Summit County Real Estate Market Update: First Half of 2024
As we reach the midpoint of 2024, it's time to take a closer look at the current state of the residential real estate market in Summit County, Colorado. This year has brought a mix of trends, challenges, and opportunities for both buyers and sellers. Whether you're considering purchasing a home, selling your property, or simply keeping an eye on market trends, here's what you need to know.
Slowing Sales but Rising Inventory
May residential sales in Summit County have continued April's slowing trend, with a slight 1% decrease compared to May 2023. Despite this minor dip, the more significant news is the substantial increase in inventory. Current inventory levels are up an impressive 61% compared to this time last year, marking the highest inventory levels seen in the past three years. While this is still down about 12% from June 2019, it represents a notable rise in available properties for buyers.
Year-to-Date Market Performance
Residential Sales: Up 5% year-to-date, with a total of 444 residential sales.
Inventory: Up 62% compared to last year, with 524 properties currently listed.
Closed Volume: $628,924,799, an increase of 16% from 2023.
Average Sales Price: $1,416,497, reflecting a 10% rise.
Closings: 444 closed transactions, a 5% increase.
Average Days on Market: 51 days, up by 6 days compared to last year.
List Price to Sold Price Ratio: 98%, showing that properties are selling close to their listing prices.
These figures indicate a resilient market with healthy sales activity, despite the increased inventory. The rising average sales price suggests strong demand, while the increase in days on market points to a more balanced environment where buyers have more choices and sellers face more competition.
Current Mortgage Interest Rates
Understanding current mortgage rates is crucial for both buyers and sellers. As of 6/7/2024, the average 30-year fixed mortgage rate stands at 6.99%. Over the past few years, mortgage rates have experienced significant fluctuations. According to data from Freddie Mac, rates have risen steadily from their historical lows in 2021, reflecting broader economic trends and Federal Reserve policies aimed at controlling inflation.
30 Year Avg. Mortgage Interest Rates 2019-2024
What This Means for Buyers and Sellers
For buyers, the increased inventory means more options to choose from, potentially leading to better deals. However, the higher mortgage rates compared to previous years mean it's essential to shop around for the best financing options and be mindful of your budget.
For sellers, the current market conditions highlight the importance of competitive pricing and strategic marketing. With more properties available, standing out becomes crucial. Ensuring your home is in top condition and working with a knowledgeable real estate agent can make a significant difference.
Looking Ahead
The Summit County real estate market remains dynamic, with trends indicating a shift towards a more balanced environment. This balance could provide opportunities for both buyers and sellers to achieve their real estate goals. As always, staying informed and working with a local real estate expert can help navigate these changes effectively.
If you're considering buying or selling a home in Summit County, or if you have any questions about the market, feel free to reach out. I'm here to help you make the most informed decisions and achieve your real estate aspirations.
Contact me today to learn more about the current market conditions and how we can work together to find your dream home or sell your property for the best price. Visit BuyBreck.com for more information and to stay updated with the latest market trends.
This blog post aims to provide valuable insights into the current state of the Summit County real estate market while attracting potential clients through relevant, up-to-date information. If you have any further details or adjustments you'd like to include, feel free to let me know!
