Summit County Market Stats for Oct. 2022

October 2022 is now behind us. The Aspens have shed their leaves and the snow has begun to fall in the mountains of Summit County! As we move into ski season, it’s time to look back and see how the market fared in October. Below you will find the single-family home stats.

The number of transactions closed in Oct 2022 decreased substantially in all areas of the county. This largely can be attributed to the fact that Interest rates have been rising at the fastest pace on record through this Summer and Fall. Single Family Home sales are down 42% in October (compared to October 2021), and the average price is down 8.5%. You can see in the chart above the percentage of list to sold price by town, and the county is at 97% as an average. Folks who are buying are enjoying leverage at negotiating tables and snapping up properties at lower prices than people were paying at this time last year.

A very similar story can be seen in the condominium market in Summit County. The big story is the decreased quantity of condo transactions when compared with last year. However, condominiums are not seeing as much pricing pressure as we have seen in the single-family home market. I believe that this is due to short-term rental regulations across Summit County allowing more condos to acquire short-term rental licenses, when compared to regulations on single-family homes in the area.