Two months into 2022, and the Vail Valley real estate market continues to prove that much as seen on the slopes, even when supply is low, demand is high. In February, the number of listings sold across all price ranges fell 11% from a year ago, but total sales volume and average sale price increased 8% and 21%, respectively . Total sales volume through February 2022 increased from $338,368,338 in 2021 to $364,896,797.
This decrease in inventory but the increase in sales volume and prices indicates a prosperous market for sellers and continued competition for buyers. The number of listings sold under $3 million increased from 185 in 2021 to 165 in 2022; however, listings sold in the luxury sector remained relatively stable from February 2021 to February 2022, with a slight increase of 6%, totaling 37 properties sold.
While stocks in all price levels continue to fluctuate, one thing is certain: the pace of the market has not slowed in the new year. Listings exited the market 66% faster than last year, dropping from 131 days in February 2021 to just 44 days in 2022.
With just over a month and a half of time to view, bid and buy, we see the average list price increasing exponentially from $1,912,653 in February 2021 to $2,257,092 north of 2 million. dollars in 2022. This 18% increase in list price and 21% increase in average sale price reflects the need for buyers and sellers to work with qualified real estate agents who can appropriately assess the market and set the price. property accordingly.
In the $3 million+ luxury category, the number of listings sold wasn’t the only metric to increase in February. In fact, everything from total sales volume, average sale price, highest sale price and average list price increased significantly from February 2021 to February 2022. The only market metric that saw a drop was the average time spent on the market. Similar to the all-price segment, the average days on market decreased significantly from 230 days to 83 days, a 64% drop in a year-to-date comparison from 2021 to 2022.
The sale of a 7-bedroom, 6-bathroom, $19,000,000 home in Vail kicked off 2022 on a high. A 74% increase from the best-selling property in February of last year at $10,950,000, this expansive estate offered privacy and prestige just steps from the slopes.
As February drew to a close and another month of high sales volume passed, metrics show that market demand is not faltering. It continues to be a seller’s market with properties selling above list price and buyers vying for the chance to settle in our coveted mountain communities.
To learn more about market performance in the Vail Valley and other areas of Colorado, visit our monthly market reports at LIVSothebysRealty.com. For all your real estate needs in Colorado’s iconic resort communities, call 970-476-7944 or visit Resorts.LIVSothebysRealty.com.