We asked a lot of our homes in 2020. Homes didn’t just provide housing. They were offices, schools, gyms, and so much more. With many people working and learning remotely, lots of folks found themselves looking to relocate to destination towns, so it’s no surprise that vacation markets in Colorado saw a surge in real estate activity in 2020.

According to LIV Sotheby’s International Realty’s annual Resort Report, intense demand for homes in resort communities across the West resulted in a more dramatic appreciation of prices, significant rises in dollar volume sold and decreases in average time spent on the market. In Colorado, popular resort destinations saw total dollar volume sold increase by more than 29%.

The report examined real estate market data for homes in Colorado’s resort locations, including Aspen, Breckenridge, Crested Butte, Steamboat Springs, Telluride, and the Vail Valley. Other popular vacation markets such as Park City, Utah; Sun Valley, Idaho; Jackson Hole, Wyoming; Big Sky, Montana; North and South Lake Tahoe, California/Nevada; and Santa Fe, New Mexico, we also studied.

Colorado highlights include:

·       Telluride saw an incredible 97% increase in total dollar volume sold in 2020 compared to 2019. Average home prices in this community rose by 25%, reaching $2,306,297 last year. Buyers flocked to Telluride in search of homes that would match their desired lifestyle, triggering a 57.7% increase in homes sold. The demand for listings in this community also drove the average days on market down, from 306 days in 2019 to 240 days last year, a quick amount of time for a luxury, resort home to sell.

·       In Crested Butte home sales increased by 56.8%, growing from 229 homes sold in 2019 to 359 homes sold in 2020. This boom in buying activity aided in the appreciation of area home prices. Here, the average sold price for homes rose to $975,680, a 14.7% increase from the previous year. Combined, these performance results created the notable 79.9% increase in dollar volume sold last year, which totaled $350,269,202.

·       Real estate activity in Breckenridge and the Vail Valley exceeded all expectations in 2020. Breckenridge, home to one of the most popular ski resorts in the state, saw home sales rise by 24.5% in 2020 compared to 2019. Not only did more listings sell in this community, but they sold for a higher price and at a much faster rate. The average sold price for homes in Breckenridge last year was $1,186,177, a 4.2% increase from 2019. Homes here also spent 5.4% less time on the market in 2020, averaging just a quick 70 days on market.

While home prices are high in the well-known resort towns, there are more affordable options in less touristy areas. Give Metrowest a shout today – we’d love to explore your options!