The breakneck pace of real estate sales continues in the highlands of Colorado, with each resort community setting new records every month this year.
“It was crazy,” said Frank Konsella, broker at Crested Butte, “way beyond anything in 2019 and 2020.”
Last year, a record number of home buyers paid the highest prices on record for properties in and around resort towns. In eight resort-anchored Western Slope counties last year, $ 6.6 billion traded hands through August as shoppers flocked to mountain communities during the pandemic.
As of August of this year, Land Title Guarantee Co. recorded sales volume of $ 11.2 billion in those counties, a 71% increase from 2020. With four months remaining in the year, the sales volume in resort counties in 2021 has already exceeded total sales. of 2019 by more than $ 2 billion.
Prices also continue to climb, with most resort areas seeing average and median single-detached home prices rise 10% to 30% from 2020. And that pressure is forcing record numbers of buyers in long-neglected areas of the country. Colorado.
Real estate growth in the ‘bottom of the valley’ suburbs – think Basalt and Carbondale downstream from Aspen, or Eagle down Vail, or Ridgway down the hill from Telluride – has been strong for over ‘a decade as more home buyers seek homes outside, but close to, expensive resort towns. With the explosion of mountain real estate in 2020 and 2021, this growth at the bottom of the valley has further accelerated. Call it the bottom, the bottom of the valley.
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