A Closer Look at Mountain Real Estate: Trends and Takeaways from Summit County | October 2023
The allure of the Colorado mountains isn't just about breathtaking views and a plethora of outdoor activities—it's also about the booming real estate market. Summit County, with its pristine landscapes and robust community, is a prime example of this surge in mountain real estate. Here at BuyBreck.com, we've taken a deep dive into the most recent data to understand the current trends and what they mean for both buyers and sellers.
Summit County Residential Sales Trends
The first chart showcases the average sold price and the number of properties sold in Summit County from 2008 to 2023. A few key observations:
The average sold price for residential properties has seen a consistent upward trend since 2008. Despite minor dips in certain years, the overall increase is evident.
2022 and 2023, in particular, have witnessed significant hikes in the average sold price, reaching an all-time high.
The number of properties sold peaked around 2017, with a subsequent decrease, suggesting a competitive market with limited inventory.
Condominium Sales in Summit County
Condominiums represent a vital segment of the Summit County real estate market. Here's what the data reveals:
The average sale price for condos has followed a similar trend as residential sales, with consistent growth over the years.
2023's average sold price stands at $803,126, marking a slight increase from the previous year.
Interestingly, while prices have risen, the total number of condominiums sold decreased by 12% in 2023. This dip could be attributed to various factors, including increased prices and decreased inventory.
Spotlight on Breckenridge
Breckenridge, a jewel in Summit County, offers its unique set of data:
The average sale price of condominiums in Breckenridge has surpassed that of the broader Summit County, with a figure of $928,936 in 2023.
Like Summit County, Breckenridge also saw a decline in the total condominiums sold in 2023, dropping by 11%.
What's Happening in Frisco?
Another significant player in the Summit County real estate landscape, Frisco's condominium market presents:
An average sold price of $860,799 in 2023, marking a 6% decline from the previous year.
A whopping 23% decrease in the total number of condos sold.
Implications and Insights
The data underscores the ever-growing demand for properties in Summit County, particularly in sought-after locations like Breckenridge and Frisco. As prices continue to climb, it’s clear that the mountain real estate market remains robust and desirable.
For sellers, this is an opportune time to capitalize on property investments, especially with the upward trend in sale prices. For potential buyers, while prices are high, the allure of mountain living and the long-term benefits of owning property in Summit County are undeniable.
Whether you're looking to buy or sell, understanding the nuances of the market is crucial. At BuyBreck we stay on top of market trends so that you can you can achieve your desired real estate outcomes and have a leg up on the competition.
