What's happening in the Summit County Real Estate Market?
The Fall Housing Market, Here in Summit County Colorado!
I hope this finds you well and savoring the mountain air, beautiful changing aspens and the thrill of winter on the horizon! As your ever-informed Summit Real Estate aficionados, here is the latest update on our Summit County real estate market—a market that's settling into its groove while maintaining its robust appeal among avid mountain enthusiasts.
The Market's "New Normal":
"Normalizing" might not be the flashiest term in real estate and while our housing market looks different from the frenzied activity we experienced in the past few years, the COVID-driven market was crazy and not sustainable. We are returning to what a more normalized market looks like.
Inventory & Demand:
Inventory remains limited, but fret not! The demand for mountain properties is as intense as a powder day on the slopes. With remote work becoming a permanent fixture and the allure of pristine mountains, our Summit County haven continues to beckon.
Summit County residential sales experienced a decrease in average sold price of -3.5% and a -20% decrease in the number of properties sold (that’s comparing Q1-Q3 of 2023 to the same time period in 2022.)
It takes a little longer for the average property to sell, compared to last year, and the average ratio of list-price to sold-price is down a bit to 98.5%.
Yes, prices have come off their 2022 highs, and many buyers are starting to sense opportunity and are re-engaging in the market. Good news!
What you need to know:
Crucial to keep in mind is that our resort market differs from a primary market in that, most often, Buyers don’t HAVE to buy and Sellers don’t HAVE to sell on any particular timeline. That means that many Sellers don’t mind waiting for the price they like – and even renting out the property while they wait.
We expect that this general lack of distress and motivation on the part of our Sellers, coupled with a continued lack of inventory – will insulate us from more marked corrections in our sales prices as we move forward.
Flexibility is key. While we're still in a robust market, it's essential to keep your options open and your expectations realistic. Sometimes, finding your dream mountain home is like discovering that hidden hiking trail—worth the exploration.
Our mountain real estate market is gracefully adapting to the rhythm of "normalizing" while continuing to offer exciting prospects. Whether you seek a winter wonderland for skiing and snowboarding or a serene escape for hiking and tranquility, our mountain paradise remains as captivating as ever.
We’re here to be your guide!
Summit County Market Analysis provided by Land Title February 2023 YTD
Highlights February 2023 Market Analysis:
$117M Total Sales Volume
91 Total Transactions
$1.403M Average Sale Price
$819 Average Price Per Sq Ft
Live/Active Market Information provided by Title Company of the Rockies
(Click on town names below to view town stats)
Breckenridge This week the median list price for Single Family Homes in Breckenridge, CO 80424 is $3,975,000with the market action index hovering around 24. Slight Buyer's Advantage. Inventory 57. The median list price for condos in Breckenridge is $895,000. Market index hovering around 30. Slight Seller's Advantage. Inventory has increased to 57.
Dillon This week the median list price for Single Family Homes in Dillon, CO 80435 is $3,650,000 with the market action index hovering around 34. Slight Seller's Advantage. Inventory has decreased to 7. The median list price for Condos in Dillon is $1,100,000 with a market action index at 34. Slight Seller's Advantage. Inventory has decreased to 45.
Frisco This week the median list price for Single Family Homes in Frisco, CO 80443 is $1,599,500 with the market action index hovering around 33. Slight Seller's Advantage. Inventory decreased to 2 . The median price for Condos in Frisco is $989,900 with a market action index at 41. Slight Seller's Advantage. Inventory slight increase to 21.
Silverthorne This week the median list price for Single Family Homes in Silverthorne, CO 80498 is $2,397,500 with the market action index hovering around 20. Slight Buyer's Advantage. Inventory held steady 22. The median list price for Condos in Silverthorne is $987,475 with the market action index hovering around 31. Slight Buyer's Advantage. Inventory decreased to 38.