It’s the most wonderful time of the year! No, we don’t mean the holidays – it’s ski season!
During ski season, millions of people from all over the world visit our beautiful state in order to ski our world-class resorts and facilities. During the 2017-2018 ski season, over seven million people visited the 21 resorts belonging to Colorado Ski Country USA (CSCUSA). To no surprise, over 53,000 of those people decided to make Colorado their permanent home (who can blame them!).
If you are a Colorado ski bum in the making and you are thinking about moving to one of Colorado’s breathtaking mountain ranges, Your Castle can help! Your Castle has three satellite offices -Mountain Properties, Summit, and Steamboat- dedicated to helping you find your dream mountain property.
We have broken down the numbers for the top four resort markets including Vail/Beaver Creek, Summit (Dillon, Frisco, Keystone, Breck, Copper), Grand (Granby, Grand Lake, Winter Park), and Steamboat. All of these locations have beautiful views and unbeatable ski opportunities, so where will your new home be? Use our data analysis below to find the best fit for you:
Vail & Beaver Creek
Avon currently has a fairly balanced market, but it is leaning on the side of the seller due to the slight increase in inventory and modest price gains shown in 2018.
There is great entry level housing for sale in Eagle County, yet volume has dropped quite a bit. We are finding that not a lot of people want to list their homes at this time. Prices were up in 2017 and continue to increase in 2018.
House prices in Arrow Head stabilized in 2014, but have been rocky ever since. Months of Inventory (MOI – how long it would take for buyers to purchase all of the inventory at the current level) has nearly tripled in the past 12 months, mirroring the price appreciation we have also recently observed.
Beaver Creek is currently more of a buyer’s market, although prices increased slightly during 2017, and MOI has also shown to be increasing. Do not stall much longer if you are “watching” the market – there have been two years of strong price appreciation in Beaver Creek, and this trend is likely to continue.
Inventory in Bach Gulch has declined significantly since 2014. This town is currently a buyer’s market and seems to be growing stronger. Good properties at good values sell especially quick here.
Lionshead is very hot location right now, which can be seen in their double-digit price appreciation (up +13% from this time last year). An expensive new development, “The Lion”, helped to increase both the average price and number of units sold in Lionshead.
In Vail Village, we are seeing prices declining and MOI increasing. It’s a good time to be a buyer, as we can see by the increase in sales volume in the chart above.
Overall, prices in Eagle County are up. It’s still a buyers’ market for high-end and mid-range properties, but the sustained inventory reductions are reducing the buyers’ advantages.
Breckenridge housing prices have finally stabilized after two years of large gains. Inventory fell quite a bit during the recession recovery period (2012-2017). Breck is now a strong seller’s market. As predicted, prices have continued to rise in 2018.
While MOI has increased in the past 12 months, it is still a seller’s market (barely!). The year 2017 brought a lot of growth, while 2018 has shown some price correction in the market.
Dillon has had large inventory reductions for the past six years, and is currently a very strong seller’s market. Average prices have been increasing modestly for several years, with prices at an all-time high in 2018. This is reflected in the dip below the long term sales volume trend line shown in the graph above.
Average prices have increased for the overall market and for condos since 2013.This year, we are still seeing double digit growth as 2018 continues to push the all-time highs. Act fast if you see something you like!
There is no end in sight for the large price increases that began in 2014. We predict that prices will continue to increase due to lack of inventory. While MOI has increased slightly in the past 12 months, it is still a sellers’ market!
Silver Thorne is a strong sellers’ market at the moment. Average prices have been increasing for several years, so as a buyer, I would recommend that you do not miss out on the strong appreciation in this market!
There are many investment opportunities that would allow buyers to take advantage of the strong appreciation, but overall, Summit County is a very strong seller’s market.
From 2012-2017, the prices for condos and homes rebounded from the recession, unit sales volume improved dramatically, and the balance changed from a buyers’ to sellers’ market. In 2018, we expect to see even more price gains due to low inventory.
The prices for homes in Grand Lake increased modestly from 2014-2017. Unit sales volume has rebounded after 2016, and inventory has been declining as a result. This has improved prices overall (homes only, not condos/townhomes).
Inventory continues to decline, driven by consistent levels of buyer activity. 2018 saw +29% price growth from this time last year. Similar to Silver Thorne, Winter Park is a seller’s market, but we recommend buyers take advantage of the strong price appreciation and invest now.
Winter Park is carrying the market, and Granby is contributing its fair share to the growth as well. Again, while MOI is slightly up, Grand County is still very much a sellers’ market.
The average price in the Steamboat area dropped significantly from the peak of the market (2008) to the bottom (2013). Home prices in Steamboat have increased since hitting bottom, yet 2018 is showing signs of trending downward.
Buyers still have time to get prices below peak prices. Do not wait long if you want something “special,” and do not expect the same “deals” as in 2011-15. Overall, continued inventory declines in all segments make this a SELLERS market.
How The Markets Compare
Despite the “buyer’s market” level of inventory, prices for good properties are going up while over-priced and/or less desirable properties stagnate on the market. Buyers should actively look now for their dream property. Be ready to act fast when it finally becomes available!
If you want to buy, do not delay. Choice properties can sell quickly, so follow new listings and contact one of our mountain property experts for to help you with any questions.
Where under Colorado’s endless blue sky do you want to move next? Let us know in the comments below!