If 2020 has taught us anything, it is that our homes, communities, and lifestyles are not to be taken for granted. Over the course of last year, the real estate market in the Vail Valley saw ups and downs, but in the end, this beloved resort community prevailed over even the toughest of challenges. With more consumers focusing on building a life they love in homes that will not only be their safe haven but enhance their lives, the Vail Valley saw an incredible boom in real estate activity in 2020.
LIV Sotheby’s International Realty produces a Micro Market Report focusing on the real estate performance for Eagle County, which makes up the Vail Valley, in 2020 compared to 2019. Total sales volume for Eagle County more than doubled in 2020 as compared to 2019, growing by a remarkable 50.4%, totaling $2,642,754,329. This dramatic increase is in part due to the 24.3% rise in the number of listings sold, totaling 1,679 sales, and the 21% increase in average sold price, which rose to $1,574,004 during 2020.
Both the single family home market as well as the condominium, townhome, and duplex market saw increases in listings sold during 2020. There were 27.1% more single family homes sales in the Vail Valley last year than there were in 2019, with a total of 554 properties sold. When examining the condominium, townhome, and duplex market, a notable 23% increase in property sales was seen during the same time frame comparison.
Overall, homes in the Vail Valley spent less time on the market in 2020 than they did in 2019. Last year, the average days spent on the market for local listings was 114 days, 5.8% less time than was recorded in 2019.
Several neighborhoods within the Vail Valley experienced increases in the number of listings sold last year. Most notably, Bachelor Gulch had 160% rise in listings sold for all property types. Within this community, single family home sales climbed an impressive 250% and condominium, townhomes, and duplex sales grew by 142.9%. The Town of Vail also had a boost of residential sales for all property types, increasing 23.9%.
The average sold prices in many areas of the Vail Valley experienced upward trends thanks to increased demand for homes in this resort community. Single family homes in Beaver Creek sold for an average of 59.2% higher than they did in 2019, bringing the sold price to $5,579,000. The average sold price for all property types in Vail Village rose from $4,605,070 in 2019 to $6,395,461 in 2020, a 38.9% increase.
Increased demand is often accompanied by a decline in the average days on market since buyers are eager to purchase homes. Throughout 2020, several neighborhoods within the Vail Valley saw a decrease in the average amount of time listings spent on the market. Homes in the Town of Vail spent an average of 142 days on the market last year, a 7.2% dip from 2019. Mountain Star, a gated development known for its tranquility and mountain views, experienced a 57.6% decrease in average days on market, from 543 days in 2019 to 230 days in 2020.
Although 2020 will not be remembered as smooth sailing for the Vail Valley real estate market, it was an extremely productive period of time that proved that this community is as resilient as it is beautiful.
The complete Micro Market Report for the Vail Valley will be available on January 19th at coloradomarketreports.com. For all of your resort real estate needs, call 970.476.7944 or visit resorts.livsothebysrealty.com.