Vail Valley | Year End 2020
Home to some of the most popular ski resorts as well as a variety of protected forests and natural spaces, the Vail Valley is one of Colorado’s most sought-after destinations for tourists and homebuyers alike. This community offers the epitome of mountain living while still affording its residents the opportunity to experience fine dining, shopping, and an array of exciting music and cultural events. Located 100 miles west of Denver and centrally located near other popular resort towns, the Vail Valley enjoys easy access to many of the best attractions that the state has to offer. The resort lifestyle paired with the community’s convenience and access to outdoor recreation spaces make the Vail Valley a favorite among buyers and sellers in the real estate market.
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 grew by a remarkable 50.4%. 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.
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 at an average of 59.2% higher prices 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 get their hands on 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 presented the Vail Valley with challenges related to COVID-19, consumers continue to see the extensive value this community has. The unique mixture of mountain activities and luxurious amenities positions the Vail Valley for another productive year of real estate activity.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Arrowhead, Avon, Bachelor Gulch, Beaver Creek, Brush Creek, Cordillera, Cordillera Valley Club, Eagle, Eagle Ranch, Eagle-Vail, East Vail, Edwards – Lake Creek Valley, Edwards – Singletree, Edwards & Homestead, Gypsum, Lionshead, Minturn, Mountain Star, Vail Golf Course & Spraddle Creek, Vail Village, West Vail & Cascade, and Wildridge/Wildwood.