Looking to dive a little deeper into a specific neighborhood? The Micro Market Report is just what you need! Check out the latest edition below.
For quarter one, this report is a year-over-year comparison of the first quarter of 2021, compared to the first quarter of 2022, analyzing January through March. Real estate brokers in the Vail Valley continued to face a fast-paced market filled with eager buyers and sellers throughout the first quarter of 2022. In Eagle County, the total sales volume year-over-year remained relatively steady, decreasing slightly from $592,470,067 in 2021 to $557,080,674 in 2022. While sales volume was down minimally, the average sold price continued to rise, increasing 28.7% bringing the average sold price in the first quarter of 2022 up to $2,255,387. The slight decrease in overall sales volume can be attributed to the ongoing trend of a scarce inventory market in which the Vail Valley saw a 26.9% decrease in listings sold year-over-year for quarter one. From January to March of last year, 338 listings were sold, and this year only 247 listings were sold. This indicates that as the market's inventory lessens, the value of owning property in the Vail Valley will continue to rise proportionately with the area's popularity.
Neighborhoods that saw the most significant increases in the average price of homes sold compared to the first quarter of last year include Minturn with an incredible 102.8% increase, Edwards Singletree at an 83.7% increase, Bachelor Gulch with a 64% increase, and lastly, Cordillera at a 62.2% increase. As for the rest of the Vail Valley, most neighborhoods saw significant increases in the average sold price, with only a few areas seeing a slight decline. In Lionshead Village in the Town of Vail, the first quarter brought an astonishing highest priced sale of $30,875,000, a 325.9% increase over the highest priced sale during the same time last year.
Navigating through the peaks and valleys of the real estate market can be a challenge, which is why real estate brokers are there to guide the way. In the Vail Valley, one of the biggest hurdles is the length of time that listings stay on the market. During the first quarter of 2022, Eagle County saw a 63.1% overall drop in days on the market from 111 to 41. In Bachelor Gulch, Beaver Creek, Eagle-Vail and Avon, communities saw a 79.8%, 73.1%, 58.3%, drop, respectively. In Bachelor Gulch, this 79.8% decrease reflects a jaw-dropping difference of 114 days in 2021 to just 23 days in 2022. Combine Eagle County's overall decrease in days on the market with the 26.9% decrease in the number of listings sold this year, and that means now more than ever, the expertise and guidance of local real estate professionals are needed to navigate this highly coveted market.
Vail Valley, located in Eagle County and nestled within the White River National Forest, is an easy 100-mile drive west on I-70 from Denver, and easily accessible from Eagle County Regional Airport. That, along with its reputation for world-class skiing at Beaver Creek and Vail, featuring a European alpine ambiance, makes the Vail Valley a must-see stop on most Colorado travel itineraries.
In addition to the abundance of outdoor activities the Vail Valley offers, residents and visitors also enjoy luxury amenities here like fine dining, boutique shopping, golfing, and a top-tier surgical center. With home buyers placing a greater emphasis on quality of life in 2021, resort communities like Vail and Beaver Creek continue to generate a surge in market activity.