As Colorado’s mountain resorts headed into the holiday weekend hoping for more white stuff, brokers in those markets were lamenting the effect of a dry winter on real estate sales.

“We’ve seen the impact from the lack of snow for the resorts and the cancellation of visitors from the Christmas season,” Vail-area agent Mike Budd said, in a summary of the newest statewide housing report by the Colorado Association of Realtors.

“Reports indicate a minimum cancellation level of 25%,” Budd continued. “This is very significant as it impacts all aspects of the resort community from an economic standpoint including real estate.”

IMPOSSIBLE TO MAKE UP SHORTFALL

Budd said that regardless of new snow, making up for the shortfall experienced to date wasn’t possible, with eight weeks left in the season.

In his Vail area market, Berkshire Hathaway’s Budd said the dearth of snow had caused holiday cancellations of over 25%. Closed sales, he reported, were off almost 16% over the year, although pending sales for single-family homes had improved.

In Summit and Park Counties, agent Dana Cottrell with Summit Resort Group was reporting that the drop in pricing and sales in her Breckenridge-Keystone-Copper market was beyond what a seasonal slowdown would account for.

“Our January numbers look dramatic at first glance with a notable drop in average pricing, number of sales, and new listings,” Cottrell said in the report.

“Seasonal slowdowns are expected and a lighter snow season has likely dampened some winter purchase enthusiasm while also softening tourism activity,” she added. “Local businesses and housing related sectors felt the impact and community organizations reported increased demand for assistance from local families.

“Tourism remains the economic lifeblood of our region, so we are all doing our snow dances in hopes that the second half of winter delivers a strong snow cycle.”

Current inventory in her counties totaled 550 homes, with around half priced over $1 million.

In Steamboat and Routt County, Marci Valicenti with The Group Real Estate reported that the area saw fewer new homes arriving on the market, and more days required for a listing to sell. The supply of condos and other multifamily inventory, important in ski resort markets, had risen past six months of supply.

“As winter conditions improve, market activity is expected to increase, reflecting pent-up demand after the seasonal lull,” Valicenti added.

Coming into the weekend, Steamboat was reporting some of the better snow in the state, with a 36-to-54-inch base with powder. Breckenridge and Copper Mountain were reporting 24-inch and 29-inch bases, and Vail was reporting 37 inches, according to the Colorado Snow Report.

In Telluride, with a 34-inch reported base with powder, agent George Harvey marked 27 sales totaling $53.84 million for the San Miguel County market in January, down 7% in volume, while 5% higher in dollar value over a year ago.

“Activity remains well below the five-year January average, signaling a slower market,” Harvey said in the report.

LUXURY PRICES OFF

“High-end homes and condos continue to dominate sales, though some luxury properties have reduced prices 5–10% amid economic uncertainty,” Harvey added.

In the broader Colorado housing market, the median single-family home price at January’s end stood at $549,998, down almost 4% year over year, according to the CAR report.  The median condo-townhome price was $415,000, just a half-percent off from January 2025.

The Colorado Association of REALTORS® is the state’s largest real estate trade association, representing more than 23,000 members statewide.