Last year set new records as we hit $1.182 billion in residential property sales across our High Country real estate market. The COVID-19 pandemic drove more buyers into our area seeking full-time, vacation, and investment properties. Likewise, COVID caused a considerable number of sellers to put off listing their home which has driven inventory numbers down to historic lows. If you have a home or land to sell, now is a great time. The story remains the same so far in 2021 in that we have strong buyer demand but very few homes for sale. Last year’s home inventory at this time was around 1100 residential properties for sale. As we write this today (January 27) there are 427 homes/condos for sale.
Traditionally the winter months have had drop-off activity until about two years ago where we had market activity through the winter months. Winter market activity is steady but slower paced. There are still buyers in the market ready to purchase given low-interest rates and other factors.
The outlook for the year is still fairly strong. With interest rates still low, it is predictable that we will continue to have strong buyer activity through 2021. Nationwide there is a housing shortage which has helped drive new construction and higher prices for sellers. COVID has pushed more people to remain at home and the High Country has become a place for people to consider relocating either full-time or part-time.
Due to COVID, the vacation rental market has also been phenomenal. Rental bookings are strong for vacation homes which have fueled demand for investment properties as well. Occupancy rates in our area are very high with people coming to our area to hike, ski, and get away from city life.
In terms of land, we are seeing stronger sales as well. With few homes for sale, more people are looking into building. Building costs remain high but this has not deterred buyers looking to acquire the right property to build their dream home.
If you or anyone you know is interested in selling, now is a great time. With strong winter buyer activity, today is a great time to get ahead of the Spring buyer curve where we expect more properties will come on the market.
If you know anyone looking to buy or sell, please send them our way.
Best, -Nate & Kelsey Wright