As of December 2011, there were 232 active listings in Vail Village and Lionshead with 72 properties selling in 2011. That suggests a 39 month supply of inventory. Here are inventory numbers for some Vail Valley locations.
Vail Village and Lionshead - 39 months of supply
Beaver Creek, Bachelor's Gulch & Arrowhead - 25 months of supply
Eagle Vail and Avon - 13 month supply of homes
Edwards - 14 month supply of homes
Eagle - 10 month supply of homes
Gypsum - 7 month supply
The point being that there must be continued decline in prices in order to bring our luxury markets back into equilibrium. We still have more sellers than buyers.
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