Vail Valley Micro Market Report | Quarter 1, 2022

Q1 2022

Micro Market Report V A I L V A L L E Y, C O L O R A D O

Vail Gateway Plaza Residence #R8

312 Bearden Road

Vail Valley MARKET UPDATE

The Vail Valley has long been known as Colorado's premier vacation destination, and with good reason. The area's namesake, Vail Mountain, was founded in 1962 by former members of the Army's 10th Mountain Division, and from here, history and heritage ensued as the region expanded and established two of the nation's largest and most famous ski resorts- Vail and Beaver Creek. While a beautiful year-round destination, the Vail Valley is most known for its spectacular winter season. Sparkling snow blankets the White River National Forest, towns from East Vail to Eagle bustle with eager adventurers, and world-renowned events like the Birds of Prey World Cup all take place during the winter months here.

Spanning just 35 miles, the Vail Valley is known as one of the most famous alpine destinations in the world, complete with luxurious accommodations, fine dining, and superb shopping. Add in its year-round appeal, excellent health care system, highly ranked schools, and diverse cultural amenities, and it is no wonder why buyers gravitate to Eagle County. In recent years, the appeal of mountain living in the Vail Valley has produced record-breaking real estate numbers, driving home values up and the time listings spend on the market down.

Every quarter, LIV Sotheby's International Realty produces a Micro Market Report focused on Eagle County's market performance, which includes the Vail Valley. 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-overyear 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 January through March Sold Listings (All Properties) Sold Single Family Sold Condos/TH/DP Average Days on Market Average Sold Price % Sold Price to List Price Total Sales Volume

2021

2022

% Change

338

247

-26.9%

88

77

-12.5%

250

170

-32.0%

111

41

-63.1%

$1,752,870

$2,255,387

28.7%

97.1%

100.5%

3.5%

$592,470,067

$557,080,674

-6.0%

Eagle County – All Properties *Not Including Basalt

Based on Information from Vail Board of Realtors®. This representation is based in whole or in part on data supplied by Vail Board of Realtors®. Vail Board of Realtors® does not guarantee noris in any way responsible for its accuracy. Data maintained by Vail Board of Realtors® may not reflect all real estate activity in the market.

coloradomicroreports.com

VAIL VALLEY

NEIGHBORHOODS 1.

East Vail

6.

Minturn

12. Wildridge/Wildwood

18. Cordillera

2.

Vail Golf Course &

7.

Eagle-Vail

13. Arrowhead

19. Eagle, Eagle Ranch,

Spraddle Creek

8.

Avon

14. Edwards - Singletree

3.

Vail Village

9.

Beaver Creek

15. Edwards & Homestead

4.

Lionshead

10. Mountain Star

16. Edwards - Lake Creek Valley

5.

West Vail & Cascade

11. Bachelor Gulch

17. Cordillera Valley Club

Brush Creek & Gypsum

19

17 18

14 15

16

12 13

10 5

8 11 9

4

3

2

1

6

7

MICROMARKET REPORT | Vail Valley livsothebysrealty.com

JANUARY - MARCH 2022 • COLORADOMICROREPORTS.COM

TOWN OF VAIL

65.8% The average days on market in the Town of Vail decreased by 65.8% January through March 2022 compared to that of 2021.

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,986,098

$3,211,464

61.7%

$1,182

$1,369

15.8%

155

53

-65.8%

$7,250,000

$30,875,000

325.9%

87

56

-35.6%

96.3%

100.2%

4.1%

All Properties - Includes East Vail to West Vail South

January through March

EAST VAIL

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,159,166

$2,084,316

79.8%

$759

$1,030

35.7%

157

39

-75.2%

$2,925,000

$8,300,000

183.8%

12

13

8.3%

98.4%

102.6%

4.2%

All Properties

VAIL GOLF

January through March

Located at 8,200 feet in elevation,

Average Sold Price

the Vail Golf & Nordic Clubhouse

Average Price per Square Foot

is surrounded by the majestic and

Average Days on Market

rugged Gore Mountain Range, offering

Highest Price

a variety of outdoor activities, including 17 kilometers of Nordic trails and 10 kilometers of scenic snowshoe trails.

