standards. Real estate is one of those businesses.
For many reasons, consumers will still need to buy and sell homes and because of that, the real estate market in the Vail Valley has remained active throughout these unprecedented times. LIV Sotheby’s International Realty is open for business and leveraging technology to continue to fully operate through a remote work plan designed to ensure that clients are fully supported.
According to the monthly market reports compiled by LIV SIR, Vail Valley’s luxury real estate market, which is defined as homes priced at $3 million or more, saw positive growth during March. Over the last month, from February to March of this year, total sales volume for luxury homes increased by 58%. This impressive uptick in sales volume is likely due to the significant sale of a home within the area that sold in March for $14,500,000.
This remarkable sale also influenced the averages for other metrics measured in Vail Valley’s luxury market last month. In March, the area’s average list price and average sold price for luxury homes rose by 57% and 58% respectively, compared to the prior month. The average list price for luxury homes in the Vail Valley last month was $7,681,667, a large increase from February when the average list price was $4,881,667. In March, the average sold price for luxury homes in the area was $7,241,667.
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In a year-to-date comparison of the total sales volume for luxury homes through March of 2020, to the total sales volume in the same time period in the prior year, the Vail Valley saw a slight decrease. While the total sales volume for homes in the luxury sector of the market is down 13%, the number of listings sold remains the same. This indicates that a number of luxury home sales within the Vail Valley have remained the same, illustrating that the market has still been active throughout this year.
Taking a look at real estate activity over the last 12 months, year-over-year, the Vail Valley experienced a 6% increase in total sales volume. The amount of listings sold between April of last year and March of this year, compared to the same time period during the previous year, grew by 3%.
This rise brings the total listings sold over the last 12 months to 1,382. Analyzing the same time frame, the average list price and the average sold price rose by 2% and 3% respectively. The average list price for homes in Eagle County from April of 2019 through March of this year was $1,366,259 and the average sold price through the same month was $1,293,518.
Although this season has presented the Vail Valley real estate market, and all housing markets across the country, with unforeseen circumstances, the resort community’s market has remained active through March.
For more information, or for assistance with any of your real estate needs, call 970-476-7944 or visit resorts.livsothebysrealty.com. To view the entire monthly market report produced by LIV Sotheby’s International Realty, visit coloradomarketreports.com.