Vail Valley luxury market holds strong through seasonal inventory slowdownChloe Elliott
Spring is officially here and the seasonal lull we are familiar with is in full swing in our resort communities. Throughout the Vail Valley, April saw less activity on the roads and in the real estate market, with a 24% decrease in the number of listings sold, dropping from 491 in 2021 to 371 in 2022.
While year to date the market slowed as the snow faded, this 24% decrease is indicative of an even larger seasonal slowdown. Year over year, the number of listings sold from 2020 through 2021 and 2021 through 2022 decreased by 21% from 1,908 to 1,511. Despite this decrease in listing sold, the average sold price and list price continue to trend positively with a 25% and 22% year over year increase, respectively.
Total sales volume from the first quarter of 2021 to 2022 saw a 10% decrease in the all price points market, yet a 10% increase in the $3M and above luxury market. Year over year, the difference in market comparison is even greater with the all price points market seeing a 1% decrease in total sales volume, and the luxury market a 30% increase in total sales volume, rising from $1,337,560,180 to $1,738,958,569. This consistent increase in the luxury market is indicative of the Vail Valley’s extensive $3M and above property network, ranging from East Vail all the way down valley and beyond.
Even with this slight year to date decrease in total sales volume across all price points, April 2022 saw a 20% increase in average sold price, a 14% increase in price per square foot, and a 17% increase in list price- signaling that demand for resort living is still on the rise as we enter into quarter two. On the luxury side of the market, listings sold slightly decreased, declining from 79 in 2021 to 74 in 2022, yet total sales volume, sold price, and list price were all up.
One thing remains the same across all price points and timeframes, and that is that the average length of time listings spend on the market continues to decrease. Compared to the same time last year, listings spent an average of 111 days on market compared to just 36 days this year. This 68% increase in market speed reflects the continued competitive nature of today’s landscape, even when transactions and inventory are low and prices are high, properties across all price points continue to sell at record speed.
Whether you’re buying or selling, spring is a great time to connect with a broker that knows the market and can support you through its highs and lows so when the time is right, you’re ready to strike.
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.
The property featured above: 2967 Manns Ranch Road in Vail is listed by LIV Sotheby’s International Realty Broker, Malia Cox Nobrega for $6,500,000.