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March 13, 2024

Interested in Buying in Summit County? Here’s What Front Range Buyers Need to Be “in the know” this Spring

The saying “Come for the Winters, stay for the Summers” captures the essence of mountain living. While many aspire to own a second home for winter getaways, it’s truly the summers that make people want to stay. The mild temperatures coupled with endless activities for all age groups and abilities contribute to the area’s attraction. March is a pivotal month for those contemplating a second home in Summit County. Our real estate market is distinctly seasonal, with the majority of inventory emerging in the Spring and Summer, often with a notable surge after July 4th. If you’re considering buying in the mountains, now is the opportune time to start your search. March and April can be a sweet spot to find your home without facing intense buyer competition. Alternatively, waiting until July and August may offer more options with higher inventory.

The month of February showed a slight uptick in inventory.  As of February 29, there were 332 active residential listings in Summit County and 54 active land listings. Residential inventory is expected to see more spring additions soon. There were 285 pending sales in the County. 44 went pending in the last 2 weeks of February. The last two weeks’ pending sales saw an average list price of $1,462,797 for 2.7 bedrooms and 2.8 baths, 66 days on the market, and $814/sqft

In addition to market updates, noteworthy legislative developments are taking place. Two bills HB24-1299 and SB24-033, are currently under consideration, holding significant implications for the real estate landscape. SB24-033 proposes a significant change for property owners using their homes as short-term rentals for over 90 days. This bill aims to subject such properties to a commercial lodging rate for property taxes, aligning them with major hotels.

Turning our focus to HB24-1299, this bill is running in counter to SB24-003. Bill sponsors Rep. Bird and Sen. Mullica, the Colorado Association of REALTORS (CAR) have worked collaboratively to proactively seek to exempt a property owner’s primary and secondary residence from the definition of a ‘commercial short-term rental unit.’ While neither bill has a scheduled committee session yet, it is anticipated that they will undergo review in March. As discussions progress, it’s essential to stay informed about these legislative developments that could significantly impact the real estate sector.

If you have any questions regarding these topics or Real Estate in the mountains, feel free to reach out.

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