Summit County Real Estate Market Performance | YTD Through July 31st, 2023
Are you curious about the current state of the Summit County real estate market? We've compiled the data for you to provide a comprehensive overview of the year-to-date trends up until July 31st. In this blog post, we'll delve into the numbers and highlight key insights that shed light on the market's performance. We've also included charts to help visualize the data. Let's dive in!
Residential Sales Overview:
The real estate landscape in Summit County has witnessed some interesting dynamics this year. When we look at year-to-date sales through July 31st, we observe a 12% decline in the number of sales compared to the same period last year. Additionally, the average sold price has dipped by 7%. These numbers indicate a degree of fluctuation in the residential sector.
Residential Sales Summit County, CO
New Construction vs. Resale:
A noteworthy trend emerges when we examine the breakdown between new construction and resale properties. Surprisingly, new construction sales have held steady, showing little change from last year, with an impressive average price increase of 7%. On the other hand, resale properties have faced challenges, experiencing a 14% drop in the number of sales and an 11% decrease in the average sold price. This contrast highlights the varied preferences and factors influencing buyers in the current market.
Single Family Home Sales Analysis:
Single-family home sales in Summit County paint a similar picture of the market's performance. Numbers are down by 21%, and the average sold price has seen a 9% decrease. However, the new construction segment defies the overall trend, boasting a 13% increase in sales and a modest average price uptick of 2%. Resale single-family homes, conversely, are grappling with a 26% drop in the number of sales and a 14% decrease in the average sold price.
Summit County, CO Single Family Home Sales
Town-Specific Insights:
For those interested in exploring town-specific data, we've compiled statistics for single-family homes where sufficient sales have occurred for meaningful comparisons. This offers a more nuanced understanding of how different towns within Summit County are faring in the real estate market.
Condominium Sales Overview:
Shifting our focus to the condominium market, we see a 16% decrease in the number of sales year-to-date. Interestingly, the average sold price has remained consistent with the previous year. However, it's important to note that new construction condominium sales in 2023 have been limited, making it challenging to draw direct comparisons to last year's numbers. In the preceding year, approximately 33 new construction sales were recorded, primarily concentrated in Keystone.
In conclusion, the Summit County real estate market has demonstrated mixed performance through July 31st. While overall sales have experienced declines, the new construction segment has shown resilience, pointing to evolving buyer preferences. The intricate interplay of factors influencing the market underscores the importance of a comprehensive analysis to understand the underlying dynamics. As the year progresses, keeping a close watch on these trends will provide valuable insights into the evolving real estate landscape in Summit County.
