Summit County Real Estate Prices Soar During Coronavirus Pandemic
DILLON, Colo. (CBS4) - The Colorado real estate market is one industry thriving through the pandemic. Not only are interest rates historically low, realtors believe the increase in sales is partially due to more people working from home, looking for a bigger space with a view in 2020.
"That trend of being able to move away from being right next to your job, to being in the mountains and something absolutely beautiful and being able to play and have fun and get your work done, it's a great combo," said Dana Cottrell, President of the Summit Association of Realtors.
Cottrell has been in the real estate business for more than 20 years. In her experience, this is a year unlike any other.
"From not being able to do any business at all, from not being able to do showings or anything, to breaking records," she told CBS4's Jamie Leary.
The problem for many looking to buy is affordability. Summit County in particular, is seeing an increase in sales of million-dollar listings.
In August, the number of homes sold at or above $1 million was up 112%, year-to-date.
On Tuesday, CBS4 found the only open house in Summit County- a 7,216 square foot home in Dillon, listed at $3,050,000.
It had only been on the market for four days and the first 48 hours, it already had two offers.
"The single-family averages are pretty high here. A single-family home Summit County for August was just over $1.4 million, but you can save almost a million dollars and go to Park [County] and still be able to drive over the pass and ski Breck," said Cottrell.
The Summit Association of Realtors covers Park County, and Lake County as well, which have also seen increases in home values -- but not in the million-dollar range.
The average price of a single-family home in Park County in August was listed at $464,304. In Lake County it was $328,744.
With low inventory in Summit County, the pressure on buyers is extreme.
"Overall, the total for all residential real estate has been about 90 days on market but depending on the neighborhood, it's gone the moment it hits the market," said Cottrell.
It's a trend people have noticed, not just in Summit County but across the high country.
Lafayette resident, James Stratton was motivated by the pandemic to find a mountain getaway where his family could meet, recreate, and feel safe. He didn't realize it would be so competitive.
He went through several listings.
"'Bout the time we're getting ready to go see it, it would go under a pending situation, under contract," said Stratton.
Every realtor he spoke with gave him similar advice: "If you find something that you like, you better make an offer because it's probably not gonna be there very long!"
When he found a home in Grandby, he didn't hesitate. There were several people lined up to look at it after him and he's not certain he would be closing on it had he not made an immediate, full offer.
For more information on market trends, click here.
