As the Colorado real estate market continues to evolve, a report released Friday by LIV Sotheby’s International Realty, demonstrated signs of growth, and significant average price increases throughout the 2017 Vail Valley (Edwards, Vail, Beaver Creek) real estate market. Not only did the year’s ten-year-low in inventory result in continued upward pressure on desirable properties, contributing to the increased number of single family home sales throughout the Vail Valley region, but many domestic and international Buyers continued to invest in Vail Valley real estate, based on their confidence in the local economy, and desire to live in areas rich with year-round recreation.
“The Vail Valley real estate market performed at a very competitive pace in 2017- with the total number of sales recorded in Eagle County exceeding $2B for the first time since 2008,” said Dan Fitchett, managing broker, LIV Sotheby’s International Realty, Vail Valley. “This has been accomplished with steady sales volume growth year-over-year. It is exciting to see the market reach levels prior to the real estate adjustment in the late 2000’s. With the Vail Valley continuously gaining notoriety as an excellent place to invest, especially internationally, the market is positioned for growth in 2018.”
Comparing January through December 2017 statistics, to that of 2016, for single family homes and attached dwellings in Eagle County, LIV Sotheby’s International Realty’s year-end Vail Valley Micro Market Report, indicated competitive conditions in the marketplace.
The number of single family homes sold rose 5.8% year-over-year, with average days on market decreasing 9.5%, from 137 days in 2016, to just 124 days in 2017, an excellent time frame for the resort market where homes typically stay on the market longer. A significant increase, is the 11.8% increase in average sales price year-over-year, demonstrating consumers’ willingness to pay more for homes they truly desire, especially at the higher end of the market.
An important statistic to note, is that private sales sometimes take place off-market (outside of MLS), that can influence the market. In 2017, two significant off-market sales took place; the sale of 332 Mill Creek Circle, that sold in August for $14,600,000, followed by the $28,700,000 sale of 395 Mill Creek Circle, that took place just days later.
“Combined, these two off-market sales totaled over $40M- a record-breaking price, that serves as a testament to the strength of the Vail Valley real estate market,” said LIV Sotheby’s International Realty broker, Barbara Scrivens.
Highlights from the Vail Valley MMR include Bachelor Gulch’s average price of all properties rising 34.3% year-over-year, and Vail Village’s average price for all properties rising 44.2% year-over-year. Additionally, Beaver Creek’s average price of single family homes rose 38.5%, from 2016.
“I believe that 2018 is going to be a banner year in Vail Valley Real Estate,” said LIV SIR broker, Malia Nobrega. “Today’s buyer will typically not pay outrageous premiums, but, are willing to accept a steady incline in property values, particularly in premiere locations, and especially if the offering is recently built or remodeled.”
For more information, contact Dan Fitchett, managing broker, LIV Sotheby’s International Realty, Vail Valley, at 970.471.1208. To service all your real estate needs visit www.livsothebysrealty.com.