{"id":18139,"date":"2019-09-01T15:43:29","date_gmt":"2019-09-01T21:43:29","guid":{"rendered":"https:\/\/www.skyhinews.com\/?p=59821"},"modified":"2019-09-01T15:43:29","modified_gmt":"2019-09-01T21:43:29","slug":"real-estate-transactions-dip-at-mountain-resorts-during-2nd-quarter","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/krky\/local-news\/real-estate-transactions-dip-at-mountain-resorts-during-2nd-quarter\/","title":{"rendered":"Real estate transactions dip at mountain resorts during 2nd quarter"},"content":{"rendered":"
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EAGLE COUNTY \u2014 The decline in real estate transactions this year isn\u2019t just an Eagle County phenomenon.<\/p>\n

According to a Land Title Guarantee report, real estate sales have dipped in all seven counties in a mountain resort region. The decline in those counties \u2014 Eagle, Garfield, Grand, Pitkin, Routt, San Miguel and Summit \u2014 dipped from 1% to 21% in the second quarter of 2019.<\/p>\n

Along with that decline, though, has come an increase in the median price of transactions in most of those counties.<\/p>\n

In Eagle County, the median transaction price increased by 4.5%. Routt County\u2019s median transaction price increased by nearly 14%. San Miguel County\u2019s median transaction price declined by more than 15%.<\/p>\n

Sales of new units have been on the rise across the region. Grand County posted the biggest increase in the second quarter \u2014 nearly 20% from the same period in 2018. Eagle County showed a nearly 10.4% increase from 2018. The smallest increase was in Pitkin County \u2014 which has limited available land for construction \u2014 at  3.3%.<\/p>\n

Running out of space<\/h2>\n

Land availability is a problem throughout Colorado\u2019s ski resort region. Oni Bolduc, a broker with Berkshire Hathaway HomeServices Colorado Properties, is also working these days in Park City, Utah. Bolduc said available land is one of the differences he sees between the Vail Valley and Park City markets.<\/p>\n

With more available land, there\u2019s a good bit of new product hitting the market, Bolduc said. And new product can mean more affordable pricing.<\/p>\n

\u201cThat\u2019s accentuating people\u2019s interest,\u201d he said.<\/p>\n

There\u2019s also a broader variety of product. Bolduc said he\u2019s trying to help clients who want a Vail single-family home priced at less than $2 million. \u201cThere\u2019s just not great opportunity there,\u201d Bolduc said.<\/p>\n

With the fluctuations in the market for expensive homes, most transactions in the region are priced at $1 million or less. That\u2019s why local residents make up the majority of transactions throughout the region.<\/p>\n

Looking at ski resort area purchases since 2013, locals have accounted for between 49% and 58% of transactions in most of the markets tracked by Land Title.<\/p>\n

The exceptions are Telluride, with 53% of purchases made by out-of-state residents, and Summit County, where 43% of purchases are from Front Range buyers. Around Purgatory Resort near Durango, nearly 80% of purchases are made by local residents.<\/p>\n

Historically good spot<\/h2>\n

While transactions have been wavering this year, Bolduc said he believes the market remains in a historically good place.<\/p>\n

\u201cPeople are concerned about new high marks in the market,\u201d Bolduc said. But, he added, the previous highs were set a decade ago.<\/p>\n

Charting the market\u2019s appreciation over the past 20 years or so shows an annual appreciation rate of about 5.5%. That includes a stable market in the early 2000s, followed by a quick increase and equally quick decline between 2008 and 2011. A slow rise has followed the market\u2019s recent bottom in 2010 and 2011.<\/p>\n

Bolduc said the industry standard of a healthy market is appreciation between 3% and 6% per year.<\/p>\n

\u201cWe\u2019re right where we should be,\u201d Bolduc said. And, it seems, much of the region is in roughly the same place.<\/p>\n

via:: Sky-Hi News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

EAGLE COUNTY \u2014 The decline in real estate transactions this year isn\u2019t just an Eagle County phenomenon. According to a Land Title Guarantee report, real estate sales have dipped in all seven counties in a mountain resort region. The decline in those counties \u2014 Eagle, Garfield, Grand, Pitkin, Routt, San Miguel and Summit \u2014 dipped […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[56],"tags":[],"class_list":{"0":"post-18139","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-14 02:10:42","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KRKY Ski Country","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/krky","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/posts\/18139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/comments?post=18139"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/posts\/18139\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/media?parent=18139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/categories?post=18139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/krky\/wp-json\/wp\/v2\/tags?post=18139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}