Real estate sales in Colorado’s swankiest ski communities are breaking records. The Denver Rocky Mountain News reports one real estate firm in Vail posted a $1 billion record in sales for its fiscal year that ended Sept. 30.
In Aspen, real estate transfer tax collections as of Sept. 2 were already higher than total collections for all of last year. That hot market extends down into Utah’s Park City, where sales have more than doubled the first nine months of the year to $1.5 billion from $700 million in the same period of 2004.
Real estate brokers are crediting baby boomers and an influx of newcomers to the area for driving the sizzling market.
The dearth of ski-in, ski-out properties fringing the slopes is also helping drive the market skyward.
While both fractionally owned units and single-family units are selling equally strong, one broker said the booming market in fractionally owned units is actually fueling sales of single-family homes.
Families who buy into a timeshare for a few weeks decide they want a longer stay and purchase homes in the resort towns.
That trend has helped push real estate values in Telluride up 75 percent, with an average selling price of a home increasing from $477,000 last year to $836,000 in August.