Properties Sold % Sold Price to List Price

2021

2022

% Change

$2,245,000

$3,278,333

46.0%

$878

$1,379

57.1%

182

13

-92.9%

$4,300,000

$5,850,000

36.0%

5

3

-40.0%

96.6%

99.7%

3.2%

All Properties

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$2,436,027

$5,299,208

117.5%

$1,729

$2,383

37.8%

217

82

-62.2%

$6,400,000

$19,000,000

196.9%

22

12

-45.5%

94.1%

98.2%

4.4%

All Properties

January through March

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2022

% Change

$2,453,852

$5,904,642

140.63%

$1,617

$1,634

1.1%

158

117

-25.9%

$4,650,000

$30,875,000

564.0%

17

7

-58.8%

96.1%

96.3%

0.2%

The average price per square foot in Vail Village increased by 37.8% January through March 2022 compared to that of 2021.

LIONSHEAD

Average Sold Price

2021

37.8%

VAIL VILLAGE

January through March

All Properties

January through March

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2022

% Change

$3,187,333

$3,050,000

-4.3%

bustling town center and boasts its own

$1,153

$1,614

40.0%

small community of luxury homes and

166

8

-95.2%

$7,250,000

$4,900,000

-32.4%

6

2

-66.7%

95.6%

99.3%

3.9%

All Properties

Village is slightly removed from the

the Grand Hyatt Vail. Featuring a fullservice spa and other luxury amenities, the Grand Hyatt Vail is situated right off of the Gore Creek, and has direct lift access up Vail Mountain to over 5,200 acres of skiable terrain.

CASCADE

Average Sold Price

Continuing down the Valley, Cascade

2021

The average days on market in West Vail increased by 1.4% January through March 2022 compared to that of 2021.

ALL OTHER VAIL AREAS

WEST VAIL

1.4%

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,060,400

$2,661,780

151.0%

$566

$797

40.8%

70

71

1.4%

$2,550,000

$5,000,000

96.1%

10

5

-50.0%

97.1%

96.6%

-0.5%

All Properties - Includes Areas: West Vail, North to West Vail South, Highland Meadows

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,573,093

$1,458,600

-7.3%

$730

$833

14.1%

110

32

-70.9%

$4,200,000

$3,300,000

-21.4%

16

15

-6.3%

97.2%

102.7%

5.7%

All Properties - Includes Areas: Booth Creek, Potato Patch, Sandstone Lionsridge, Valley Ridge at Vail (Now Buffehr Creek), Highland Meadows & Spraddle Creek

Being a small town in an area like Eagle

MINTURN

January through March

January through March

County could mean living in the shadows

Average Sold Price

of its neighbors, but Minturn has carved

Average Price per Square Foot

out its own distinct identity. Incorporated in 1904, the town is one of the oldest in the area. To this day, Minturn reflects the unique

Average Days on Market Highest Price

and eclectic feel that comes from bringing

Properties Sold

together people from diverse locations.

% Sold Price to List Price

2021

2022

% Change

$783,571

$1,589,000

102.8%

$430

$592

37.7%

217

1

-99.5%

$940,000

$1,589,000

69.0%

7

1

-85.7%

96.4%

100.0%

3.8%

All Properties

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$2,584,544

$2,679,000

3.7%

$918

$1,157

26.0%

186

50

-73.1%

$10,950,000

$10,200,000

-6.8%

49

23

-53.1%

95.8%

99.0%

3.3%

All Properties

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$5,752,111

$6,481,833

12.7%

$906

$1,061

17.1%

381

125

-67.2%

$10,950,000

$10,200,000

-6.8%

9

3

-66.7%

96.6%

94.9%

-1.7%

The average price per square foot in Beaver Creek increased by 26.0% January through March 2022 compared to that of 2021.

BEAVER CREEK

January through March

26.0%

Single Family Homes

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,871,842

$2,108,575

12.6%

$920

$1,171

27.3%

143

38

-73.4%

White River National Forrest, Beaver

$6,800,000

$4,200,000

-38.2%

Creek provides the luxurious amenities of

40

20

-50.0%

95.7%

99.6%

4.1%

Condominiums, Townhomes, Duplexes and Triplexes

Beaver Creek, Colorado is considered the best of resort living. Nestled in the

a modern resort while having a relaxing environment of an alpine village.

