Coronavirus drives blistering sales of Colorado mountain homes, sets 2020 as historic high mark
Prices are at record highs. Supplies of mountain homes for sale have never been lower. Across Colorado’s high country, resort community real estate sales have set records since July. Through October, the total real estate sales from six Colorado resort counties are nearly $1 billion greater than all sales last year.
“It’s Biblical,” George Harvey, who has been selling real estate in Telluride for 37 years, said as he described the sales volume in San Miguel County for the last half of 2020.
Sales in Telluride and Mountain Village, which are on pace to surpass $1 billion in sales for the first time ever, are “fear-and-safety purchasing,” he said.
With inventory at the lowest amount he’s ever seen in Telluride and Mountain Village and prices climbing, the scene mirrors the irrationality of 2007, which preceded a collapse and record foreclosures. This time, any correction will be driven by a lack of homes left to sell, Harvey said.
“I was just on a 30-broker Zoom meeting this morning. All from Telluride. And we all said this: We are going to do less business in the next one to two years. Not because of demand, but because we don’t have enough product left to sell,” Harvey said.
Read more from Jason Blevins, The Colorado Sun.
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