Vail Valley Luxury Housing Market Demonstrates Significant Growth in Maykwilliams
The Vail Valley luxury real estate market is demonstrating signs of healthy growth as we enter the summer selling season. The number of luxury homes sold (sales over $1 million) in the resort markets of Eagle County (Vail Valley and Beaver Creek), showed signs of significant increase year-over-year according to a May 2017 luxury market report prepared by LIV Sotheby’s International Realty.
“The summer season has really been heating up lately, and a busy series of activities brings many people to Vail,” said LIV Sotheby’s International Realty broker, Matthew Blake. “As the weather heats up in many parts of the country, people flock to the mountains to be in the cool, dry air and lush mountain environment. Most all outdoor activities are in full swing- hiking and biking trails are now open, and it is a great time to experience the summer mountain lifestyle in Vail.”
Year-over-year, 44 homes with a price tag of more than $1M sold in May 2017, over 27 sold in May 2016, a significant 63% increase, according to data released by LIV Sotheby’s International Realty and information based on statistics from Vail Board of Realtors. Total Sales Volume increased year-over-year from $67,904,842 in May 2016, to $115,877,300 in May 2017, a significant 71% increase. Average Price per Square Foot also increased, rising 13% from $724 in May 2016 to $819 in April 2017. The information above represents averages and varies among the different locations within the Vail Valley.
Month-over-month, Eagle County saw a significant decrease in average days on market, with buyers looking to purchase homes before the summer months. In May 2017, average days on market was 244, over 338 in April 2017, a 28% decrease.
“The Vail market continues to increase in value and buyers are primarily families who have continued confidence in the stability of their investments,” said Vail, Beaver Creek, and Edwards managing broker, Dan L. Fitchett, Jr., of LIV SIR. “This is driven by the exceptional recreational and social opportunities that are available year-round.”
The most expensive residential sale in Eagle County in May was a 11,785 square-foot residence located at 65 Elk Track Court, Beaver Creek, that sold for $10,700,000.
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.