BEAVER CREEK

January through March

BEAVER CREEK

January through March

BACHELOR GULCH BACHELOR GULCH BACHELOR GULCH

64.0% The average sold price in Bachelor Gulch increased by 64.0% January through March 2022 compared to that of 2021.

Extending the Beaver Creek ambiance to a more intimate setting, Bachelor Gulch

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

January through March Average Sold Price Average Price per Square Foot

Bachelor Gulch is the ideal location to lose

Average Days on Market

yourself in luxury. Combine this with the

Highest Price

and the Bachelor Gulch experience is truly limitless.

2022

% Change

$3,867,407

$6,342,076

64.0%

$1,023

$1,340

31.0%

114

23

-79.8%

$13,500,000

$11,750,000

-13.0%

19

13

-31.6%

94.5%

97.3%

2.9%

All Properties

offers breathtaking views of the Vail Valley.

numerous outdoor, year-round activities,

2021

Properties Sold % Sold Price to List Price

2021

2022

% Change

$7,811,458

$9,261,666

18.6%

$1,117

$1,255

12.4%

48

28

-41.7%

$13,500,000

$11,750,000

-13.0%

6

6

0.0%

96.1%

98.1%

2.1%

Single Family Homes

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$2,047,076

$3,839,571

87.6%

$980

$1,412

44.1%

145

19

-86.9%

$4,000,000

$6,432,000

60.8%

13

7

-46.2%

93.9%

96.5%

2.9%

Condominiums, Townhomes, Duplexes and Triplexes

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$2,555,630

$3,172,678

24.1%

$668

$1,046

56.6%

137

$81

-40.9%

$10,605,750

$7,575,000

-28.6%

15

14

-6.7%

95.4%

102.6%

7.5%

All Properties

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

The average days on market in Arrowhead decreased by 40.9% January through March 2022 compared to that of 2021.

2021

2022

% Change

$5,514,237

$6,615,000

20.0%

Just around the corner from Bachelor

$687

$966

40.6%

Gulch, you will find Arrowhead, the final

155

266

71.6%

$10,605,750

$7,575,000

-28.6%

4

4

0.0%

be one of the best kept secrets of the

94.0%

100.7%

7.2%

Colorado Rocky Mountains.

village of Beaver Creek Resort. Considered the western gateway to Beaver Creek Mountain, Arrowhead Village is said to

ARROWHEAD

January through March

40.9%

ARROWHEAD

January through March

Single Family Homes

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,479,772

$1,795,750

21.4%

$661

$1,078

63.1%

131

7

-94.7%

$3,265,000

$3,000,000

-8.1%

11

10

-9.1%

95.9%

103.3%

7.7%

Condominiums, Townhomes, Duplexes and Triplexes

ARROWHEAD

January through March

MOUNTAIN STAR WILDRIDGE/WILDWOOD

EAGLE-VAIL & AVON

For many, the draw of the Vail Valley includes the various resorts with their skiing and spas. For others, the Vail Valley

January through March

is a place where they can find a home with

Average Sold Price

peace and tranquility along with some of

Average Price per Square Foot

the most breathtaking views imaginable.

That sums up what Mountain Star is all about. Although less than thirty minutes

Average Days on Market Highest Price

away from all the action of Eagle County,

Properties Sold

this gated development is everything one

% Sold Price to List Price

2021

2022

% Change

$5,250,000

$9,050,000

72.4%

$591

$848

43.5%

736

551

-25.1%

$6,250,000

$9,050,000

44.8%

2

1

-50.0%

93.6%

96.8%

3.4%

could imagine in a mountain home.

16.7% The amount of properties sold in Wildridge/ Wildwood increased by 16.7% January through March 2022 compared to that of 2021.

