Real Estate Market in Colorado’s Mountain Towns Experiences Surge
In the picturesque mountain towns of Western Colorado, the real estate market is witnessing a significant uptick in home listings. Popular platforms like Zillow and Redfin report an influx of properties available for purchase, offering buyers a wider selection at more accessible prices than seen in recent years.
“The current number of homes for sale has drastically increased compared to the past couple of years,” stated Dana Cottrell, a Realtor from Summit Resort Group and president of the Colorado Association of Realtors. “This trend isn’t limited to just Summit County; it’s a phenomenon occurring throughout various locations.”
Current Market Dynamics
As the supply of homes rises, many properties are taking longer to sell, prompting some buyers to deliberate before making a decision. While experts agree that the Western Slope has not fully transitioned to a buyer’s market, indicators suggest that it is approaching that threshold.
“We are seeing increased days on the market, more seller concessions, and frequent price reductions,” Cottrell added. “It’s common to notice price cuts in at least half of the new listings daily.”
Market Trends: A Return to Pre-COVID Conditions
The start of spring typically ushers in new listings as the ski season wraps up, making way for summer tourism. This year’s surge hints at a revival of conditions seen before the pandemic, with a significant increase in available homes.
In May, there were 1,119 active residential listings in Summit County, marking a 68% rise from the 763 listings recorded the previous year. This figure aligns closely with the pre-pandemic market levels, although not universal across all regions.
Listing Fluctuations Across the Region
| Area | New Listings (2024) | New Listings (2023) |
|---|---|---|
| Summit County | 1,119 | 763 |
| Routt County | 381 | 270 |
| Aspen | 70 (single-family homes) | 47 (single-family homes) |
Challenges for Buyers
Despite the surge in inventory, the number of closed sales has not kept pace. Many homes now linger on the market considerably longer than they did the previous year. In Summit County, the average days on the market have increased from 66 to over 88.
“A notable proportion of new listings are subject to price reductions,” Cottrell observed. “For example, I recently adjusted the price of a property by $250,000, which resulted in only a single showing.”
Regional Insights and Future Outlook
The resurgence in listings is attributed in part to sellers who initially bought their homes during the pandemic, with many reconsidering their residence due to changing lifestyle preferences. Specifically, some aim to relocate closer to family, while others seek downsized options.
As summer approaches, real estate experts anticipate that improved buyer engagement could potentially shift the market dynamics once more. “If the influx of buyers does not materialize by July, expect a true buyer’s market,” Cottrell warns.
