Real Estate Update for Summit County, CO: Stats as of July 2023
Welcome to our latest blog post, where we dive into the real estate market of Summit County, Colorado. In this market update, we'll be recapping the state of affairs as of June 30, 2023. Join us as we delve into the key statistics, analyzing overall residential sales, single-family home sales, and condo sales. Whether you're a prospective buyer, seller, or simply an enthusiast curious about the latest trends, this comprehensive overview will provide valuable insights into the current state of the Summit County real estate market. So, let's jump right in and explore the numbers that are shaping this dynamic and sought-after region.
Taking a closer look at the overall residential market in Summit County, Colorado, the data reveals some interesting trends for the year so far. The average sold price currently stands at $1,274,294, reflecting an 8% decrease compared to the same time period last year. Additionally, a total of 500 properties have been sold, marking a 20% decrease in sales volume. Another noteworthy observation is the average days on market, which has seen an increase of 28 days, bringing it to a current average of 43 days. These figures provide valuable insights into the changing dynamics of the residential market in Summit County and shed light on how higher interest rates and other factors are influencing buyer and seller behaviors.
The changes to the market are not spread evenly. If we look at the different price ranges we can see that the low and high end of the market have slowed more than the middle of the market. For example, the $500k-$1mil price range has remained quite resilient while the higher price ranges have all seen 33% or more decreases in activity.
Breaking things down beyond price ranges and moving to property types, we can see that the changes have affected the condo market (below) and single-family (above) markets in drastically different ways. For example, the average sold price of condos is actually up 1% compared with last year. This compares to a 13% haircut in average sold price of single-family homes in the county. I mostly attribute this to friendlier short-term rental regulations in the areas that are dense with condos.
There is no doubt that our markets have shifted. We are in a drastically different interest rate environment than we were in last Spring and early Summer 2022. Homeowners who have low-interest rate mortgages are reluctant to sell while the higher interest rate loans have priced out some buyers. We have moved into more of a normalized market after the euphoria of the Covid real estate market. The great news is that properties are still moving and buyers are finding leverage at the negotiation table - something that didn’t exist for awhile.
