DENVER (KDVR) — Despite a lack of inventory and sky-high prices, second-home sales in Colorado are soaring.
According to a national survey highlighted by the Colorado Association of Realtors, second-home sales jumped up by 44% in 2020.
In our state, most second-homes are being purchased in mountain communities; specifically around ski areas.
“The second home market really, really went crazy because of the pandemic,” said Kelly Moye with the Colorado Association fo Realtors.
Vacasa, a vacation rental management firm, poured through its data and found two of the top 7 hot spots in the nation for winter vacation homes are located in Colorado.
Those two hotspots are Vail and Breckenridge.
Keep in mind, while home prices are at record highs in the metro and along the Front Range, they’re even higher in the High Country.
On Zillow, the highest priced home in Breckenridge is closing in on $17 million.
Take for instance in Summit County, where Breckenridge is located. According to the Colorado Association of Realtors, the average sales price of home in Summit County is just below $1.5 million. That’s up from 51% from the same time last year.
In Eagle County, where Vail is located, the average sales price for a home is $2.4 million, which is a 45% increase when compared to the same time period last year.
The most expensive listing in Vail on Zillow is a stunning $45 million estate.
“When our market wasn’t quite as brisk as it is now, a lot of people sold their second homes because they needed the cash and to be able to afford a second home in the mountains was challenging between 2008 and 2012. Now it’s not so much about what people can afford, it’s about where they want to be,” Moye said.
Communities with cheaper home price tags includes: Steamboat Springs, Winter Park and Salida.
“I have several clients who live in Boulder but moved to Steamboat for the whole last year, because their kids weren’t in school anyway and they love Steamboat and that was a great place to be,” Moye explained.
On Zillow, there were several homes for sale in Salida in the $200,000-$300,000 range.