This year, resort real estate has been one of the hottest ticket items across the country. Thanks to the unique lifestyle and unbeatable access to the outdoors, consumers can’t seem to get enough of resort living and the incredible homes that cater to it. As a result, regions such as the Vail Valley have seen massive increases in homebuying activity throughout this year.
Each month, LIV Sotheby’s International Realty (LIV SIR) produces a market report that looks at real estate data compiled through the previous month in a year-to-date comparison to the prior year. Through the month of November, listings sold in the Vail Valley increased by 18%, totaling 1,472 homes sold. Increased demand influenced an upward trend in home prices, which rose the average sold price by 23%, making the average sold price in the area $1,577,479. Listings sold in the Vail Valley not only sold for a higher price, but they sold more quickly as well, decreasing in average days on market by 4%, which brought the average time spent on the market to 113 days.
“It’s really the lifestyle that has driven the incredible activity that we’ve seen in the Vail Valley,” commented Dan Fitchett, Vice President & Managing Broker of LIV Sotheby’s International Realty’s Vail Valley offices. “If people can work from anywhere, they’re going to want to work from a home within a community that provides the lifestyle they’ve always dreamed of living.”
The luxury sector of the real estate market, which is defined as listings priced at or over $3,000,000, has experienced significant increases in activity as well. Luxury homes sold in the Vail Valley increased by an astounding 60% through November of this year compared to the same time period of 2019. The average sold price of those luxury homes saw a slight increase, growing by 6%, bringing the average sold price to $6,159,037. Buyers in the luxury market are quickly purchasing the available homes on the market. The increased pace has decreased the average days on market from 329 days through November of 2019 to 233 days this year, a 29% difference.
LIV SIR saw several sales that closed at significant price points in November. These sales help paint the picture of the demand for luxury homes in the Vail Valley. The highest-priced sale from LIV SIR for the month was that of 168 Peak View, an incredible alpine estate within Bachelor Gulch, which sold in November for $9,495,000. What is equally as impressive as the price of this home, is the fact that it went under contract in a matter of just six days. This ski-in /ski-out home, which features 10 fireplaces throughout the residence’s two levels, was listed by Tye Stockton of The Stockton Group. Luxury homes, such as this, are highly sought-after thanks to their premier locations, breathtaking views, and resort-style amenities.
With the new year quickly approaching, it is likely that some consumers may want to kick off 2021 with a fresh start in a new home in the Vail Valley, or any of the other amazing resort communities across Colorado. To learn more about the Vail Valley market, read the full Monthly Market Report by visiting coloradomarketreports.com. For all of your resort real estate needs, call 970.476.7944 or visit resorts.livsothebysrealty.com.