Luxury living while relishing the Colorado lifestyle is why many find themselves owning a piece of paradise in the Vail Valley. According to LIV Sotheby’s International Realty’s October real estate reports, the market continues to increase, especially in the luxury sector. The report for October compares real estate performance against the previous year, previous month, previous year-same month, and last 12 months, year-over-year.
First, looking at all price points for the Vail Valley, there was a notable increase in average sold price and average list price for both year-to-date and last 12 months, year-over-year. For year-to-date, average sold price and average list price both increased by 10%, with total sales volume and average price-per-square-foot following closely behind with a 9% increase. For the last 12 months, year-over-year, average sold price and average list price both increased by 11% and average days on market dropped 10% to 117 days in 2018.
The luxury market for Vail Valley ($3 million and above) performed exceedingly well in all areas. Year-to-date, total sales volume increased 21% and listings sold increased 16% to 89 listings in 2018. Last 12 months, year-over-year, showed similar results with a 25% increase in total sales volume and a 20% increase in listings sold.
Most notably, the Vail Valley continues to increase when looking at the prior month, meaning that the market is still thriving. October of 2018 compared to September of 2018 showed a 27% increase in total sales volume and a 33% increase in listings sold.
“While the market shows increases in most sectors, it is in relative equilibrium with sellers having a slight advantage. This is due to the supply of new listings not increasing as fast as buyer demand. It is anticipated the market in 2018 will close out above last year’s volume, which was the first year in a decade we reached our record high,” said Dan Fitchett Jr., vice president and managing broker of LIV SIR’s Vail Valley offices.
As we head into the holiday season, the expectation is for high performance to continue for the desired, Vail Valley real estate market. LIV Sotheby’s International Realty compiles monthly reports to help you make effective real estate decisions. Call 970.476.7944 to talk with a Vail Valley expert today or visit Resorts.LIVSothebysRealty.com to learn more.