There has been a lot of talk in recent months about how the structural shift in the real estate market is playing out geographically. When a trend becomes more engrained in the market it is not unusual for a term to be coined to reference this trend. ‘Zoom Town’ is a term that is being used on a more routine basis for locations that fit the description of - Somewhere that offers recreational or lifestyle benefits over the more urban locations that people are moving to.
NPR’s Planet Money defines “zoom towns” as housing markets that are booming as remote work takes off—adding another term to our growing pandemic lexicon.
The mountain communities have certainly felt the effects of this trend and not only from people looking for a new place to call home, but also prospective second homeowners from Denver, the Front Range and further afield. It is interesting to note that the real estate market in Denver, Boulder etc is also feeling the Zoom Town migration, as is Chaffee County, where I have recently talked to a broker there who said this is the most active summer selling season on record.
With the heightened activity in one of our major feeder markets (Denver and the Front Range), my prediction is that we will see continued growth in Summit County for the foreseeable future.
Please do call me anytime to talk about the market in general and my thoughts for the future.
· Currently there are 150 residential listings in Breck. Last year at this time there were 261. Down 43%.
· Currently 210 residential listings are under contract, last year 110 at this time.
· Number of land sales in 2020 set to double that of 2019