Buying frenzy slows but home prices remain sky-high in Colorado mountain towns

The number of transactions is waning as the supply of homes for sale declines, but buyers continue to pay record-setting prices for high country homes

Jason Blevins
The Colorado Sun
A home for sale in Frisco on July 14, 2022. Summit County has seen $932.9 million in real estate sales through May 2022, a decline from last year's record-setting pace.
Hugh Carey/The Colorado Sun

The blistering pace of home sales in Colorado’s mountain communities is slowing. Finally. 

After sales volume and prices more than doubled in Colorado’s high country valleys between 2019 and 2021, the number of home sales in six Colorado mountain counties declined through May compared with the same period in 2021. And while prices remain sky-high, there are signs that the buying frenzy that spiked prices to all-time highs may be waning.

Could this be a plateau for a red-hot real estate market that shattered records in Colorado mountain towns in 2021? It’s not looking like the funny-money housing market collapse of 2008, but more of a slow deflation as the number of homes available for sale falls after nearly two years of frantic buying and selling.

Jim Renshaw, the vice-president of Land Title Guarantee Co., which has 50 offices around the state, started seeing a slowdown in deals a couple months ago. 

“While the number of transactions are diminishing, the purchase price of the properties is still increasing, especially in those markets where property is finite,” Renshaw said, describing how mountain-town home builders are so backed up that buyers sometimes must wait several years to build a new home on vacant land, which makes existing homes “more desirable and expensive.”


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