One of the busiest times of year in Resort communities’, the holiday season often brings with it an influx of activity within the luxury real estate market. This is especially accurate in the Vail Valley, where increased numbers of second home owners in town, and prospective Buyers carving out time during their extended holiday vacation to tour homes, in anticipation of purchasing come spring, have led to significant growth in the number of luxury home sales. According to a November 2017 luxury market report released by LIV Sotheby’s International Realty and information based on statistics from Vail Board of Realtors, the Eagle County (Vail Valley and Beaver Creek) luxury home market saw an eye-popping, 40% increase in luxury home sales (sales over $3 million) year-over-year in November. This number can be attributed to the flurry of activity the holiday season brings in the Valley.
“The Vail Valley luxury real estate market continues to show strength as we move in to 2018,” said LIV Sotheby’s International Realty broker, Patrick Welch. “Sales volume of luxury properties through November of this year has increased 43% over the same time frame in 2016, with the number of sales increasing 25%, to 84 sales, including a new record high sale for a home in Vail Village at $23M. Our proximity to a major metropolitan area like Denver, and the increasing ease of access to our resorts for others around the world, continues to add to the appeal of owning a home in Vail and Beaver Creek.”
Data indicates that year-over-year, 7 homes with a price tag of more than $3M sold in November 2017, over 5 homes sold in November 2017, a 40% increase. Total sales volume reached $53,589,000 in November 2017, compared to $16,650,000, in November 2016, an 222% increase. In November 2017, Average Sales Price increased 130%, from $3,330,000 in November 2016, to $7,655,571, in November 2017. The number of days on the market dropped, 19%, from 256 days in November 2016 to 208 days in November 2017- a good time frame for the luxury market.
Ultra-high luxury sales (above $5M) also demonstrated an uptick in the Vail Valley in November, with LIV Sotheby’s International Realty’s, The Stockton Group, credited with brokering the sale of 141 East Meadows Drive, a luxury penthouse in Vail for $11,700,000.
Also closed in the month of November, was the sale of 2845 Daybreak, Beaver Creek, CO, that sold for $9M. LIV Sotheby’s International Realty brokers, Barbara Scrivens and Daniel Estrada, co-represented the sale.
“To date, the Vail Valley luxury market is outperforming 2016 in just about every metric; higher total dollar volume, higher average prices, less days on market and a higher top sale price,” said LIV Sotheby’s International Realty broker, Patrick Barrett. “The upper end of the market has returned in 2017, with 40 sales over $5M thus far in 2017, compared to only 26 sales over $5M in all of 2016. Walking around Vail Village and Lionshead, you can see several large-scale redevelopment projects underway, as some of the prime, “beachfront”, properties also undergo substantial renovations. Beaver Creek and Bachelor Gulch Villages have been notably active in 2017, with 21 total sales over $5M, compared to just 11 in 2016. We are looking forward to a busy holiday season here in Vail / Beaver Creek as visitors take advantage of great activities both on and off the mountain.”
The information above represents averages and varies among the different locations within the Vail Valley.
For more information, contact Dan Fitchett, managing broker, LIV Sotheby’s International Realty, Vail, Edwards, Beaver Creek, at 970.471.1208. To service all your real estate needs visit www.livsothebysrealty.com