Summit County Real Estate Market Update | 3/26/2023

The current state of the real estate market in the United States is showing some positive signs as we head into the traditionally busy Spring and Summer real estate season. According to recent data, the average 30-year fixed rate has dropped to 6.42% compared to last week's average of 6.60%. This rate is higher than a year ago but considerably lower than the November, 2022 peak. Decreasing interest rates appear to be sparking demand as mortgage-purchase applications are up 17% from a month ago, indicating an increase in homebuyer interest. Additionally, Redfin reported that the number of homebuyers contacting agents for tours has also increased this week.

30-Year Fixed Rate Mortgage Average in USA

Looking specifically at Summit County, Colorado, the real estate market has seen a decrease in sales so far in March, with a 24% drop compared to last year. However, it's important to note that the COVID-19 pandemic had a significant impact on the real estate market last year with the frenzy peaking last Spring. While there were fewer sales this year, the average home transaction in February was $1,484,891, which is the highest average ever recorded in the county.

Furthermore, the decrease in new construction sales is relatively small, with only two fewer sales than last year. This shows that the demand for new homes is still present and could increase as we move into the Spring and Summer season.

Overall, while the real estate market in Summit County may have experienced a slight slowdown compared to last year, it's important to look at the bigger picture. The county's real estate market is still strong, and the high average home transaction indicates that there is still demand for high-end properties. Additionally, the increase in mortgage-purchase applications and homebuyer interest at the national level is an encouraging sign for the real estate market as a whole.

Views from a ‘for sale’ home in Silverthorne

As we head into the traditionally busy season for real estate, there is reason to be optimistic about the real estate market. While there may be some fluctuations in sales and home values, the current data indicates that the market is healthy and resilient. As always, working with a knowledgeable and experienced real estate agent can help you navigate the market and find the right property for your needs.