The Housing Market in Vail is Exploding in Growth
March 20, 2017
It’s easy to see why people want to live in Vail, Colorado: just say hello to the nation’s #1 ski resort.
During the first week of January 2017, 3 luxury homes exceeding $5 million sold in Vail. 1 of the homes cost $23 million. Compare this to the number of luxury homes sold in Vail in 2016—9 luxury homes exceeding $5 million sold in Vail throughout the first 6 months of 2016—and you’ll see how the real estate market in Vail for 2017 is already off to a great start. Since June 2016, 17 properties exceeding $5 million have been sold.
Prices Are Getting Stronger
The beginning of 2016 showed a slow start in the high-end market, but the year ended with a total sales volume of $1.4 billion. The low to middle markets are the driving force behind steady growth.
Currently, homes in lower price ranges and very high price ranges throughout the Vail Valley are seeing more activity and home prices are getting stronger:
$1 Million and Under Market:
- 4% increase in transactions
- 6% increase in total sales volume
$1 Million to $3 Million Market:
- 15% increase in transactions
- 10% increase in total sales volume
Why Prices Are Getting Stronger
Buyers started picking up properties like crazy in the Vail Valley Fall 2016. The real estate market in Vail ended with a bang in 2016 and it started strong in January 2017. People want to know why. Maybe it’s the election. People want to get their hands on great properties when they can. Not to mention all of the foreign buyers who are interested in buying properties in the Vail Valley. However, home prices in Vail are more so being driven by lack of supply of homes for sale. Also, mortgage rates are near a record low. The housing market in Denver is pretty great and a lot of people, from Colorado and elsewhere, are buying second homes in the mountains. Additionally, people are moving away from big cities in search of more affordable housing, and new homes are being built everywhere. Is this why the housing market in Vail is booming? Surely, it’s a mix of it all.
Find Your Home in the Vail Valley With Access Real Estate
Visit Access Real Estate’s website today to view our current listings of homes and condos available for purchase in Vail. Reach out to us with questions regarding homes in the Vail Valley by filling out our online contact form. We’d be happy to discuss the housing market in Vail and the Vail Valley in further detail.