During 2020, changing consumer behaviors had a major impact on the real estate market in the U.S. Homes had to be more than houses. With health, alternative working and learning conditions, and social distancing top-of-mind for homebuyers, the overall lifestyle that a particular property could offer, including bonus spaces, the community, and the location, was now the wow-factor that could make or break the sale.
For this reason, resort and vacation markets across the country, and specifically in Colorado, saw a surge in real estate activity in 2020, according to LIV Sotheby’s International Realty’s annual Resort Report. This report looks at real estate market data for homes in Colorado’s resort locations, including Aspen, Breckenridge, Crested Butte, Steamboat Springs, Telluride, and the Vail Valley; As well as 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.
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. This statement rang true in Colorado, where popular resort destinations each saw total dollar volume sold increase by more than 29%.
Telluride, a town unlike any other, located in Colorado’s southwest corner, saw an incredible 97% increase in total dollar volume sold in 2020 compared to 2019. Average home prices in this community, beloved for its historic charm and world-class skiing, 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, another scenic ski town, 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.
Closer to the Denver Metro area, 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.
The Vail Valley, which is certainly one of the most well-known resort communities in Colorado, saw many increases within the market, signifying just how in-demand homes here were during 2020. Total dollar volume sold in the Vail Valley rose by 50.5% last year. This significant increase can be attributed to the 24.5% increase in the number of homes sold, which grew from 1,351 listings sold in 2019 to 1,682 listings sold in 2020, and the 20.9% increase in average home prices. Last year, the average price for a home in the Vail Valley was $1,572,335 and spent an average of 114 days on market, a 5.8% decrease in time spent from 2019.
With access to some of the state’s best outdoor recreation, breathtaking scenery, and a selection of amazing homes, it is clear to see why Colorado’s resort markets, as well as other destinations across the country, were such popular communities in which to buy and sell homes last year.
To view the full Resort Report, and to see reports for other regions across Colorado, visit coloradomarketreports.com. To discover what real estate opportunities await you in 2021, contact LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com.