It’s been almost a week since the ski areas in Colorado were ordered closed by the Governor. That was Sunday. Since then, restaurants were restricted to take out or delivery only. Most Summit County businesses that have foot traffic were ordered to close. Hotels and short term rental properties were ordered to be vacated by their occupants. All public transportation options have shut down. Life as we know it in our touristy, mountain towns has come to a halt. And right in the middle of our Spring Break rush. That’s going to leave a mark.
Summit County Real Estate
Much to my surprise, real estate seems to keep plugging along. As expected, some properties are being pulled off the market, others, that were under contract, are falling apart and are back on the market. However, there have been a lot of new listings and several properties going under contract every day. There are some buyers still buying and sellers still selling.
In the last seven days there have been 43 new listings in Summit County. These new listings were probably already in the works or previously planned by the owners. We will see if this type of activity continues in the upcoming weeks. Granted, ski season is pretty much over and that is when we usually see properties start to come on the market for our summer selling season. That may keep the new listings coming in.
Under Contract Properties
29 properties have gone under contract in the past 7 days. This statistic is surprising to me. People are not travelling. They are being urged to stay out of Summit County and other mountain towns. Yet, we are still seeing under contract properties. What’s even more odd, is 11 of the 29 properties that went under contract have been on the market for 28 days or longer. They weren’t new properties that buyers were waiting for. Regardless of the why they are buying, the fact is, they are buying. Properties continue to go under contract.
Reductions, Withdrawns and More
Some sellers realize the Coronavirus may stall the real estate market and have decided to reduce their price. We have seen 24 price reductions in the last 7 days. 17 sellers have decided to wait to sell and have taken their property off the market. 14 others have had their buyers back out of the sale and have had to put their property back on the market. These numbers are definitely higher than normal.
We are in unknown territory. Never have we seen daily life impacted in this way. Even so, the Summit County real estate market continues on. The longer the Coronavirus impacts our daily life like this, the more likely it is for the real estate market to be put on hold as well. I am hopeful that this lag time will mean pent up demand when things get back to normal and the Summit County real estate market will hit the ground running.
In the meantime, wash your hands and stay safe.