April Market Report for the Vail Valley 2015
April saw a dip in transactions compared to this time last year. There were only 134 transactions in the Vail Valley and a total sales volume of $114,079,607 compared to April of last year that had a spike to $239,411,420 in sales volume and a total of 146 transactions. This “pop” in luxury sales last March (with many closing April) resulted from people feeling the bottom had come and it was time to jump on the last of the good deals before the turnaround.
As I mentioned in my previous few market report analysis, the luxury market saw very slow showings and activity beginning around early February through most of the ski season. I attributed that to the FIS World Ski Championships and many second homeowners staying away for the big event as well as a very unseasonable mid winter period. Fortunately we did see a spike in showings and late season activity that likely will show up in the May numbers.
There is no doubt that pockets of the luxury real estate market are back to “pre market meltdown” price levels while others still linger further behind. The properties that are newer and in the heart of Vail Village and Lionshead or that have a very unique location are most likely to be back to pre market meltdown prices.
Our year-to-date total sales volume comes to $488,977,567 which is about 86% of last years sales volume which was $568,540,607, a difference of almost $80 million. Transaction sales so far this year up to April were 476 compared to just 463 last year to date. Not only do I feel we may gain ground in the May figures due to the late ski season burst but I also believe that the off season activity and early summertime showings is showing good signs that we will see strong numbers.
With over $20 million in sales and 6 transactions, Lionshead had the highest sales volume in the Vail Valley in April. A 7000 square foot single family home in Potato Patch sold for $6,900,000 making this residence the highest sale the Valley Vail saw that month.