Jefferson Real Estate, Inc. is reporting sales numbers in May and June that were the highest in the company’s history – by a considerable margin.
At first glance one might imagine that COVID-19 concerns would act as a detriment to the local real estate market as a whole. But according to Kevin Copeland, owner of Jefferson Real Estate, Inc., the opposite has actually been true.
“I think people have just had more time to sit at home and shop for real estate online, and I also think people from metro areas are increasingly seeking less crowded places nearby in which to escape,” Copeland said.
During a viral pandemic, sparsely populated Park County – boasting about eight people per square mile – presents an appealing option for those in urban areas. Vacationing out of state currently presents unprecedented health concerns, so those with the means to do so are seeking to purchase in-state properties in which to escape as an alternative.
Throw in the fact that interest rates continue to hover at less than three percent, and conditions are ideal for a buying frenzy of sorts.
“Business initially slowed down briefly when the viral pandemic first happened, but we went from having 24 pending properties in April, to having 65 in May and 89 in June,” Copeland said.
The May numbers are more than 30 percent higher than one year ago, and the June numbers are almost 50 percent higher than in June of 2019.
According to Copeland, the increase in sales has occurred with regards to both land and properties.
“The numbers have increased accross the board,” Copeland said. “Our inventory of cabins is low, and continues to dwindle.”
Meanwhile, Copeland’s staff is growing.
“We recently hired an office manager, a transaction coordinator and someone to assist with brochures and signs,” Copeland said. “So business has been good, and that also means more people and more jobs in Park County, which is also good.”
According to Copeland, more contractors are also coming back into the area, something he says he has not seen since about 2008.