Vail Valley | Mid-Year 2020
With plenty to do from exploring the mountains, boutique shopping and dining at world-class restaurants, who wouldn’t want to live in the Vail Valley? Following the height of the pandemic, businesses have reopened their doors, with enhanced safety precautions still in place, to the locals and tourists who have been patiently awaiting a return to more normalized summer pastimes. People from all over venture to the Vail Valley’s mountain resort towns to enjoy cooler weather, sight-seeing, and even find the perfect house to call home.
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, from January through June of 2020, compared to the same time period of 2019. Total sales volume for Eagle County fell by 23.4% due to the lack of real estate activity caused by COVID-19 however, there were still positive increases in various metrics throughout the Vail Valley that show that the market is recovering. The overall average sold price for homes in Eagle County rose by 8.5%, bringing the average sold price for homes in the area to $1,383,340.
There were 16 individual communities within the Vail Valley that experienced increases in average property prices. The most significant increase in average sold price reported in the area took place in Vail Village. Home prices for listings in Vail Village went from $3,167,300 between January and June of 2019 to $6,040,000 during the same time frame in 2020, a 90.7% increase. Even with less properties sold (five less homes), this much of an increase in average sold price is quite astounding.
Bachelor Gulch had a rise in the number of properties sold through June of this year compared to January through June of last year. When looking at all property types, this community saw a 61.5% increase in listings sold. The town of Minturn also experienced a growth in the number of homes sold through June of this year. So far in 2020, there have been nine home sales, an 80% increase from January through June of last year when five homes sold.
The Vail Valley’s unbeatable access to the outdoors as well as the community’s appreciation for the finer things in life make it a hub for tourism and real estate activity that will continue to thrive for years to come.
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.