During these unprecedented times, LIV Sotheby’s International Realty (LIV SIR) understands that clients will continue to buy and sell real estate for many reasons. LIV SIR is open for business and leveraging technology to continue to fully operate through a remote work plan designed to ensure that clients are fully supported.
Analyzing the Vail Valley real estate market so far this year, the first two months of 2020 showed steady growth according to LIV SIR’s monthly market reports. Total sales volume increased by 22% through February of this year, in a year-to-date comparison. The average list price for properties in the Vail Valley also grew by 22%. Through last month, the average list price for homes in the Vail Valley was $1,485,845. The average sold price rose by 21% through February, bringing the average price homes sold for in this resort community to $1,394,819. This large increase in average sold price is likely due to the $16,750,000 sale of 598 Vail Valley Drive. LIV SIR broker, Tye Stockton, represented both sides of this tremendous sale, which drastically increased the overall average sold price for homes in the area.
The luxury sector of the market, which is defined as homes priced at three million or above, experienced increased real estate activity as well. Total sales volume increased by 23% for luxury homes through February of this year compared to through February of 2019. Luxury listings sold rose by 36%, increasing from 11 homes sold year-to-date in 2019 to 15 homes sold through last month. Average days on market for luxury homes decreased from 382 days through February of last year to 259 days through February of this year, a 32% drop.
One of LIV SIR’s most significant sales during the month of February was the $2,365,000 sale of 2017 Meadow Brook Drive in EagleVail. LIV SIR brokers represented both sides of the transaction with Tye Stockton representing the seller and Dawn Mullin representing the buyer of this stunning home. The home has many features that make it an ideal mountain oasis including ample windows throughout the home that boasts panoramic mountain vistas and plentiful natural light. Residents can cozy up to the stone fireplace in the living room or step out on the terrace to enjoy some fresh mountain air making this house a great place to live in every season.
So far, 2020 has been a productive year when it comes to real estate in the Vail Valley. Although there are uncertainties ahead, the market’s strength over the past two months is a positive indicator the Vail Valley will still be a good place to buy and sell homes throughout 2020 and beyond.
For more information, or for assistance with any of your real estate needs, call 970.476.7944 or visit resorts.livsothebysrealty.com. To view the entire monthly market report produced by LIV Sotheby’s International Realty, visit coloradomarketreports.com.