Over the last year, we’ve come a long way. As we approach the next phase of normal, we are reminded of progress and growth achieved in several areas since the start of 2020. Reflecting on the first quarter of last year when the restrictions on real estate activity had a severe impact on the market’s performance helps us further appreciate the positive growth we’re experiencing today.
Each quarter LIV Sotheby’s International Realty examines the performance of the real estate market in a year-to-date comparison to the same time frame during the previous year. Through March of this year the Vail Valley real estate market, within Eagle County, has seen a tremendous increase in the number of listings sold thanks to the desire to live in this resort community. During Q1, the number of sold homes grew by 54.3% over Q1 of last year. This is a clear indicator of sustained interest in local homes.
Looking at the Vail Valley community as a whole, the increased demand for homes has resulted in an appreciation of home prices, bringing the average sold price for listings in the Vail Valley to $1,752,870 – a 16.9% increase. As the need for homes in the area rose, the average days spent on market decreased due to the quick action of homebuyers who were hungry for local real estate. During January through March of 2021 the average days that homes spent on the market here dipped by 26.5%, bringing the average days on market to 111 days. Combined, these factors contributed to the astounding 80.4% increase in overall sales volume which totaled $592,470,067.
Looking at individual neighborhoods, several communities within the Vail Valley saw similar increases in the number of homes sold, average sold price appreciation, and decreases in the average days on market.
The golf course community of Vail Golf is an excellent example. This neighborhood showed a 400% gain in properties sold, jumping from one home sold through March 2020 to five homes sold through March of 2021. Lionshead also saw an impressive increase in the number of homes sold, increasing by 112.5%, from eight homes sold to 17 homes sold during the same time comparison.
All sold property prices in Cascade, Edwards & Homestead, Edwards-Lake Creek Valley, and Bachelor Gulch increased through March of this year compared to the same time frame last year. Similarly, single family homes in Beaver Creek, Arrowhead, and other Vail areas saw large increases in the average price of sold homes in those areas.
Not only are more homes being sold across many Vail Valley neighborhoods, and at higher prices, but they’re also spending far fewer days on the market. With the exception of Minturn and Beaver Creek, every Vail Valley neighborhood saw a decrease in the number of days spent on market during Q1. This can be seen in areas such as Eagle-Vail & Avon, Wildridge/Wildwood, and Edwards/Singletree where properties sold 65%, 73.6%, and 95.2% more quickly respectively.
Looking at the luxury real estate market, the Vail Valley did not disappoint. The number of listings sold rose by an impressive 138.1% in comparison to Q1 of 2020.
As consumers continue to relocate and purchase mountain homes in areas where lifestyle is their top priority, properties in the Vail Valley will continue to reap the real estate rewards. Buyers appeared to be more motivated to find their Vail Valley dream homes as the average days on market dropped by 44.5%. Although the average sale price for homes in this sector of the market decreased by 11.9%, bringing the average sale price of luxury homes through March of 2021 to $5,201,634, the overall sales volume saw tremendous growth, increasing by 109.7%, which reached a total of $260,081,700.
The Vail Valley provides a unique lifestyle that creates endless opportunities for both homebuyers and sellers to reach their real estate goals. To learn more about the Vail Valley’s market performance, read the full Micro Market Report and Quarterly Luxury Report by visiting coloradomarketreports.com. For all of your resort real estate needs, call 970.476.7944 or visit resorts.livsothebysrealty.com.