As record-setting real estate sales continue in Colorado resort towns, buyers are now looking way down valley
01 November, 2021
The blistering pace of real estate sales is continuing in Colorado’s High Country, with every resort community setting new records in each month this year.
Last year saw record numbers of homebuyers paying highest-ever prices for properties in and around resort towns. In eight Western Slope counties anchored by resorts last year — including Summit — $6.6 billion traded hands through August as buyers flocked to mountain communities during the pandemic.
Through August this year, Land Title Guarantee Co. has tracked $11.2 billion in sales volume in those same counties, a 71% percent increase over 2020. With four months left in the year, sales volume in resort counties in 2021 has already surpassed the total sales of 2019 by more than $2 billion.
Prices keep climbing, too, with most resort areas seeing the average and median prices for single-family homes this year increasing 10% to 30% over 2020. And that pressure is forcing record numbers of buyers into long overlooked areas of Colorado.
In recent years, locals in Summit County have cashed out and moved over Hoosier Pass to Fairplay and Alma in Park County. Now, all sorts of buyers are landing in Park County, said Courtney Peroutka, the president of the Summit Association of Realtors board, who moved to Park County from Summit County 16 years ago. A lot of longtime owners in both Summit and Park counties are selling and moving, cashing out on record prices, she said. But many of them are leaving the area or even the state, she said.
Last year saw record numbers of homebuyers paying highest-ever prices for properties in and around resort towns. In eight Western Slope counties anchored by resorts last year — including Summit — $6.6 billion traded hands through August as buyers flocked to mountain communities during the pandemic.
Through August this year, Land Title Guarantee Co. has tracked $11.2 billion in sales volume in those same counties, a 71% percent increase over 2020. With four months left in the year, sales volume in resort counties in 2021 has already surpassed the total sales of 2019 by more than $2 billion.
Prices keep climbing, too, with most resort areas seeing the average and median prices for single-family homes this year increasing 10% to 30% over 2020. And that pressure is forcing record numbers of buyers into long overlooked areas of Colorado.
In recent years, locals in Summit County have cashed out and moved over Hoosier Pass to Fairplay and Alma in Park County. Now, all sorts of buyers are landing in Park County, said Courtney Peroutka, the president of the Summit Association of Realtors board, who moved to Park County from Summit County 16 years ago. A lot of longtime owners in both Summit and Park counties are selling and moving, cashing out on record prices, she said. But many of them are leaving the area or even the state, she said.
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