In ski resort communities, the holiday season often brings with it an influx of activity in the luxury real estate market. This is especially accurate in the Vail Valley, where, during the holidays, there are an increased number of second home owners in town, and prospective buyers are carving time out of their extended holiday vacations to tour homes in anticipation of purchasing come spring. This activity leads to significant growth in the number of luxury home sales.
The number of luxury homes sold (sales over $3 million) in the resort markets of Eagle County (Vail Valley and Beaver Creek), showed significant signs of increase year-over-year according to a November 2017 luxury market report prepared by LIV Sotheby’s International Realty.
Year-over-year, 7 homes with a price tag of more than $3M sold in November 2017, over 5 homes sold in November 2017, a 40% increase. Total sales volume reached $53,589,000 in November 2017, compared to $16,650,000 in November 2016, a dramatic increase. In November 2017, Average Sales Price increased 130%, from $3,330,000 in November 2016, to $7,655,571 in November 2017. The Number of Days on Market dropped 19%, from 256 days in November 2016, to 208 days in November 2017 – a good time frame for the Resort luxury market, where homes typically remain on the market longer.
Ultra-high luxury sales (above $5M) also demonstrated an uptick in the Vail Valley in November, with LIV Sotheby’s International Realty representing the most expensive sale of the month; an 8,366 square-foot residence located at 2845 Daybreak Ridge Road, in Bachelor Gulch, that sold for $9,000,000.
To access the full November residential luxury market report, click here.