Snapshot: January 2023 Real Estate Market in Summit County, CO
Summit County, CO has always been a popular destination for real estate investment due to its scenic beauty, close proximity to major cities, and abundant recreational opportunities. The latest data on the January 2023 real estate market in Summit County shows that the average sold price was $1,277,584, which is a decrease of 11% compared to January 2022.
The number of properties sold in January 2023 was down 36% compared to January 2022, with only 50 properties sold. This may be attributed to a slower market, which is somewhat due to higher interest rates compared to last year. The average days on the market was 63 days, compared to 30 days in January 2022, indicating that properties are taking longer to sell.
Selling prices were 97% of list to sold price, which is a decrease from 101% list to sold price in January 2022. This may indicate that buyers are becoming more price-sensitive, and sellers may need to adjust their prices to attract buyers.
30-Year Fixed Rate Mortgage Avg. in USA - 5 Year Chart
The interest rate environment has been a major factor in the real estate market in recent months. In January 2023, the 30-Year Fixed Rate Mortgage Average in the United States was in the 6% range, compared to the mid 3% range in January 2022. This is a significant increase and may have contributed to the slowing of the real estate market. The 30-Year Fixed Rate Mortgage Average peaked in October 2022 and has been gradually decreasing since then.
30-Year Fixed Rate Mortgage Avg. in USA - 1970’s to Present
In conclusion, the January 2023 real estate market in Summit County, CO shows a slower pace compared to January 2022. The higher interest rates may have contributed to this slowdown, and the question remains as to whether stabilizing interest rates will revitalize the market. Historically speaking, mortgage rates in the 6%-7% range aren’t particularly high. Only time will tell where we go next, but it's important to keep an eye on the interest rate environment and its impact on the real estate market.
