Home sales are booming in the West despite the economic downturn. In Colorado, sales broke records last month. Realtors across the state say they are seeing available real estate sell quickly in urban and rural areas. Laura Palmisano with KVNF explores what’s behind this trend.
Listen to the report:
Pam Jensen moved to Ridgway Colorado in May from the Finger Lakes Region in New York.
Jensen says she feels fortunate to have found the condo considering how fast homes are selling in the area.
“I was extremely lucky to just happen to be looking at the right time, really lucky and this perfect opportunity came along,” she said.
Michele Follis, a real estate agent in Ouray and Montrose counties who sold Jensen that condo in Ridgway, says there is interest in purchasing property from people already in Colorado but also from outside the state.
“I have definitely had clients from outside of the state from the East Coast both the South and Northeast.”
Ron Throupe, an associate professor of real estate at the University of Denver, says home sales in Colorado were strong in January and February before the coronavirus pandemic.
“It’s continued through the COVID times so it is strong. There’s more demand out there than supply. Some people might be surprised by that but that’s how it’s worked out.”
Real estate sales are skyrocketing across the state in cities like Denver but also in rural and mountain communities such as Montrose and Lake City.
Throupe says there are several factors behind this trend including record low mortgage rates and the coronavirus pandemic.
“And then there is some awakening from COVID that I can work remotely and I don’t have to be in town or in town much which allows people to move to places of their choosing not as much work driven.”
Real estate experts say they expect homes sales to remain strong in Colorado in the near future, but things could change.