The year-end numbers are in, and 2015 was a solid year in real estate with the total sales volume at nearly $2 billion with 2,061 transactions. Approximately $1.7 billion was in improved residential sales, and the remainder was in commercial or land transactions. This is a 12 percent increase in sales volume from last year. Here are some highlights. Check out the details for your areas of interest within the detailed report that follows.
Price-Per-Square-Foot Comparisons Between 2015 and 2014:
Vail single-family homes had an increase in the average price-per-square-foot from 2014 by nearly 16 percent, whereas, multifamily residences in Vail increased three percent on a price-per-foot basis from 2014.
Arrowhead single-family prices-per-foot were up an impressive 23 percent in 2015, Cordillera Valley Club was up five percent, and all other Cordillera single-family residences were up two percent on a price-per-foot basis. Beaver Creek was up considerably for single-family, price-per-foot with a 31 percent increase, whereas Bachelor Gulch was up three percent. Beaver Creek multifamily residences were up three percent, and Bachelor Gulch saw a drop of 34 percent in price-per-square-foot.
Note that it can be a challenge to use this data to know exactly what it means for your property or the property you are considering purchasing. A great example of this is a location like Potato Patch in which some areas had a huge increase of 450 percent on a price-per-foot basis, and others had a huge decrease, like negative 35 percent, as in East Vail. This is due to the relatively small sample sizes, the variety in the square footage of properties sold, and the variation in quality and age of construction in many of the sales from year-to-year. This can make it a challenge to know exactly what these figures mean for a particular property. For that reason, it is always best to get a tailored evaluation regarding a particular residence to see how it compares to the recently sold properties in a neighborhood in terms of location, age, size, and quality of construction.
Contact me for a no obligation consultation about the value of your residence or to just chat about the market. Cheers to a great 2016 in the Vail Valley!
Click here for a pdf version of this report.