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August 2021 Market Update

You know were approaching the end of summer when you can finally turn left onto Highway 40 midweek and the local coffee shops are making pumpkin spiced lattes again. It was, thankfully, a milder summer with much needed moisture helping our forests and our PTSD from last years wildland fires.

Speaking of wildfire, the property sales pace throughout our county has continued to move as quickly as a fire on a blustery day. The chief economist for the National Association of Realtors, Lawrence Yun, recently published an article where he didnt predict any market crash like 2008-2010, as our current market is fundamentally different. The number of homes/residential properties has far from caught up with demand. He predicts that itll still be a few years before we correct this massive shortage. If we sound like a broken record, its because not much has changed here locally either. However, we experience the back to school slow down every year and this year is no different. It allows us to regroup and maybe experience a slight sense of relief (or panic) but with football season comes cooler mountain temps and snowy peaks on our morning commutes that regenerates the surge for buyers wanting a ski season getaway. We cannot explain in statistical figures a slight shift in multiple offers but can provide some anecdotal evidence. While most new listings are receiving multiple offers, the quantity of such offers is decreasing, In other words, a condo that may have received 10-15 offers in the late spring of 2021 might be seeing that number drop from 1-5. There have been some properties where Sellers shoot the moon on pricing but realize after a couple weeks of no offers, they need to adjust to a lower asking price.

Average sales prices and volume are up in every sector of our market from Winter Park to Grand Lake to Kremmling. New construction projects are in the building, infrastructure and planning phases. While many are not online yet, we are familiar with what is coming soon, so please reach out and pick our brains. This is happening just about everywhere and also in the commercial sector too.

There are still lots of fun, outdoor activities planned up here through the months of Sept and Oct ranging from music to arts to local fundraisers for our great community. Come join in the fun during this pre-fall-tastic time of year.

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