Real estate listings are piling up across Western Colorado’s scenic mountain towns, giving buyers more options and better deals than they’ve seen since the pandemic — but that doesn’t mean homes are selling fast.
“Inventory is definitely way up compared to the last couple of years,” said Dana Cottrell, president of the Colorado Association of Realtors and a Realtor with Summit Resort Group. “And it’s not just Summit County — it’s happening everywhere.”
That rise in listings means homes are lingering on the market longer as buyers weigh their options. While most Realtors agree the region hasn’t fully shifted to a buyer’s market, it’s edging closer.
“What I’m seeing is longer days on market, more seller concessions, and more price drops,” Cottrell said. “At least half of the new listings I see every day are price reductions.”
Spring Listings Return to Pre-Pandemic Patterns
It’s typical to see more homes hit the market after ski season and before summer tourism picks up. But this year’s surge may signal a shift back toward pre-COVID levels.
“Listings were incredibly low during COVID because everything was selling fast, and now they’re finally coming back,” Cottrell said. “We’re nearly back to pre-COVID numbers, though not quite there yet.”
Summit County had 1,119 active residential listings in May — up 68% from the 763 listings in May 2024. That’s even more than May 2019, when Altitude Realtors recorded 1,077 listings across the county.
However, not every area is bouncing back the same way.
In Aspen, broker Mark Lewis of Aspen Snowmass Sotheby’s said there were 70 new single-family home listings from January through May, up from 47 in the same period last year. Condo and townhome listings dropped 30%, though, leading to just a 1.5% overall decline in new listings.
Nearby Snowmass Village had only 14 single-family homes listed since January — “incredibly low” for the area — while price-per-square-foot continues to climb.
“We’re just coming out of an all-time low inventory stretch,” Lewis said. “Inventory is still way below 2019, which was a strong year.”
Inventory Creeps Up, But Markets Still Tight
Routt County saw inventory crash to 80–160 units during the peak of the pandemic. Since late 2023, it’s been slowly improving.
“It’s still technically a seller’s market because inventory is low,” said Jon Wade, owner of The Steamboat Group. “But buyers feel more confident now, even if listings are still historically low.”
June saw 381 active listings in Routt County — up from 270 in June 2024, but still shy of the 600-unit norm.
In both Summit and Routt counties, Realtors are noticing a wave of sellers entering the market at the same time. Some of them bought during the early days of COVID and are now looking to sell, no longer finding the same appeal in mountain life. Others are downsizing or moving to be closer to family.
Though listings are on the rise, the question remains: will the buyers follow?
Mountain Towns See More Sellers, But Buyers Remain Elusive
“The home I just visited, the owners want to spend more time with their grandkids. I think I have six or seven sellers like that right now,” said Jon Wade of The Steamboat Group. “Some are leaving entirely, but over half are downsizing locally because they love Steamboat.”
Where Did the Buyers Go?
The surge in listings hasn’t been met with a similar rise in buyers. Despite some properties seeing price cuts, sold listings haven’t kept up.
Altitude MLS reports fewer sales so far this year for condos and single-family homes across Summit and Lake counties. In Summit County, homes that once sold in 66 days are now taking more than 88, according to Dana Cottrell.
“At least half of the new listings have price reductions,” she said. “I recently dropped a listing by $250,000 — it only got one showing. That tells you buyers just aren’t there.”
Since October 2023, sales in Summit and Park counties have remained mostly flat, with minor seasonal changes.
“When listings go up, you need buyers to follow — otherwise the market shifts,” Cottrell explained.
A balanced market typically has four to six months of inventory. Summit County is now at six months, the closest it’s come to a buyer’s market since before 2017. Still, Cottrell thinks it’s too soon to call the shift official.
“Most Realtors I speak to are wondering, ‘Where are the buyers?’” she said. “We have listings, but interest rates, political uncertainty — whatever the reason — are keeping buyers away.”
Western Slope Markets Still Lean Toward Sellers
In Aspen, steep prices have made buyers more cautious, prompting healthy price reductions. Still, May brought a 15% bump in sold listings compared to last year, and Aspen remains firmly in seller’s market territory.
“There are more choices now, so it’ll be interesting to see how things play out,” said Mark Lewis of Aspen Snowmass Sotheby’s. “Inventory is up, and that could benefit the market, but it’s still a strong seller’s market.”
In Routt County, Wade estimates about a third of listings are overpriced by 10% to 20% — levels most buyers won’t tolerate in a balanced market. He noted that while spring was slow, buyer activity began picking up with the arrival of summer.
“The market’s still solid,” Wade said. “Prices are up from last year, but we can’t push another 10% to 20% like during COVID.”
Luxury Market Defies the Slowdown
While fewer buyers are active overall, the luxury sector is thriving. Aspen notched its first $100 million sale last year. Routt County followed with two record-breaking sales: $17.1 million in March and $19.6 million in April.
“We’re seeing buyers from more expensive parts of Colorado,” Wade said. “They come here and say, ‘This is amazing — I couldn’t get this in Vail, and it’s $5 million here.’”
Summit County’s luxury market is outperforming the rest. Sales of homes priced between $5 million and $10 million jumped 76% from May 2024 to May 2025, rising from 25 to 44 deals.
“Luxury buyers didn’t take a spring break,” Cottrell noted in her monthly newsletter. “Half of May’s closings were over $1 million, and 36% were all-cash deals — not a frenzy, but definitely steady.”
Cash sales account for about half of all transactions in both Summit and Routt counties, and that’s been consistent for the past decade, Wade added.
“Buyers are still out there — they’re just more selective,” said Cottrell. “They’re taking their time, watching prices and condition closely, and they don’t feel the urgency they once did.”
With July and August typically the busiest months, even a slight increase in buyer activity could swing the market back in favor of sellers — but the next few weeks will be critical.
“If we get past the Fourth of July and buyers still aren’t showing up, we’re definitely in a buyer’s market,” Cottrell said.
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