The slopes may be closed, and the snow receding, but Colorado’s Vail Valley real estate scene continues to experience an avalanche of buyer interest. What’s missing are available homes for sale.
Despite the imbalance, Catherine Jones Coburn of Slifer Smith & Frampton says, “the market continues to thrive with more buyers than inventory. Prices in Vail proper for the first quarter of 2022 continue to rise both in price point and price per square foot. Buyers continue to flock here for a number of reasons but mainly getting out of the bigger cities and enjoying nature and what Vail has to offer in all seasons of the year.”
The low number of single-family homes for sale in the Vail area in the first quarter of 2022 contributed to there being only two sales. Still, the two properties had high price tags, totaling nearly $50 million.
“It’s hard to talk about market trends when there is so little inventory both in Vail proper and the rest of the Vail Valley,” Jones Coburn says. “There are three single-family homes for sale in Beaver Creek and none currently in Bachelor Gulch Village. All are in the high-end market.”
The majority of buyers are those already somewhat connected to Vail Valley. Perhaps they have spent a lot of time in the valley for many years, current own there or are either downsizing or making a bigger financial commitment to the area by getting a larger and more expensive home.
Area sellers are a mixed group with many deciding it is a good time to cash out. “This is particularly true if they are getting up in years and have been thinking about selling and deciding now is a good time to maximize value for their existing property,” Jones Coburn notes.
Her recent high-profile high-end sale was a spec “trophy home” designed and built by Turnipseed Architecture and Construction. Located on private Hornsilver Circle, the property is convenient to Vail Village and the private Arrabelle Club with ski-in/ski-out access.
The single-family residence of 8,523 square feet sold for $15.5 million. The contemporary features seven bedrooms, all with en-suite bathrooms, and mountain and ridgeline views.
Available inventory around Vail Valley includes a two-bedroom, 2.5-bathroom fully furnished condominium in Bachelor Gulch with slope-facing views, listed at $2.579 million. It has direct ski-in/ski-out access to Beaver Creek Mountain.
A contemporary 6,378-square-foot home in Vail includes an elevator, golf simulator, and home theater. The price tag is $8 million.
Here’s the forecast for the remainder of 2022, according to Jones Coburn: “A lot of it will be dependent upon the inventory and if it will possibly increase as we enter into the summer selling season. We are now into our off ‘mud’ season, so activity is always generally quieter now with both buyers and brokers taking a bit of a rest after a long ski season.”
What’s needed are for potential sellers to come to market in the next few months and for the balance between available inventory and motivated buyers to equal out.