Welcome to Compass Real Estate with Patrick Barrett, serving Vail and Beaver Creek. In this video, Patrick provides insights into the current real estate market in the Vail Valley, highlighting notable sales, market trends, and exciting new developments. Whether you're looking to buy or sell property in the area, Patrick offers expert guidance and personalized service to help you achieve your real estate goals. Join us as we explore the beauty and opportunities of the Vail Valley real estate market.
Q: What is the current focus of activities at the Vail Golf Club?
A: We're in the middle of May, just a few days shy of the opening day at the Vail Golf Club. Golf courses throughout the valley have been opening up, and everyone is getting excited for a summer filled with activities and events here in the Vail Valley.
Q: How long is the average time properties are on the market in the Vail Valley?
A: Across all price points, properties are averaging about 6 months on the market. Well-priced properties can expect to be on the market for around 3 to 6 months, with some exceptions.
Q: What were the sales levels like in the first quarter of 2024 compared to the previous year?
A: Sales levels were very strong in the first quarter of 2024 compared to the previous year. We saw north of $550 million in sales volume, representing an increase of around 40% year-over-year compared to 2023.
Q: What is the current trend in inventory levels across the Vail Valley?
A: Current inventory levels across the valley are up around 15% compared to last year. This increase in inventory is good news for buyers as it means there are a few more options to choose from.
Q: Can you provide examples of notable sales from the first quarter of 2024?
A: Certainly! In the first quarter of 2024, we had a penthouse at The Ritz-Carlton in Bachelor Gulch sell for 12.6 million, setting a new high for The Ritz in Bachelor Gulch. Additionally, a Solaris residence, a beautiful six-bedroom property, sold for just under $19 million, marking a new high for the Solaris in Vail Village.
Q: Which neighborhoods should we keep an eye on heading into the summer months in the Vail Valley?
A: Bachelor Gulch and Beaver Creek are two areas worth watching. While they're often associated with skiing, they're equally vibrant in the summer, offering opportunities for wildlife viewing, hiking trails, and various outdoor activities. Additionally, Avon, located just below Beaver Creek, has a brand new townhome development called The Kestrel, which is expected to be completed around the beginning of July.
Q: Where can we find you if we're interested in buying or selling property in the Vail Valley this summer?
A: You can find me most days at my office, Compass Real Estate in the Solaris residences, right in Vail Village. Feel free to reach out anytime if you're looking to buy or sell in the Vail Valley this summer.