Looking back, 2020 started out strong and then quickly faced unexpected shifts due to uncertainties surrounding the COVID-19 restrictions. In the end, 2020 turned out to be a tremendous year for real estate in the Vail Valley and one outcome was clear, more consumers positioned lifestyle at the top of their priority list while home shopping. This focus on lifestyle caused resort communities to fare better than many other traditional markets across the country. The result of this shift in preferences was a record year for real estate in this iconic Colorado community.
While February is only a little more than halfway over, 2021 seems to be following the lead of the previous year. The pandemic is still present in our lives and its effects are likely to permanently change the way consumers approach various aspects of their lives, including where they live. For this reason, among others, the real estate market in the Vail Valley continues to buzz with activity.
During the month of January, sales volume for listings at all price points climbed 41% higher than it was in January of 2020, to reach a total of $153,079,003 according to LIV Sotheby’s International Realty’s (LIV SIR) Monthly Market Report. This impressive achievement can be attributed to the incredible 46% increase in the number of homes sold in a year-to-date comparison to the same time period. Last month, 95 homes were sold, clearly illustrating that buyers are still hungry for local listings. The average sold price for homes in the Vail Valley was $1,611,357 in January. Not only are more homes being sold, but they are spending less time on the market. The average days on market for Vail Valley homes decreased by an impressive 27% in a year-to-date comparison, dipping from 138 days on the market in January of 2020 to 101 days on the market last month.
Since so many buyers are seeking homes that will cater to their vision of the ideal lifestyle, luxury listings that offer exciting bonus features and enjoyable amenities have become increasingly popular. Just last month, the Vail Valley saw luxury home sales rise by 44%, from nine homes sold in January of 2020 to 13 homes sold in January of this year. The average sold price for listings in the luxury sector of the market was $4,927,938 last month. Buyers in the market for luxury listings appeared to be very motivated to find their dream homes at the start of 2021. Average days on the market for high-end Vail Valley homes decreased from 245 days on market to 164 days on…