The fierce pace of home sales in the Colorado mountain community is slowing. finally.
After-sales volume and price More than doubled in the highlands of Colorado In the valley from 2019 to 2021, home sales in six mountain counties in Colorado declined until May compared to the same period in 2021. It may be declining.
This could be a plateau of the bright red real estate market Breaking records in the mountain town of Colorado in 2021?? It doesn’t look like the collapse of the funny money home market in 2008, but it becomes slower deflation as the number of homes available for sale declines after nearly two years of enthusiastic buying and selling.
Jim Renshaw, vice president of Land Title Guarantee Co., which has 50 offices in the state, began seeing a slowdown in trading a few months ago.
“Although the number of transactions is declining, real estate purchase prices are still rising, especially in markets where real estate is finite,” Renshaw said, with great backing for mountaintown homebuilders. Therefore, the buyer may have to wait several years, he explained. Building new homes in vacant lots makes existing homes “more desirable and expensive”.
Here is the latest information on Land Title Guarantee Co. This is the total sales volume and transaction volume up to May this year compared to the same period in 2021.
- Eagle County = $ 159 million and 677 transactions vs. $ 1.44 billion and 1051 transactions
- Grand County = $ 430.3 million and 691 transactions vs. $ 409.4 million and 789 transactions
- Pitkin County = $ 169 million and 309 transactions vs. $ 1.49 billion and 501 transactions
- Routt County = $ 584.1 million and 736 transactions vs. $ 656.6 million and 855 transactions
- San Miguel County = $ 547.6 million and 295 transactions vs. $ 644.8 million and 393 transactions
- Summit County = $ 932.9 million and 708 transactions vs. $ 975.2 million and 1053 transactions
- 2022 total = $ 5.77 billion and $ 3,416 transactions vs. $ 5.58 billion and 4,642 transactions
However, even if trading slows compared to 2021, prices by 2022 have set records and overall sales remain high.
Telluride’s average home sales were $ 2.7 million by May, up from the previous year. However, this summer buyers have submitted the following offers for pricing for the first time in years.
By May 2022, Laut County sales were more than double the sales for the same five months of the previous year for all but 2021. Also, the prices of the steamship Springs and Routt County remain high at prices per square foot. The maximum price for a single-family home has reached $ 542.
The amount spent on real estate in Eagle County increased by 10% until May, with home sales records for the first three months of the year above the previous highs set in 2021. The average selling price county for Eagle’s single-family homes rose from $ 2.3 million in 2021 to $ 2.7 million in 2022. Buyers have bought 57 homes in the Tonyvale, Beaver Creek, and Bachelor Gulch communities in Eagle County so far this year, priced at over $ 5 million, reflecting last year’s high-end purchases.
Currently, only four properties are for sale in Eagle County for less than $ 500,000. And many homes in valley communities like Eagle and Gypsum have sold for over $ 1 million and set records.that is Encourage many residents to list their homes “Because they are trying to get highs and cash out,” Renshaw said.
Prices for Aspen and Snowmass continue to rise explosively, with an average home price in Aspen of $ 18.7 million in 2022 and an average home price of $ 12.7 million in the first five months of 2021. By May 2022, Aspen’s average home prices have risen 21%. However, sales are declining, with home sales closed in June 2022 down 43% compared to June 2021. The 36 transactions closed in June are close to the 32 closed in June 2019.
“This probably indicates a normalization of the market,” Renshaw said.
And in most resort markets where home purchases are less affected by rising mortgage rates, cash remains the king. Renshaw said his team is seeing more home deals canceled when the stock market plunges more than when interest rates rise. The percentage of cash transactions in mountain transactions up to May this year is as follows.
- Eagle = 43.5%
- Grand = 44.6%
- Ganison = 46.2%
- Route = 42%
- Pitkin = 66.7%
- San Miguel = 51.7%
- Summit = 29.9%
The story first appeared in Jason Brevins’ premium outdoor newsletter, Outsider. >> >> apply