Summit County Market Update | Sept. 2023

Dynamics

Welcome to another edition of our Summit County market update. Today, we're focusing on the pulse of our local single-family home market while also touching upon the broader residential landscape. Our insights are backed by charts, analyzing data from 2000 to 2023.

Broad Overview

Summit County's Residential Sales (Chart 1) Year-to-date (YTD) findings indicate a dip in the number of properties sold by 11% compared to last year, with prices decreasing by 4%. These statistics hint at a market correction, particularly noticeable after the property price boom during the COVID pandemic. Yet, zooming out, Summit County has shown impressive growth in average residential property sale price since the start of the millennium. From an average sale price of around $300,000 in 2000, we're looking at nearly $1.3 million in 2023. Despite the slight pullback in recent prices, the long-term trajectory showcases the county's attractiveness and the overall health of the real estate market.

Breckenridge's Single-Family Home Insights (Chart 2)

Breckenridge remains a highly sought-after locale. The average sold price stands at $2,335,511. However, the total homes sold saw a reduction of 23% from the previous year. Properties here have averaged around 64 days on the market before sealing the deal, so far this year.

Frisco: The Sleepy Enigma (Chart 3)

Frisco's average sold price for single-family homes is $2,383,167, marking a 9% decline year-on-year. The total homes sold have seen a boost by 25% with 15 homes changing hands, although they spend an average of 98 days on the market - notably higher than other areas. It's essential to note the small sample size, making it crucial to interpret these statistics with caution.

Keystone's Market Dynamics (Chart 4)

Single-family homes in Keystone have an average sale price of $2,271,864. However, the total homes sold tally at only 11, a significant 42% decrease from last year. On the brighter side, these properties are spending an average of just 33 days on the market, indicating quick turnovers. Like Frisco, it's prudent to understand the context, given the smaller sample size.

Silverthorne's Residential Pulse (Chart 5)

Silverthorne remains steady with an average sold price of $1,901,697 for single-family homes. With a total of 63 homes sold, there's been a 14% reduction compared to last year. The average days on the market for these properties is 48 days.

Wrapping Up

The various charts presented today give us a comprehensive look at Summit County's real estate dynamics, especially within the single-family home sector. The residential sales chart provides an overarching view of the market's health and trajectory. At the same time, the single-family home sales charts provide granular data on individual towns, allowing prospective buyers and sellers to gauge the market temperature and make informed decisions.

Thank you for staying updated with BuyBreck's insights. For more detailed information, specific property advice, or to discuss your real estate needs, don't hesitate to reach out to our dedicated team.

Remember, while numbers tell a story, it's the local expertise and understanding of nuances that truly shape real estate decisions. Trust in Brady Stout & BuyBreck.com to be your guiding light in Summit County's vibrant real estate landscape.