Vail Valley Market Stats
Vail Real Estate - 2006 and 2007 Market Statistics
By Bart Peaslee, Vail Real Estate broker

The sky is not falling here but the snow is! This has been a record year for snow in Vail (just like the media has been saying) and our market is holding up (again, just like the media has been saying).  Please see the attached Wall Street Journal article for full details. You will also read that Vail Resorts has had a tough year. I thought a quick update would help you see what is happening in the Vail Valley. Year to date 30 residences have gone under contract for $2,000,000 or more. The highest price was $11,500,000, the highest price per square foot (PPSF) was $2,698, the lowest PPSF was $404, and the average PPSF was $1,379.

So is now the time to buy? Well it certainly is time to buy a season pass for next year because right now anyone can buy an unrestricted season pass for any Vail Resort Mountain (including Heavenly Mountain Resort) for $579.00. This prices includes "buddy passes" and PEAKS points. Even if you are only coming skiing for 14 days next year, this is a deal. Go to www.epicpass.com for full details.

Are there deals in Real Estate? Right now I'd say it's "let's make a deal" time. Prices have been lowered across the valley on everything except the new developer sales in the resort markets. Will they go lower? Possibly, but most likely only when a strong offer with attractive terms comes in. Please understand this is not a guarantee that you can get a lower price. When the market turns the market turns quickly here in the mind of Sellers and they become less accomodating. Pick now or pick on the left overs is one way to look at it.

The attached charts show 2006 versus 2007 sales for 3 bedrooms and up in the resort areas. 2007 was a record year in sales dollar volume over all but not in sales numbers. Prices were higher, number of sales was lower. The start of this year has been slower than previous years and the Vail Daily announced Feb. was the worst real estate year in 12 years. To keep that in perspective, they are referring to the entire valley and not necessarily the high end of the market. We really won't know until the end of April what the spring market was like.

We have the complete sales information for every neighborhood, so if you want a specific break down street by street or condominium project by condominium project we can send that to you so you are able to track sales. If you'd like to digest something a little sweeter we have the 18th annual Taste of Vail coming up and still more snow to come. It will be great spring skiing.

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2006 & 2007 Statistics