While the Vail luxury and second-home markets have had their ups and downs over the past twelve months, a slow start to 2019 is giving way to significant sales momentum, according to a report from LIV Sotheby's International Realty.
Actual sales of homes in the area have remained steady over the years. However, 2019 started slow, with March numbers at their lowest since 2016 in dollar volume and 2015 in the number of houses sold. Brokers found it difficult to identify the factors creating the downturn. Some were pointing to a lack of available inventory that created a more competitive market that drove up sales.
Regardless, they believed that one quarter was not an indicator of the entire year.
As they predicted, the slow start was an anomaly, particularly for the luxury market involving homes of $3 million and more. The signs are now more promising with sales accelerating in the new quarter and posting more impressive statistics that include:
- A 70% increase in the highest sold price
- A 13% increase in the average list price
- A 12% increase in total sales volume and average sold price.
The year-to-date numbers saw overall sales exceeding $6 million in Vail Valley with equally impressive stats that reveal:
- A 28% increase in the highest sold price
- A 14% increase in average list prices
- A 10% increase in the average sold price
When millions of dollars are at stake in purchases and sales in the luxury market, a skilled and insightful attorney can help protect significant real estate investments.