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Combining work and pleasure, buyers snapped up vacation homes in a big way during pandemic – The Denver Post – Denver, Colorado

Denver, Colorado 2021-06-16 12:24:23 –

During the COVID-19 pandemic, the national housing market was hot, but demand for villas, including Colorado, skyrocketed. New research From the National Association of Real Estate Agents.

For research purposes, the NAR defined villa counties as counties where seasonally vacant 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 accounting for a disproportionate proportion.

According to the NAR, home sales in the Holiday Home District increased by 16.4% last year, outpacing the 5.6% increase in all home sales. In Mountain West, including Colorado, vacation home counties sales increased 18.8%, while non-vacation home counties sales increased 11.5%. Median home prices in resort areas also doubled, 20% vs. 10.1%.

Sales of villas increased by 57.2% year-on-year by April, while sales of existing homes increased by 20% overall. Colorado’s mountainous region is one of the counties that feels overwhelming. Nationally, villa sales in 2019 were 5% of total home sales, but rose to 5.5% in 2020. In the first four months of 2021, it accounted for 6.7% of total home sales.

“In June, buyers and their agents want an increase in inventories that is reminiscent of the idea of ​​when snow will come, how much it will be available, and the idea of ​​snow.” Real Estate Agent Marci Valicenti said in a separate comment from the Colorado Real Estate Agents Association.

Prior to the pandemic, home counties workers on vacation worked from home at an above average rate. And last year, when employers opened the door to working from home, more people went to their favorite vacation spots.

Mr. Varisenti said it resulted in basic supply and demand, and 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.

Combining work and pleasure, buyers snapped up vacation homes in a big way during pandemic – The Denver Post Source link Combining work and pleasure, buyers snapped up vacation homes in a big way during pandemic – The Denver Post

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