Combining business with pleasure, vacation home buyers took over in big ways during pandemic – The Denver Post – Denver, Colorado
During the COVID-19 pandemic, the national housing market was hot, but demand for villas, including Colorado, skyrocketed. New search From the National Association of Real Estate Agents.
For research purposes, the NAR has defined villa counties as counties where vacant seasonal recreational housing accounts for at least one-fifth of the housing stock. Of the 1,250 counties in the United States, 145 meet the definition of a villa county, with Colorado representing a disproportionate proportion.
According to the NAR, home sales in the Holiday Home District increased 16.4% last year, surpassing the 5.6% increase in all home sales. In Mountain West, including Colorado, sales of vacation home counties increased 18.8%, while sales of non-vacation home counties increased 11.5%. Median house prices in resort areas also doubled, 20% from 10.1%.
Villa sales rose 57.2% year-on-year in April, while sales of existing homes rose 20% overall. The mountainous region of Colorado is one of the counties that seems overwhelming. Nationally, villa sales in 2019 represented 5% of total home sales, but increased to 5.5% in 2020. In the first four months of 2021, they represented 6.7% of total sales of houses.
“In June, buyers and their agents want an increase in inventory that is reminiscent of the idea of ââwhen snow will come, how much will be available, and the idea of ââsnow.” Real estate agent Marci Valicenti said in a separate comment from the Colorado Real Estate Agents Association.
Before the pandemic, workers in home counties on vacation worked from home at an above-average rate. And last year, when employers opened the door to working from home, more people flocked to their favorite vacation spots.
Mr Varisenti said this resulted in basic supply and demand, and the supply was struggling to catch up. New construction usually provides peace of mind by increasing supply, but most homes built in resort towns are custom made.
âIt’s hard to see how many buyers who have bought land in the past nine months have the patience to wait for an available contractor or decide it’s too expensive to build. It would be interesting, âshe said.
The NAR ranked vacation home counties based on activity or the heat of the housing market last year. Lee County, Florida was the top county with 90,792 villas and a median sale price of $ 247,000.
The highest-ranked Colorado county on the list was Laut in 38th place, followed by Huerfano in 43rd and Park in 69th. Huerfano and Park counties may not be the state’s most famous vacation destinations, but their relative popularity during a pandemic reflects the greater tendency of buyers to seek more affordable options for their second home. Make.
Colorado counties were the least popular in terms of activity, but some rank high in terms of seasonal residence share. They include mining counties where 67.1% of houses are not in full-time use. Hinsdale County is 64.1%. Summit County is 63.7%. And Grand County is 54.7%.
Combining business and pleasure, vacation home buyers have taken over in big ways during pandemic – The Denver Post Source link Combining business and pleasure, vacation home buyers have taken over in big ways during pandemic – The Denver Post