Some of the phrases we heard over and over during the Covid pandemic were “Unprecedented times” and “New Normal”. I think it is safe to say that there was nothing “normal” about that time period - and we can now see that we are past that phase and moving back into what is a true “Normal” in the real estate world.
During Covid, we saw a huge run on resort properties. Employees and employers figured out the remote work environment and employees decided to live where they play and either work remotely or do a hybrid style of work where they primarily work remotely but go into the office 1 or 2 days each week. This is one of the reasons that Summit County has become so popular. We are still close enough to the metro areas of the front range, yet allow a person to truly live and work where they play.
As we settle back into a pre-Covid real estate market, we are beginning to see some trends return. For example, during the Covid years, a seller was safe to put their home on the market at any time during the year and be sure to get an offer in just a couple of days. Now, we are back to very little buyer activity during the winter months with anticipation that we will see heavier buyer activity June - September.
Let’s take a look at sales activity for the first 4 months of the year and compare that to 2017-2022:
While our Average and Median prices did drop slightly from 2022, we are still above 2021 and given the lack of inventory (less than 300 Market-rate properties currently on the market), we still anticipate strong prices through the summer.
While our Average Days on Market is above the last couple of years, it is still lower than the pre-covid years.
Of course, with the implementation of new Short-term rental guidelines, we are seeing huge price adjustments in areas like Wildernest - but that is a story for another time.
Call us today if you’d like to get an idea of what your home is worth. Whether you plan to sell, or would just like to make sure you are properly insured, let Nelson Walley Real Estate be your real estate consultants and assist you with one of your largest investments.