As we head into the holiday season, it appears that many consumers are adding new homes to their wish lists. Throughout this year, the real estate market in the Vail Valley, within Eagle County, has picked up a great deal of momentum as a result of social distancing and the desire to find a forever home.
With more people than ever working from home, consumers have the freedom to telecommute from anywhere. This shift has inspired homebuyers to invest in their future by moving to communities that cater to their desired lifestyle and feed their passions. Colorado’s resort towns, with their unbeatable access to the outdoors, stunning scenery, and endless recreation options, offer residents the chance to live a life some can only dream of.
Each month, LIV Sotheby’s International Realty (LIV SIR) reports on the market activity in the Vail Valley to help consumers gain a better understanding of the current state of the real estate market. According to LIV SIR’s October market report, Eagle County had yet another incredible month of booming real estate activity, with sales volume rising by 42% in a year-to-date comparison to October of 2019.
The significant increase in sales volume can be attributed to rises in several other key metrics such as listings sold, average sold price, and highest sold price. Through the month of October, there were 13% more home sales than there were during the same time frame in 2019, reaching 1,291 homes sold. The average price of those homes sold increased from $1,262,386 in 2019 to $1,585,500 through October of this year, a 26% increase. LIV SIR broker, Tye Stockton, represented the buyer in the highest-priced sale for the Vail Valley earlier this year which pushed the highest sold price upward, from $20,750,000 to $29,750,000.
The luxury sector, which includes listings priced at or over $3,000,000, of the market has seen even more success through October of this year. The total sales volume of this high-end home market has skyrocketed 70% compared to the same time frame of 2019. The overall luxury listings sold increased by 56%, growing from 86 homes sold through October of 2019 to 134 home sold so far this year. The average sold price of luxury homes in the Vail Valley rose by 9%, bringing the average sales price to $6,303,632.
The continued increases in real estate activity is an encouraging sign that the Vail Valley will see a strong finish to 2020 as more people decide to make the mountains their home. To learn more about the real estate market in the Vail Valley and to view the October Market Report, visit coloradomarketreports.com. For all your real estate needs, call 970.476.7944 or visit resorts.livsothebysrealty.com.