While the summer season has been a bit delayed this year, we are now officially welcoming the warmer, yet beautiful Colorado weather that this time of the year brings. With that, we are seeing some increases in performance for real estate in the Vail Valley, but we are also seeing some major opportunities for both buyers and sellers according to the May Market Report produced by LIV Sotheby’s International Realty (LIV SIR).
For interested Vail Valley buyers, year-to-date performance is showing slight decreases in activity compared to January through May of 2018. If last year wasn’t your year to act and make the investment you’ve been thinking of, now may be the time as average days on market is slightly higher than last year and the average list price is slightly lower than last year.
Sellers should also be thinking about their next steps because when looking at the last 12 months, year-over-year, there are clear increases in performance that would benefit someone interested in selling their Vail Valley home. Including all price points, increases are shown for total sales volume (+3%), average sold price (+7%), average price per square foot (+6%), average list price (+7%), and highest sold price (+24%).
The performance increases follow a similar path for Vail Valley’s luxury market of $3,000,000 and above, with an additional increase of 5% in listings sold for the last 12 months, year-over-year. Plus, for the luxury market, last month reported significant increases compared to April of 2019. Total sales volume increased 63% and listings sold increased 67% to 10 listings sold in May.
“The summer selling season typically brings a different kind of market for the Vail Valley,” said Dan Fitchett Jr., vice president and managing broker of LIV SIR’s Vail Valley offices. “While there are still increases in performance, we may see some metrics slow down as those living in Colorado take time to enjoy the outdoor activities that summer offers.”
For buyers or sellers, 2019 is showing to be a year to make a move in the Vail Valley. Understanding the market and the local economy is a critical piece of real estate success. 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 buying or selling a Vail Valley residence, 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.