Vail Valley luxury market remains strong thanks to seasonal slowdown in inventory

2967 Manns Ranch Road in Vail is listed by LIV Sotheby’s International Real Estate Broker Malia Cox Nobrega for $6,500,000.
Courtesy picture

Spring has officially arrived and the seasonal lull we know is in full swing in our resort communities. Across the Vail Valley, April saw less activity on the roads and in the real estate market, with a 24% drop in the number of listings sold, from 491 in 2021 to 371 in 2022.

While the market has slowed since the start of the year as the snow subsided, this 24% drop is indicative of an even greater seasonal slowdown. Year over year, the number of listings sold from 2020 to 2021 and 2021 to 2022 decreased by 21%, from 1,908 to 1,511. Despite this decrease in the number of listings sold, the price average selling price and list price continue to show a positive trend with a year-over-year increase of 25% and 22%, respectively.

Total Q1 2021-2022 sales volume saw a 10% decline in the all-price market, but a 10% increase in the $3 million+ luxury market. Year over year, the difference in market comparison is even greater, with the all-price market seeing a 1% decline in total sales volume and the luxury market seeing a 30% increase in total sales volume. , going from $1,337,560,180 to $1,738,958,569. This steady increase in the luxury market is indicative of the Vail Valley’s extensive $3 million+ real estate network, stretching from East Vail to the Valley and beyond.

Even with this slight year-to-date decline in total sales volume across all price points, April 2022 saw a 20% increase in average selling price, a 14% increase in price per square foot and a 17% increase in list price – signaling that demand for vacation homes is still on the rise as we enter the second quarter. On the luxury market side, listings sold decreased slightly from 79 in 2021 to 74 in 2022, but total sales volume, sale price and list price all increased.

One thing that remains the same across all price points and timeframes is that the average length of time ads spend in the market continues to decrease. Compared to the same time last year, ads spent an average of 111 days on the market, compared to just 36 days this year. This 68% increase in market speed reflects the continued competitive nature of the current landscape, even when transactions and inventory are low and prices are high, properties at all price points continue to sell at an record.

Whether you’re buying or selling, spring is the perfect time to connect with a broker who knows the market and can support you through its ups and downs so that when the time is right, you’re ready to strike.