The year-end numbers are in and 2015 was a solid year in real estate with the total sales volume at nearly 2 billion dollars with 2061 transactions. Approximately 1.7 billion was improved residential sales and the remainder were commercial or land transactions. This is a 12% increase in sales volume from last year. Here are some highlights. Check out the details for your areas of interest within the detailed report that follows.
Price Per Square Foot Comparisons Between 2015 and 2014:
Vail Single Family Homes, including all areas, had an increase in the average price per square foot from 2014 by nearly 16% whereas multifamily residences in Vail increased 3% on a price per foot basis from 2014.
Arrowhead single family prices per foot were up an impressive 23% in 2015, Cordillera Valley Club up 5%, and all other Cordillera single family residences were up 2% on a price per foot basis. Beaver Creek was up considerably for single family price per foot with a 31% increase, whereas Bachelor Gulch was up 3%. Beaver Creek multi-family residences were up 3% and Bachelor Gulch saw a drop in price per square foot of 34%.
Note that it can be a challenge to use this data to know exactly what it means for your property or the property you are considering purchasing. A great example of this is an area like Potato some areas had a huge increase 450% on a price per foot basis (Potato Patch SF) and others a huge decrease (-35% East Vail SF). This is due to the relatively small sample sizes, the variety in the square footage of properties sold as well as the variation in quality and age of construction in many of the sales from year-to-year. This can make it a challenge to know exactly what these figures mean for your particular property. For that reason, it is always best to get a tailored evaluation regarding your particular residence to see how you compare to the actual recent solds in your neighborhood in terms of location, age, size and quality of construction. Contact me for a no obligation consultation about the value of your residence or to just chat about the market. Cheers to a great 2016 in the Vail Valley.
Click here for a pdf version of this report.
End Vail Valley Market Report 2015 Year End – Malia Cox Nobrega Vail Luxury Broker Blog