Summit County, Colorado Market Update: Residential Sales as of Q3 2024
As we wrap up the third quarter of 2024 and look at the picture year-to-date, the Summit County real estate market presents a mixed yet optimistic picture. While residential sales show a minor decline, with 894 homes sold so far this year—a 1% decrease from the same period last year—the market remains robust and full of potential. Here’s a closer look at the latest trends and insights.
Summit County Residential Sales 1/1/2024-9/30/2024 (compared to same period 2023)
Steady Sales, Rising Prices
Despite a slight dip in sales volume, we’re seeing a significant 12% increase in the average sale price, which now stands at $1,448,135. This surge reflects a healthy demand, as buyers are willing to invest in the exceptional properties Summit County has to offer. The closed volume also climbed by 10%, reaching over $1.29 billion, demonstrating the sustained value and appeal of the area.
Inventory on the Rise
The most striking shift is in inventory. Currently, 598 homes are available, a substantial 58% increase compared to this time last year. While this means more options for buyers, it also indicates a trend toward normalization after the record-low inventory levels we’ve experienced in recent years. This broader selection gives potential buyers a chance to explore more properties and find the perfect fit, without the intense competition we saw at the market’s peak.
Days on Market: What It Means for Buyers and Sellers
Properties are now spending an average of 49 days on the market, eight days longer than last year. This subtle shift provides buyers with a bit more breathing room to make decisions, while sellers can still be optimistic about pricing power. With a list price to sold price ratio at a solid 98%, properties are still commanding prices very close to the asking, underlining the steady demand.
Looking Forward to Q4
As we head into the fourth quarter, we anticipate a continued interest in Summit County properties, especially with the upcoming ski season. Historically, this time of year brings a surge of buyers looking to secure a mountain home before winter fully arrives. Although current warm fall temperatures offer a pleasant delay, we know that snow—and the accompanying flurry of buyer activity—will soon be here.
In comparison to pre-COVID levels, sales may appear flat, but the market’s resilience and adaptability shine through. The spike in average sales prices and increased inventory highlight a balanced environment where both buyers and sellers can find opportunities. If you’re considering buying, now is a great time to explore the diverse options available. For sellers, the rise in average prices and high list-to-sold ratio are promising indicators for a successful transaction.
Summit County continues to be a sought-after destination, and the market’s current dynamics reflect that ongoing allure. Whether you’re buying or selling, let’s embrace the opportunities this season has to offer!
Are you looking to buy or sell in Summit or Park County Colorado? Contact Brady Stout with RE/MAX Properties of the Summit
