The Vail Valley’s residential real estate market slowed in 2023 as compared to 2022, although many of the same
themes continued to emerge. A small percentage of sales in the high end of the market were significant
contributors to total dollar volume. Lower listing inventory levels limited the total number of transactions while
simultaneously helping prices escalate.
The number of sales dropped by 21%, from 1192 to 940, while total dollar volume was down by only 12.5% from
$2.487B to $2.175B. The average sales price rose 11% to $2.314M from $2.086M in 2022. The median sales price
jumped 30% from $1.197M to $1.550M and the sold price per foot was up 14% from $852 to $970. One of the
more significant differences is the 75% rise of Average Active Days on Market, up to 70 in 2023 from 40 in 2022.
Despite a dip in some of these numbers, demand for Vail Valley properties remains high. Any interest rate cuts in
2024 will only help the number of sales, although the recent historically low rates are probably a thing of the past!
As inflation continues to cool and the economy more fully absorbs the higher interest rates, we expect to see a
more balanced real estate market.
As we say, all real estate is local. While broader economic factors do come into play, our market is our own for
many reasons, our exceptional quality of life being paramount. The enclosed data shows that Vail Village had the
highest dollar volume, while Eagle had the largest number of transactions.
Your Year-End 2023 neighborhood market activity report is enclosed, and reports for each neighborhood can be
found at KeyToVailUpdate.com. Please let us know if you ever need a quick update on the market statistics, or if
you have any questions, comments, or concerns regarding your property, neighborhood, or the market in general.
Check out our website at www.KeyToVail.com, where you can find market updates, perform and save searches,
and browse the photos of active and sold properties. Always feel free to reach out, we are here to help with your
real estate needs, whether buying or selling. Thank you for your attention.
With kindest regards,
Larry and Pete
Outstanding Knowledge, Experience, and Service with Integrity!
