The Vail Valley is known globally as a resort destination that exudes luxury and a sought-after lifestyle. While many people flock to the Vail Valley in the winter to take part in winter activities, the summer is also drawing in visitors and potential clients of real estate that are looking to live the Vail Valley lifestyle.
According to LIV Sotheby’s International Realty (LIV SIR), this summer has shown significant activity for Vail Valley real estate, with over $113,000,000 total sold just last month. Looking at the performance metrics provided within LIV Sotheby’s International Realty’s monthly report, there are some indicators that buyers of real estate in Vail Valley may see some benefits if they act quickly. Currently, the year-to-date statistics show a 16% increase in average days on market, allowing buyers a bit more time to make real estate decisions. Listings sold and average price per square foot are basically flat year-to-date compared to last year, meaning buyers also aren’t facing extreme increases in competition.
Interestingly, when looking at the Vail Valley luxury market, defined as $3,000,000 and above, sellers are seeing evident benefits, especially when looking at the apparent increase in average price per square foot. In just one month, there was a 65% increase in average price per square foot comparing July to June of 2019. In addition, the average price per square foot also increased by 30% when looking at July 2019 versus July 2018.
Looking at last year’s performance in August and September, it’s likely that we will see an increase in average days on market as well as some drops in average list price and the average sold price in August. September of 2018 did show some increases in the number of listings sold and a decrease in average days on market, translating to an active market once again heading into the fall season. Consulting with a real estate professional can ensure you are timing your financial purchase as accurately as possible.
“There are many critical factors to consider when making a real estate transaction, especially in the renowned Vail Valley,” said Dan Fitchett Jr., vice president and managing broker of LIV SIR’s Vail Valley offices. “It’s pivotal to consult with one of LIV Sotheby’s International Realty’s esteemed brokers as they are the experts in Vail Valley real estate and can provide valuable guidance.”
In fact, LIV Sotheby’s International Realty brokers represented numerous sales in the Vail Valley last month, including two sales represented by Benjamin Finn in Vail – one for $2,750,000 and one for $2,850,000. Corey Lamothe also represented a significant $2,100,000 sale in Edwards.
Visit ColoradoMarketReports.com to view LIV SIR’s monthly, quarterly, and year-end reports.
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.
For more information contact Kelli Williams, director of public relations, at 303.486.3738.