Summit County, CO Real Estate Market Update: January through July, 31 2024
As we move through the second half of 2024, the Summit County real estate market continues to show significant shifts in both sales and inventory. Here's a detailed breakdown of what has been happening in the market over the first seven months of the year.
Residential Sales Overview
Summit County's residential real estate market has been active, with notable increases in both sales volume and prices. As of July 31, 2024:
Residential Sales: A total of 644 residential properties were sold, marking a 3.5% increase compared to the same period last year.
Average Sales Price: The average sales price for residential properties has risen to $1,402,404, reflecting a 10%year-over-year increase.
Inventory: Inventory levels have surged, with a current total of 708 properties available, representing a 58%increase compared to 2023.
Closed Volume: The total closed volume reached $903,148,479, up by 14% from last year.
List Price to Sold Price Ratio: Properties are selling at 98% of their list price on average.
Average Days on Market: Properties are spending an average of 46 days on the market, which is 6 days longerthan the same period last year.
Single Family Homes Market
The single-family home market in Summit County has seen diverse trends across different areas:
Summit County Overall: The average price for single-family homes has increased by 16% compared to 2023, while the number of sales remains flat.
Breckenridge: The average price of single-family homes is up 17% with a 13% increase in the number of homes sold.
Silverthorne: Interestingly, Silverthorne saw an 18% increase in average sales price, although the number of homes sold dropped by 16%.
North Side (including Copper, Dillon, Frisco, Keystone, and Silverthorne): The area experienced an 11% increase in average sales price but a 10% decrease in the number of homes sold.
Condominium Market
The condominium market in Summit County is equally dynamic, with prices rising across most areas, although sales volume varied:
Summit County Overall: Condominium sales have seen a 3% increase in average price, with the number of units sold up by 6%.
Breckenridge: The average price of condos increased by 4%, but the number of units sold decreased by 8%.
Silverthorne: Condo prices surged by 16%, with a 66% increase in the number of condos sold, indicating strong demand.
Frisco: In contrast, Frisco saw a 3% decrease in average prices, accompanied by a significant 26% drop in sales volume.
Market Insights
This year started strong with a 20% increase in sales in January, setting a positive tone for the year. As of August 1, 2024, the market has stabilized, with a more moderate 3.5% increase in sales and a 10% increase in average sold prices year-to-date. However, the surge in inventory is a crucial factor to watch, as it could influence market dynamics moving forward.
Traditionally, the Summit County real estate market peaks during the summer, particularly in July and August, with strong sales often extending into mid-September. This pattern seems to be holding true in 2024, with high activity levels expected through the next few weeks.
Conclusion
The Summit County real estate market in 2024 has shown resilience and growth, especially in average sales prices. However, the substantial increase in inventory could lead to shifts in market dynamics, particularly as we head into the fall. Buyers and sellers alike should stay informed and be prepared to adapt to the evolving market conditions.
For more detailed insights or to explore opportunities in Summit County, feel free to contact the author of this blog post and RE/MAX Properties of the Summit Realtor®, Brady Stout at (970) 343-4642 or brady@buybreck.com. I am here to help you navigate this exciting market.
