As a luxury and second-home market, the Vail Valley provides a unique environment for both buyers and sellers of real estate. Determining the best time to make a real estate transaction can be tricky, which is why LIV Sotheby’s International Realty provides monthly reports with a detailed review of real estate performance for this esteemed area.
April 2019 shows significant increases in performance when comparing year over year for the last 12 months, especially for the luxury market of $3,000,000 and above in the Vail Valley. While not a rare occurrence, this increase year over year is also met with a somewhat slow start to 2019. Second home markets and luxury real estate offer solid returns, but typically sales of this sector are not at as high of a frequency as sales on the lower to moderately priced scale, so while real estate performance may off be to a slower start for 2019 – we are still seeing notable increases year over year. Some of these increases include a 70% increase in the highest sold price, a 13% increase in average list price, and a 12% increase in both total sales volume and average sold price. Listings sold remained the same at 99 year over year, proving that there is an increase in competition with the same amount of homes being sold but at higher prices.
Year-to-date for the luxury Vail Valley market, average list price increased by 14%, the highest sold price increased by 28% and the average sold price increased by 10% – landing at $6,326,352 for 2019.
Notable sales for LIV Sotheby’s International Realty in April of this year include 122 Scott Hill Road #1402 for $3,325,000 represented by David McHugh and 2065 Vermont Road selling for $3,300,000 represented by Jeffrey Morgan and David McHugh.
Understanding the market and the local economy is a critical piece of real estate success for both buyers and sellers. The Monthly Vail Valley Report provides detailed information to ensure you are up-to-date with local real estate, keeping your pulse on recent activity and trends. To discuss options further, contact a real estate professional today by visiting resorts.livsothebysrealty.com or calling 970.476.7944.
Visit www.ColoradoMarketReports.com to view the latest monthly reports, dissecting the Colorado real estate performance.
For more information contact Kelli Williams, director of public relations, at 303.486.3738.