Vail’s luxury home market is still surging with buying and selling activity
On Real Estate
As one of the premier destinations in Colorado for luxury experiences and everyday livings, the Vail Valley is an easy choice for home buyers looking to invest in real estate in the Rocky Mountains. Over the course of the last year, this region has seen significant increases in buying activity, likely fueled by the pandemic and consumers’ needs for homes that will create a desirable lifestyle for them.
While sales of properties at all price points have risen, it is the luxury sector of the market that continues to lead the way.
Looking at LIV Sotheby’s International Realty’s Monthly Market Report for July, the number of homes sold for $3,000,000 or more grew by 207%, from 43 homes sold through July of 2020 to 132 homes sold through July of this year.
Although the average sold price for those homes decreased by 12%, bringing the average sale price for luxury homes in the Vail Valley to $5,496,089, the market continued to thrive. Even with the slight decrease in average sale price, the total sales volume for the area increased by 170%, to reach $725,483,795.
LIV SIR has the pleasure of helping home buyers and sellers find extraordinary luxury homes in the Vail Valley. Recently, Malia Cox Nobrega represented the sellers of 54 Penny Lane, a stunning mountain estate in Edwards. The sale of this home, which closed for $3,780,000, was the highest priced sale represented by LIV SIR in the Vail Valley for the month of July.
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This home features all of the quintessential Colorado features that make living in the mountains fun all year long. From a cozy fireplace in the great room and an outdoor hot tub, to a wine room and home theater, 54 Penny Lane has it all. These are the kinds of homes that consumers can’t wait to get their hands on.
While the luxury market has seen the most dramatic increases in real estate activity, all price points have shown positive improvements according to the LIV SIR’s Monthly Market Report. The number of homes sold rose by 62%, reaching an impressive total of 920 properties sold through July of this year.
The average sale price for those homes appreciated by 25%, making the average cost of a home $1,716,325 this summer. Although the home sales in this sector of the market haven’t skyrocketed as high as the luxury market, they are selling much more quickly. Average days on market for homes of all price points decreased by 32%, leaving homes on the market for an average of just 86 days in the Vail Valley.
The Vail Valley provides a unique lifestyle that creates endless opportunities for both home buyers and sellers to reach their real estate goals. To learn more about the Vail Valley’s market performance, read the full Monthly Market Report by visiting ColoradoMarketReports.com. For all of your resort real estate needs, call 970.476.7944 or visit Resorts.LivSothebysRealty.com.