2020 Year End Market Update – Your Neighborhood Update and All Others in The Vail and Eagle Valley
Dovetailing with the COVID pandemic, the Vail Valley real estate market in 2020 was unlike anything we have ever seen before! After starting out as a normal year, we went dead-in-the-water from mid-March until we reopened on June 1. From there, the market went on a tear!
Fast-forward to the end of the year. Land Title reported Eagle County sales through November had broken over $3 Billion for the first time ever in a calendar year (keep in mind that Land Title numbers include Basalt and El Jebel as well as Vacant Land and Commercial Sales). The Vail Board of Realtor's MLS reports 1747 Residential sales in 2020, totaling $2,686,739,252 for an average sales price of $1,537,916. That is a 50% increase in Dollar Volume over figures from 2019 of 1410 (+24%) sales totaling $1,786,493,970 and average sales price of $1,267,017 (+21%).
Many people are now able to work from anywhere in the world and that demographic found what many of us have known for years - that the Vail Valley with its attributes of outdoor recreation, climate, open space, less density, and a higher quality of life is a wonderful place to live! Record low interest rates have also fueled the market.
Neighborhood updates for all the areas of our valley can be found at KeyToVailUpdate.com. The complete Land Title reports can also be found at our website.
There has been much talk this year about all the buyers flowing into our market. What many people forget to realize is that for every buyer, there is a seller. Why are so many people selling? In many instances, homeowners are taking advantage of today's record high prices and upsizing, downsizing, or exiting the market! Now is a great time to sell! We need homes to sell and have buyers looking in all price ranges.
We (Larry and Pete), too, are coming off a record year of sales and specialize in results!
There is a reason buyers and sellers have entrusted in us the largest transactions of their lives! Please contact us for a free complimentary market analysis of your home or with any questions you have about the market! We wish you a happy, healthy, and prosperous 2021 and look forward to serving your real estate needs!
