Vail Valley Real Estate Market Recap

 

 

The real estate market in the Vail Valley remains strong.  Properties in prime locations, if priced appropriately, remain in high demand.  

As the market continues to "normalize" in 2023, we saw total sales volume of $392M for the First Quarter.

 

That $392M actually down around 30% compared to the First Quarter of 2022, HOWEVER, understanding that 2022 was another record year for sales in this area, it is critical to put these numbers in perspective. 

 

The Vail Valley, along with many other "safe-haven" destinations throughout the US, saw substantial spikes in Real Estate sales activity from 2020 - 2022.    

 

Dollar Sales Volume YTD in 2023 has outpaced 2019 fairly substantially, which is an indicator that while volume is down from last year, the market in the Vail Valley remains healthy.  

 

• Inventory of available homes is still low
• The total number of active listings is down 12% YOY
• The Luxury market above $3M is very active
• Days on market for properties above $3M was down 20% for the First Quarter, which is in contrast to the overall market which saw an increase in average Days on Market for Q1.  
• If you are a Seller of a property, the importance of pricing your home appropriately is paramount in this market.   
• Properties that are perceived as "over-priced" are sitting on market with little activity or showings.
   
• If you are a Buyer, pay attention, and be ready to act.  
• As I mentioned before, Days on Market for Luxury Homes above $3M are down more than 20% YOY.  
• Stay in touch with your agent as there are some amazing opportunities available now, including this beautiful 3BR Penthouse at the Riverfront Lodge in Avon.