Hello! Here's a brief recap of the Vail Valley Real Estate Market during the First Quarter of 2023:
The Vail Valley, Colorado real estate market remains robust, with high demand for properties in prime locations that are appropriately priced.
While the total sales volume for the First Quarter was $392 million, it is important to note that this represents a decrease of approximately 30% compared to the same period in 2022. However, it's crucial to consider that 2022 was an exceptional year for sales in this area, setting new records.
Between 2020 and 2022, the Vail Valley, like many other desirable destinations across the US, experienced significant spikes in real estate sales activity.
Although the volume is lower than last year, the year-to-date dollar sales volume for 2023 has surpassed that of 2019 by a considerable margin. This indicates that the Vail Valley market remains healthy.
If you are considering buying or selling a home in the Vail Valley, here are a few key factors to keep in mind:
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The inventory of available homes is still limited.
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The total number of active listings has decreased by 12% compared to the previous year.
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The luxury market, particularly properties above $3 million, is experiencing high activity.
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For the First Quarter, the average number of days on the market decreased by 20% for luxury properties above $3 million, while the overall market saw an increase in average days on the market.
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If you are selling your property, pricing it appropriately is crucial, as overpriced properties tend to have minimal activity or showings.
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If you are a buyer, it's important to stay attentive and be prepared to take action.
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As mentioned earlier, luxury homes above $3 million are spending over 20% less time on the market compared to the previous year.
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Keep in close contact with your agent, as there are incredible opportunities available, such as the beautiful 3-bedroom penthouse at the Riverfront Lodge in Avon.
For more information on real estate and upcoming events in the Vail and Beaver Creek areas, please visit our website at www.tsgvail.com or stop by our office in Vail Village.