The pandemic created a tremendous interest in vacation homes across the country. Throughout the last year, many people purchased second homes as a safe getaway from the challenges of the health crisis. With many professionals working from home and many students taking classes remotely, it made sense to see a migration away from cities and into counties with more vacation destinations.
Colorado is one of the top spots when it comes to beautiful mountain homes. With people wanting to get away from it all to work remote, or simply needing a place to escape, the Colorado mountains are not a bad place to be.
Corken + Company values keeping our clients in the know about the market around Colorado and the nation. Here are some facts about current vacation home trends:
Their findings show:
Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing-home sales.
Vacation home sales are up 57.2% year-over-year during January-April 2021 compared to the 20% year-over-year change in total existing-home sales.
Home prices rose more in vacation home counties – the median existing price rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.
As the data above shows, there is still high demand for second getaway homes in 2021 even as the pandemic winds down. While we may see a rise in second-home sellers as life returns to normal, ongoing low supply and high demand will continue to provide those sellers with a good return on their investment.
If you’re one of the many people who purchased a vacation home during the pandemic, you’re likely wondering what this means for you. If you’re considering selling that home as life returns to normal, you have options. There are still plenty of buyers in the market.
If, on the other hand, you want to keep your second home, enjoy it! Current market conditions show that it’s a good ongoing investment. Whether you are looking to sell a vacation home or buy a vacation home, we have you covered! We believe in “Real Estate Solutions Without Limits” and are here to make your dreams come true.