R
eal estate markets in Western Colorado mountain towns are experiencing a surge in listings, with many homes on the market at discounted prices. According to Dana Cottrell, president of the Colorado Association of Realtors, the number of homes for sale is up significantly compared to recent years. While this may seem like a buyer's market, most realtors agree that it's not quite there yet.

    In Summit County, for example, there were 1,119 active residential listings in May, a 68% increase from last year. However, sold listings have not kept pace with new listings, and homes are sitting on the market for longer periods of time. Cottrell notes that days on the market are increasing, and more sellers are offering concessions or price drops.

    The influx of new listings is partly due to a return to pre-COVID levels, as buyers who purchased homes during the pandemic are now selling them. Some sellers are motivated by family reasons, such as wanting to be closer to grandchildren, while others are looking to cash in on their investment. However, not all parts of the Western Slope have reached pre-COVID listings numbers.

    In Aspen, for instance, new single-family home listings increased 49% from last year, but condominium and townhome listings decreased by 30%. Neighboring Snowmass Village has seen a low number of single-family homes on the market, with prices per square foot increasing. Routt County's inventory is also improving, with 381 units actively listed in June, up from 270 units last year.

    Despite the increase in listings, buyers are not showing up in large numbers. Sold listings have been mostly flat since October 2023, and Cottrell notes that it's too early to call a buyer's market. However, if buyers don't start showing up soon, it could shift towards a buyer's market.

    The luxury market is bucking the trend, with high-end buyers continuing to purchase homes at a strong pace. In Summit County, rolling 12-month sales for single-family homes in the $5 million to $10 million range increased by 76% from last year. Cash purchases also make up roughly 50% of sales in both Summit and Routt counties.

    As summer approaches, realtors are watching to see if a modest uptick in buyers will swing the market back into sellers' territory. If not, it could be a buyer's market by the end of the summer.