Malia Cox Nobrega 970.977.1041 mobile malia.nobrega@sothebysrealty.com VailLuxuryBroker.com
Vail Valley Market Report February 2016 February was another lackluster month in luxury real estate in the Vail Valley. Year-To-Date sales and transaction volume are down 25% from last year through February. The good news is that March and April both appear to be much stronger and will improve the year-to-date figures once officially reported to help smooth out the rough start. All have and will continue to speculate as to the source of the slow early start but the poor showing for the U.S. stock market, low oil prices, and a fairly outrageous political season are all being given some of the blame for many second homeowners holding off on buying or upgrading their Vail residences. Vail Village had the largest sales and transaction volume by far with over 17 million dollars in sales with an average sales price of around 3 million dollars from six closed transactions. Most of the action in the second homeowner market appeared to be below 3 million dollars price point. The vast majority of February sales were likely primary homeowner purchases taking place in areas of the Vail Valley that are traditionally comprised of full-time residents: Avon, Edwards, Eagle and Gypsum. Having said that, most of the transactions taking place in the second homeowner market saw the price-per-square-foot either remain similar to the previous months or increase slightly compared to 2015. Inventory continues to remain low creating an atmosphere that promotes strong sales prices for properties that are reasonably priced with premium locations and/or in new or remodeled condition.