County’s seller’s market likely to continue into 2021
When it comes to hot properties, everybody is talking about Winter Park, said Erin Jeziorski, an agent with Real Estate of Winter Park.
“The reputation of the ski area has really seen an uptick in its momentum, which is reflected by people wanting to be here,” she said of the strong market, which so far has been undeterred by the turmoil of 2020.
Grand County’s housing prices remain at historic highs with a lack of inventory and an influx of demand. Though the coronavirus pandemic has hurt other industries, local real estate agents report a booming market, especially for owners looking to sell.
In part, changes brought on by the pandemic, such as more people working remotely and a push to spend time in the great outdoors, are driving demand. Of sales through September this year, 63% of buyers came from the Front Range, whereas 14% were from outside Colorado, according to the Land Title Guarantee Company.
“I think that COVID has actually helped the market stay as hot as it is because people now know they can work from home, and they can do it in the mountains,” said Andrea Cox, an agent with Re/Max Resorts of Grand County. “We’re seeing way more people buying year-round homes … or living here most of the time.”
According to data compiled by the Grand County Board of Realtors, the median sales price for a single family home in Grand County this November was $670,000, while the median sales price for condos was $402,500.
Based on historic averages provided by the Land Title Guarantee Company, housing prices are the highest they’ve been in over a decade.
Real estate agents say most listings are seeing multiple offers and it’s not uncommon for owners to get some above their asking price, provided of course that it’s a competitive price. Listings are also spending less time on the market overall.
“Our demand has far exceeded the supply of properties,” Jeziorski said. “(Luxury sales), as well, are receiving multiple offers, which wasn’t the case necessarily during the last pre-recession.”
From January to September, there have been more than $607 million in recorded real estate sales across Grand County, according to the Land Title Guarantee Company.
Several multi-million dollar sales likely boosted this year’s total with 93 units going for more than $1 million through November, compared to only 43 from the same period last year.
In a continuing trend from earlier this year, agents also report that vacant land sales have increased as people look to build new homes. Cox pointed to the lack of units on the market, coupled with strong demand, as one driving force for land sales.
“People are buying land in the hopes of building something in the future,” she explained. “People are willing to spend more because they’re planning to spend more time here.”
The number of sales also seems undeterred by the lack of housing. Data from the Grand County Board of Realtors shows that active listings for single family homes in November are down 61% and down 84% for condos.
Grand’s housing trends are in line with what other mountain communities are seeing this year, according to the Colorado Sun.
Grand County combined with Summit, Pitkin, Routt, Eagle and San Miguel counties, sales through October have surpassed all 2019 sales by almost $1 billion.
Jeziorski predicted that demand will remain high and the inventory low continuing into 2021 as long as economic trends continue.
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