The summer season is synonymous with taking a break from reality to escape the routine of day-to-day life.
This has not been the case for the Vail Valley real estate market. The iconic Colorado resort community has been hotter than ever with another spike in buying activity through May of this year.
Through May of 2021, home sales in the Vail Valley have soared by an impressive 101%, rising from 310 homes sold during the same time frame in 2020 to 624 homes sold so far this year.
Perhaps what’s even more impressive is that the average sold price of those homes has appreciated by 23%, which brings the average sold price to $1,782,363 in 2021. This surge in buying activity shows that consumers continue to prioritize resort real estate and finding homes that cater toward their desired lifestyles. Overall, the total sales volume rose by an astounding 147%, totaling $1,112,195,002.
Not only are more buyers deciding to plant roots or invest in a secondary residence in the Rocky Mountains, but they are also acting more quickly once they find their dream homes. According to LIV SIR’s May Monthly Market Report, the average days on market has decreased by 32% — meaning that listings are spending an average of 102 days on the market in the Vail Valley.
The luxury sector of the Vail Valley’s real estate market has seen even more significant increases in buying activity this year. Looking at the high-end home market through May of this year, compared to the same period last year, luxury home sales have increased by 248%. During that time, 94 homes priced at or over $3,000,000 were sold.
Additionally, luxury homes in the area spent an average of 41% less time on the market through May of this year compared to the January through May of 2020. Even though the average sold price of those homes decreased, dipping by 9% to bring the average sold price to $5,481,955, the total sales volume still grew by 217%.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
