The 2024 Mid-Year Report offers an expansive view of residential transactions exceeding $10 million across 80 top U.S. markets. This comprehensive report not only highlights the enduring allure of Vail and Beaver Creek but also emphasizes the nuanced shifts that could shape the latter half of the year.
Be sure to read page 65, where Tye Stockton offers valuable insights into the Vail real estate market during the bustling summer season. In addition, on page 64, discover Patrick Barrett's breathtaking listing at 1017 Ptarmigan Road.
The ultra-luxury real estate market in the United States exhibited exceptional strength in the first half of 2024, with 838 homes sold publicly at $10 million-plus, totaling $14.66 billion in sales volume and surpassing H1 2023 figures. High-net-worth buyers continue to view real estate as a safe investment, frequently opting for all-cash transactions to avoid high mortgage rates. Key markets like Greater Los Angeles, Manhattan, Palm Beach County, and Miami-Dade led the way, while emerging markets such as Greater Nashville and Central New Jersey saw significant gains. The increased competition for prime properties underscores the importance of partnering with a trusted Compass agent, leveraging Compass Private Exclusives to discreetly gauge market interest and access exclusive listings. As Compass remains at the forefront of the industry, we invite you to explore our 2024 Mid-Year Ultra-Luxury Report for more insights into the trends driving the future of luxury real estate.
"Summertime in Vail brings with it many of our feeder market guests from Florida, Texas, New York and the Midwest, to name a few; they come to escape the heat and enjoy all the activities the Vail Valley has to offer. Entering the second half of the year, the market has continued enthusiasm for turnkey homes and condos.
Our buyer interest still outweighs the inventory, albeit a more balanced market seems to be an early trend with days on market creeping up and inventory growing slightly. Sellers are beginning to understand the market continues to normalize and pricing homes correctly is critical to avoid lengthy days on market. Our buyer profiles remain largely the same with a good amount of Latin American buyers, buyers from warm weather states and Colorado second homeowners. Ski-in Ski-out luxury homes in Bachelor Gulch are moving as well as any product at this time. Also, there is a notable amount of redevelopment activity happening in the exclusive Vail Village neighborhood. With it being an election year we anticipate some level of uncertainty in the market, which can result in caution from buyers."
- Tye Stockton
For more information on the local ultra-luxury market, please reach out to Tye Stockton & Patrick Barrett.