What a Year!
Before the pandemic emerged in the United States we knew that living in the Vail Valley was special and unique. Our four-season valley thrives on recreation, adventure, and community. What we realized in the spring and summer was just how much individuals and families valued the lifestyle locals, returning guests, and second homeowners have grown to appreciate.
The wave of new residents and those looking for Vail Valley real estate for their more permanent home was palpable and evidenced by the real estate sales numbers in 2020. A headline worthy $3 billion in sales (see the recent article here) is a record for any year. Drilling down, our residential unit sales topped 1,700, 24% above last year’s levels. Residential dollar volume exceeded 2019 by 52%. Lofty numbers.
Leaders in our community should be commended for their effort to reopen our ski mountains, maintain our services, and provide a world-class experience for everyone in the area (albeit a bit different). But the activity in the market does not overshadow the challenges many in our area face. Restaurants and theaters have been hit particularly hard and we were proud to be one of the first organizations to donate to our local Community Market (more details here) for those struggling during these times.
2021 brings with it new hope and optimism. We trust it will be filled with all the adventure and memories we are all so fond of making here in the valley. We look forward to continuing to serve all of our Vail Valley real estate clients in the coming year and wish you a very happy, peaceful, and joyous New Year!
2020 Year End Pending Contracts Review
The holidays brought continued Vail Valley real estate activity with numbers stabilizing from Thanksgiving through the New Year. Although inventory levels are lower than this time last year, part of the reason is because Vail Valley real estate buyer activity remains heightened, accounting for a 74% increase in pending sales from a year ago.
These numbers, however, do not make up for the lag in inventory and that one aspect of our market remains a central part of how numbers will look in 2021. Although the new year is a traditionally slower time in our market, 2020 taught us that norms are on the sidelines and sellers remain dfced with little competition in the market and a strong buyer pool to consider.