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While coronavirus is exuding demand from New York and California, more and more people are turning to buying homes in Colorado.
The Colorado Association of Realtors reported a monthly record of 10,771 one-man sales in July – a 21 percent year-over-year increase. The state also saw a jump of 8.6 percent in new ads, although the number of active ads for single households fell year-over-year by 42 percent.
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Colorado Springs realtor Jay Gupta said in the report that homebuyers “waited hour by hour for the new ads to appear, and then competed to win the bidding wars.”
People walking through empty streets at the base of Vail Ski Resort in Colorado after it closed for the season amid the COVID-19 pandemic. (AP Photo / Michael Ciaglo)
The state has become a Top 10 destination for wealthy Gen-Xers and Millenials in recent years, personal finance technology company SmartAsset reported on Friday.
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Contracts in the Denver area contributed heavily to total home sales in Colorado, while high demand and a limited supply of homes drove average mortgage amounts up, the report found.
“Despite the increase in inventory in July, robust buying activity continues to consume any and all new ads that are priced well within 30 days of entering the market,” Denver broker Karen Levine said in a statement. .
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She added that the current market is a “challenge for buyers because they have fewer properties to choose from, competition is fierce and average and median prices continue to rise.”
A home for sale in southeast Denver late 2019. (AP Photo / David Zalubowski, File)
At the same time, the state is experiencing record unemployment. Nearly 15,000 Coloradans have filed for unemployment for the first time, and about 280,800 residents of the state continue to receive unemployment benefits, The Colorado Sun reported Thursday.
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Colorado Gov. Jared Polis extended the state’s $ 300 individual weekly unemployment benefit for Thursday for another 13 weeks on Thursday.
“There’s a total disconnect with half the economy being crushed, and yet, housing has screwed it up completely. Like the share. Bad news is good news for both, it appears,” said Realtor of Colorado Springs, Patrick Muldoon, in a statement. “The total number of business facts is catastrophic. It is rumored by many that a third of all restaurants simply do not return.”
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