Like the inches of snow currently accumulating in the Colorado Rocky Mountains, the number of luxury home sales in both the Vail Valley (Vail and Beaver Creek) and Summit County (Breckenridge, Copper, Keystone) real estate markets, continue to rise. In October, Eagle and Summit County saw an exceptionally high volume of activity, specifically in regard to luxury property purchases by international and second home Buyers hoping to close prior to ski season.
In the Vail Valley, luxury homes priced $3M and above saw an 86% increase year-over-year in October, and with the influx of potential Buyers entering the Vail Valley market for the holiday season, there is little evidence the pace of sales will soon slow-down.
“Over the past 30 days we have continued to see luxury property in both Vail and Beaver Creek go under contract, during what can be viewed as an ‘off-season’ time frame,” said Daniel Estrada, Broker, LIV Sotheby’s International Realty. “It seems evident that buyers are increasingly moving money into real estate and the excitement for resort property remains in demand. We believe that this trend will continue into our winter season. With new inventory coming into play, and qualified buyers ready to purchase that next exciting property, we expect great things for 2018.”
According to data released by LIV Sotheby’s International Realty and information based on statistics from Vail Board of Realtors, 13 homes with a price tag of more than $3M sold in October 2017, over 7 homes sold in October 2016, an 86% increase year-over-year. Total sales volume rose 55% year-over-year, reaching $59,240,000 in October 2017, over $38,325,000, in October 2016. During that same time frame, number of Days on Market dropped 23%, from 223 days in October 2016, to just 171 days in October 2017, a good time frame for the luxury home market, where homes over $3M typically stay on the market longer.
The most expensive residential sale in the Vail Valley in October, was a 9,893 square-foot residence located at 1003 Daybreak, Avon, CO, that sold for $9,250,000.
In Summit County, the number of luxury home sales in October increased 56% year-over-year, according to data released by LIV Sotheby’s International Realty and information based on statistics from Summit Board of Realtors.
“Buyers are doing a lot of research before they arrive in-market,” said Jack Wolfe, Broker, LIV Sotheby’s International Realty. “The demand for $1 million plus homes has been strong. Buyers are looking for homes that are up to date and ready to live in, fulfilling their dream of living in a beautiful mountain resort.”
Year-over-year, 39 homes with a price tag of more than $1M sold in October 2017, over 25 homes sold in October 2016, in Summit County. Total sales volume rose 93% year-over-year, reaching $71,197,763 in October 2017, over $36,800,745, in October 2016. During that same time frame, number of Days on Market increased slightly, 13%, from 107 days in October 2016, to 121 days in October 2017, an average time frame for the luxury home market.
The most expensive residential sale in Summit County in October was a 5,251 square-foot residence located at 88 Brooks Snider Road, Breckenridge, CO, that sold for $5,080,000.
The proximity to the famous Colorado Rocky Mountains that living in Eagle and Summit County affords continues to position Colorado as one of the leading resort community destinations worldwide. With the increasing desire for lifestyle-inspired home purchases, the resort market is projected to see growth, especially during busy winter months.
LIV Sotheby’s International Realty compiles a bi-annual Resort Report to help consumers make better real estate decisions, whether purchasing or selling a home in one of Colorado’s Resort areas. To access the report, visit coloradomarketreports.com.
For more information, contact April Holdredge, Director of Resort Marketing, LIV Sotheby’s International Realty, at 970.401.4721. To service all your real estate needs visit www.livsothebysrealty.com.