Summit County Real Estate: A Look Back at 2023
As we say goodbye to 2023, let's take a stroll through Summit County's real estate market, a landscape as varied and exciting as our beautiful Colorado seasons. Last year was a journey of subtle shifts and promising growth, painting a picture of a resilient and dynamic market. Here’s our story from the mountain tops of Breckenridge to the bustling streets of Frisco!
The Big Picture
Overall, Summit County witnessed a slight ebb in its real estate rhythm. The average sold price gently dipped to $1,315,122, a modest 1% decrease. The melody continued with the number of properties sold, which saw a 6% decrease to 1,226. But don't let these numbers fool you – the market's heartbeat remained strong, with properties spending an average of 46 days on the market and sellers fetching 98% of their asking prices.
Area Highlights
Each area in Summit County danced to its own tune:
Breckenridge: The crown jewel, Breckenridge, saw an average sold price of $1,638,907, which was a slight 3% decrease when compared to 2022. Sales volume dipped by 7% to 401 properties, and the market tempo slowed a bit, with homes spending an average of 58 days on the market.
Frisco: Frisco, the heart of Summit County, showed resilience with an average sold price of $1,184,986, though down by 6%. Interestingly, the total properties sold here jumped by 7% to 142, a testament to its enduring appeal.
Silverthorne: In Silverthorne, the average sold price nudged down by 5% to $1,256,502. However, in a twist, the number of properties sold rose by 9% to 335, indicating a robust interest in this area.
Dillon: Dillon, our hidden gem, shone with an average sold price increase of 3% to $932,954. The area also saw a 9% increase in properties sold, totaling 146.
Keystone: Keystone was a star performer with a notable 16% increase in average sold price to $1,168,268. However, the area experienced a 37% decrease in the number of properties sold, totaling 151.
Copper Mountain: Copper Mountain observed a slight decrease of 3% in the average sold price to $1,045,530. The total properties sold decreased by 15% to 51.
Reflection and Anticipation
The year 2023 was a mosaic of diverse trends, with each area of Summit County revealing its unique character. From the luxurious slopes of Breckenridge to the tranquil vistas of Dillon, the market showed us that change is the only constant. The below chart puts 2023 in perspective where we can view the overall trend from the last couple decades. 2023 was a relatively flat year overall for Summit County when looking at average sold price over time. However, the upward price trend over the years cannot be denied. Average sold price in Summit County has increased from about $300k to over $1.3 million from 2000 to 2023.
As we look ahead to 2024, we remain optimistic. The enduring beauty of Summit County, coupled with a dynamic market, promises opportunities for both buyers and sellers. So here's to another year of making home dreams come true in our mountain paradise!
