Vail, Colorado (PRWEB) June 29, 2012
It is encouraging that the 2012 ski season - a winter with record low snowfall which resulted in record low visitor numbers - showed Vail real estate transaction numbers that are slightly higher than both 2010 and 2011.
Looking back over the past decade, 2005 was the year with the highest number of residential transactions with 1,594 homes sold. 2009 was the lowest year with 506 sales and the last two years of 2010 and 2011 both had about 800 transactions each year .
What Are The Home Prices Doing in Vail?
Many Vail Valley real estate professionals refer to 2007 as the “Peak” of the market—the peak in pricing. But the peak in transactions was two years earlier, in 2005. Looking at the graph for the number of annual transactions shows the bottom of the market occurred in 2009.
Following this same trend and applying this to pricing, then the peak of pricing came in 2007, two years after the peak for transaction numbers. It’s looking like the bottom for pricing was reached in 2011 —two years after the bottom for transaction numbers. The average price in the Vail Valley for the first four months of 2012 was $1,155,000 which was up 9% compared to the same period last year.
Fractional Ownership Trends
Vail and Beaver Creek have a wide selection of high end Private Residence Clubs and fractional homes. Luxury hotel brands including The Ritz-Carlton and The Four Seasons run some of the newer clubs and they all offer hotel-like amenities and services.
The annual transaction numbers for Vail fractionals or shared ownership did follow the same general trend for annual sales as the Vail whole ownership properties, with 2009 showing the lowest number of transactions, and the number growing in the last two years. Pricing is a little more variable, with recent results influenced by a few big sales. Overall this market is proving resilient, with people liking the idea of buying a luxury home in Vail for a low six figure sum.
Despite poor snow conditions over the winter, Vail area businesses reported record sales numbers from our visitors. Some Vail realtors are seeing multiple offers for homes in Eagle & Gypsum and some properties being on the market fewer than 15 days. Low and mid-range priced properties in East Vail are being snatched up by “first-time, second home buyers.” The high end market has already seen 14 sales over $4 million with a dollar volume of over $99 Million, so all the signs are indicating that the market is picking up.