All Properties

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$948,750

$1,627,642

71.6%

$355

$563

58.6%

47

75

59.6%

$1,375,000

$4,275,000

210.9%

6

7

16.7%

97.3%

99.0%

1.7%

All Properties

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$837,372

$961,627

14.8%

$660

$757

14.7%

36

15

-58.3%

$2,525,000

$3,975,000

57.4%

47

36

-23.4%

99.2%

100.3%

1.1%

All Properties

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2022

% Change

$1,184,416

$951,033

-19.7%

shops, restaurants, and a quaint movie

$473

$550

16.3%

theater. Perched atop a hill, beautiful views

34

19

-44.1%

$5,200,000

$1,684,600

-67.6%

18

12

-33.3%

98.5%

102.7%

4.3%

All Properties – Includes Edwards, Homestead & Riverwalk

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$1,239,125

$2,275,909

83.7%

$537

$649

20.9%

8

7

-12.5%

$1,700,000

$4,025,000

136.8%

4

11

175.0%

94.6%

97.7%

3.2%

All Properties

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$3,862,500

-

-

$366

-

-

74

-

-

$4,500,000

-

-

2

-

-

82.1%

-

All Properties

of the Vail Valley can be seen throughout the Edwards, including the New York Mountain Range and the Eagle River.

Enjoy easy access to various outdoor activities, including winter favorites like skiing, snowshoeing, and fly-fishing.

12.5% The average days on market in Edwards - Singletree decreased by 12.5% January through March 2022 compared to that of 2021.

EDWARDS - LAKE CREEK

January through March

provides effortless access to nearby

EDWARDS - SINGLETREE

January through March

the south side of Edwards, Homestead

2021

EDWARDS - HOMESTEAD

Located conveniently in the Vail Valley on

CORDILLERA & VALLEY CLUB

CORDILLERA

37.5% The highest sold price in Cordillera Ranch, Cordillera Divide, Cordillera Summit, and the Cordillera Valley Club increased by 37.5% January through March 2022 compared to that of 2021.

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$2,571,583

$3,721,947

44.7%

$465

$629

35.3%

144

46

-68.1%

$4,000,000

$5,500,000

37.5%

12

10

-16.7%

96.7%

97.6%

0.9%

All Properties - Includes Cordillera Valley Club, Cordillera Divide, Cordillera Ranch, Cordillera Summit, Colorow Creek.

January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2021

2022

% Change

$2,294,888

$3,721,947

62.2%

$420

$629

49.8%

147

46

-68.7%

$4,000,000

$5,500,000

37.5%

9

10

11.1%

97.2%

97.6%

0.4%

All Properties - Includes Cordillera Divide, Cordillera Ranch, Cordillera Summit, Colorow Creek

Cordillera Ranch, Cordillera Summit, January through March Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2022

% Change

$3,401,666

-

-

as its own separate community within

$600

-

-

Edwards, Cordillera thrives on its beautiful

137

-

-

open spaces, proximity to national forest

$3,750,000

-

-

3

-

-

95.2%

-

All Properties

Average Sold Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

conveniently off of Interstate 70. Operating

and BLM lands, and its wide array of activities. Home to the Vail Gondola Club and Cordillera Golf Club, this private community is renowned for its awardwinning golf courses.

2021

2022

% Change

The Town of Eagle is the county seat

$646,616

$960,477

48.5%

of Eagle County, Colorado, and one of

$292

$401

37.3%

Colorado's best-kept secrets. A hidden

43

35

-18.6%

$2,350,000

$5,100,000

117.0%

58

57

-1.7%

sea level with a population of 6,748, the

98.8%

102.5%

3.7%

town is gaining recognition for its small-

All Properties - Includes Eagle Ranch, Brush Creek, Cotton Ranch & Chatfield

gem with pristine and abundant access to mountain biking, hiking, fishing, and yearround events. Located at 6,600 feet above

town charm.

EAGLE & GYPSUM

January through March

and Cordillera Valley Club are situated

2021

CORDILLERA VALLEY CLUB

Located in Edwards, the Cordillera Divide,

WHY COLORADO?

40

NATIONAL PARKS

70

MOUNTAIN RANGES

82

SKI AREAS & RESORTS

03

AVG DAYS OF SUNSHINE ANNUALY

+ 05 3

CRAFT BREWERIES

MICROMARKET REPORT | Vail Valley JANUARY - MARCH 2022 • COLORADOMICROREPORTS.COM