The popular ski location, Vail, is coming off a major dip in sales prices of the top luxury properties over the past three years. In 2021, the average top sales price was over $21M, which dipped to $13M in 2023, a low not seen since 2017 in the ultra-luxury space. In 2024, Vail did bounce back with a sales average of over $18M. This number is still lower than the $20M and $21M highs of 2020 and 2021, but above pre-pandemic levels. The dip in sales prices coincided with a longer time to sell, with Days On Market (DOM) rising to 322 in 2023 and 411 in 2024.
Highlights
Average sales price rebounded from $13M in 2023 to $18M in 2024, but were still below 2020-2021 peaks
Market velocity slowed significantly with DOM increasing from 322 to 411 days
Sales-to-list price ratio differed by 11% in 2023
Vail has bounced back
Whilst sales prices in 2023 dipped far below our Central region and US averages, Vail is now back on top. Market velocity is higher than US and Central averages, making it uncertain to predict the coming years. This uncertainty can also be seen in the sales-to-list price ratios, which dipped in 2024. At 89% of the list price, the sales in Vail are still similar to that of the region, but it is 4% lower than in 2023. This is also reflected when looking at the individual sales, where 2024 only witnessed one singular property of the market’s top 10 that sold at 100% or more of the list price, whilst in 2023, there were 4 of 10.
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