LIV Sotheby’s International Realty’s Q3 Micro Market Reports are here! Despite the market slowdown in the spring due to social distancing restrictions, Colorado’s resort markets performed exceptionally well through September of 2020.

From January to September, compared to the same time frame of 2019, communities in the Vail Valley area had an increase sales volume of nearly 30%. Leading the pack on transaction volume were single family home sales which grew nearly 15% from 312 transactions last year through September to 358 transactions this year through the same time period. This rise is a result of consumers’ desire to find a safe haven away from crowded cities. We are seeing concern about covid, concern about civil unrest, as well as concern about tax implications of issues going on in these cities. Many buyers are indicating that they have been contemplating such changes for years but the current dynamic created a sense of urgency to make a change and take action. Many people are spending more time in their second homes than ever or are making their second homes more of a primary or split home use. Due to this increase in demand, average home prices sold for the Vail Valley grew from $1,268,544 to $1,601,877, a 26.3% increase. Having said that, when you look at price per foot figures, buyers are still being extremely concerted in their decision making and we are not seeing outrageous prices being paid on properties for the most part. Properly priced properties that were well prepared to go to market are getting snatched up quickly while properties that are not properly priced or prepared can still sit. Not selling within a reasonable time in this market is extremely stigmatizing so now more than ever it is important to hit the mark out of the gates to fully take advantage of the current demand. Feel free to reach out to Malia if you would like to learn market details specific to your property.

The most expensive sale in the Vail Valley for October 2020 was a 10,870-square-foot, 6- bedroom, 10-bathroom residence located at 2500 Cresta Road, Arrowhead which sold for

$12,300,000.

This season we are reminded to appreciate the little things and do what we can to brighten others’ days. At LIV Sotheby’s International Realty, we want to do everything we can to support the communities in which we live and serve.

There are plenty of ways to give back to other and make a difference this month. Visit coloradogives.org to find out how you can lend a hand. Use the website’s search tool to find volunteer opportunities and deserving organizations to make a donation to in your community.