Vail Valley/Cordillera Real Estate Market Report March 2020
Vail Valley/Cordillera Real Estate March 2020
Real Estate sales in March has started to feel the effects of COVID19 with the Town of Vail getting the most mixed results. In our market, inventory continues to be a challenge as many sellers have withdrawn their properties until they feel things have settled a bit. There are still signs of strength with some big sales in Vail Village as well as strong trends continuing in
Arrowhead and Cordillera.
Year-to-date there have been 12 sales compared to 17 last year—SF/DP sales in the TOV showed the most significant drop of all the areas in our Focus group—we should pause as this is just one month and just one category (SF/DP) of sales–it is too early to say this is a lasting trend or a short- term isolated spike.
All Focus Area Sold Single Family Homes/ Sold Condos And TownHomes
Vail Village, Lionshead, GC Condos and Townhomes Sold Trends
In Vail Village there was a second sale of a SF/DP home compared to just one last year. This creek-side Duplex sold for
$12M off $2M from it’s nearly $14M asking price. This home sold for $2,532/sq.ft. located on Meadow Drive near Vail Health and Four Seasons. The core area had 9 Condos that sold in March with a Solaris unit presumably selling to a Mexican party for $14.5M ($2,200/sq.ft).–asking price was $19.2M. This is a low sales price per square foot for a Solaris penthouse. I’ve seen these sell for more than $3,000/sq.ft.
Cordillera Market Sold Trends
Cordillera continues to out-pace 2019. There were three Single Family homes that sold in March with 10 selling so far
compared to last year’s 7 homes that had sold YTD. Average sales price of $370/sq. ft. is favorable to last year’s $334/sq. ft.
Arrowhead Single Family Home & Duplex Homes Sold Trends
In Arrowhead 2020 sales of SF/DP continue to outpace 2019 with One SF home and two Duplexes selling in March. These
homes are in the $1.5M to $2.4 range–a relatively modest price for detached homes in this neighborhood. There were only two condos that sold in Arrowhead priced under $1M. This lower sales volume is not surprising because activity in
Arrowhead historically picks up in the summer when our Arizona, Chicago and Florida friends return…..
The remarkably strong start to this year is keeping YTD sales marginally ahead of 2019 figures. We should be prepared for
some changes, however. The biggest signal I see is that properties under contract (pended sales) is down almost 25% for
the whole Vail Board of Realtors. It will be interesting to see how these numbers play out as we head into our “traditional” shoulder season. I hope you find this month’s Market Report interesting and maybe even insightful. Feel free to share at your discretion. I appreciate your comments, referrals and business.
If you want more in-depth information and a breakdown of different areas including East Vail, Cordillera, Vail Village, Lionshead, Vail Golf Course, West Vail, Beaver Creek and Bachelor Gulch download the full 13-page Vail Valley/Cordillera Real Estate Market Report February 2020!
Helping You Make Informed Decisions Regarding Vail Valley/Cordillera Real Estate
I produce this monthly report to provide you with a high level overview by looking at the patterns and trends. My goal is to help YOU make sense of the numbers so you can make informed decision. It is my hope that this report helps you to ”See the Big Picture and All the Details!”
If you see a segment of the market that you would like additional help with understanding please contact me. Or if you desire a specific Home Estimate that I routinely prepare for my clients, please contact me, I would be happy to go to work and get that to you.
This report covers Single Family Homes, Condos and Townhomes for the Vail Valley and Cordillera area which includes the specific areas such as Cordillera, Vail Village, Lionshead, Vail Golf Course, East Vail, West Vail, Beaver Creek and Bachelor Gulch.
You will also see a ”slice” of the data by Price Range and by Area for Single Family Homes and Condos & Townhomes to provide a more insightful view of the market.
Get your Vail Valley/Cordillera Real Estate Market Report March 2020
How can I help you with Your Vail Valley/Cordillera Real Estate Needs?
This Vail Valley/Cordillera March 2020 Real Estate Market Report and the level of detail is representative of what you can expect from me as your Real Estate Agent. I hope I can provide the same amount of expertise and insight for you when you are looking to buy or sell in the Vail Valley/Cordillera area.
Are you wondering what your home is worth in the current market? Do you have questions or want more information about something in the market report? Do you desire a specific Home Estimate that I routinely prepare for my clients? Please contact me or visit this link to get the ball rolling.
Robert Schilling
Coldwell Banker Global Luxury Specialist
Coldwell Banker Distinctive Properties
(970) 390-0705
[email protected]