Real estate in Ski Town USA® feels a little like a snowboard cross competition. Buyers and their agents make up a team on the starting line of new listings and are typically pitted against four to six other competitors who are navigating their way through a fast, narrow course all with the same goal: to be the best with a winning contract and ultimately pass the finish line receiving the gold and a deed in their hand.

The course is full of speed – timeliness of showings and offers, jumps – over-ask offers and acceleration clauses, drops – decreased listings, buyers choosing not to compete, and the occasional collision – properties not appraising. Routt County caught big air in February up 108% in sales while active listings dropped 66%. The first 70 days of 2021 resulted in 14 closings on homes over $2 million with an average sales price of $3.34 million. Median sale prices for single-family were just over $1 million and multi-family at $592,000 representing 32% and 62.2% increases from the previous year, respectively. Total county inventory for single-family is 70 and 38 for multi-family, both at just a little over a one-months’ supply.

More inventory will come with the spring market. Sellers who short-term rent their multi-family properties typically wait until after the ski season to list when the rental season is quieter; single-family sellers look to show the lawn that has been hiding beneath the snow. Current conditions make the ups, downs and turns feel a little bit like a roller coaster ride. Buyers who have competed, yet left with silver or bronze positions, need to stay the course and be diligent to ultimately get their gold.

Note: February 2021 statistics provided via the Colorado Association of Realtors, ShowingTime & ReColorado.