Summit County Real Estate Market Update: Mid-Year 2024
As we reach the midpoint of 2024, the real estate market in Summit County, Colorado, is showing strong performance and resilience. Despite some fluctuations, the overall trend is positive, reflecting a healthy and dynamic market. Let's dive into the latest stats and trends that are shaping the local real estate landscape.
Year-to-Date Sales Performance
From January 1, 2024, to June 30, 2024, the residential sales market in Summit County has seen significant activity:
Residential Sales: 523 sales, up 4% from the same period last year.
Inventory: 692 units, a substantial 61% increase compared to 2023.
Closed Volume: $736,636,363, a 14% increase, indicating robust market demand.
Average Sales Price: $1,408,483, a notable 10% rise.
Closings: Consistent with 523 closings, reflecting the same 4% increase as sales.
Average Days on Market: 48 days, which is 5 days longer than last year.
List Price to Sold Price Ratio: 98%, maintaining a strong market position.
These figures highlight the market's vitality, with an increase in both the number of sales and the average sales price. The rising inventory levels suggest a return to pre-COVID norms, providing more options for buyers and stabilizing the market.
June Monthly Performance
June 2024 saw a slight dip in the number of sales, down 5% from last year. However, the average sold price increased by 9%, indicating sustained demand and willingness among buyers to invest in higher-priced properties.
Long-Term Trends
Looking at the long-term trends from the "Summit County Real Estate Over the Last Decades" chart below, we observe:
A steady increase in the average sold price over the past decade, reflecting the growing desirability of the area.
Despite a few dips, such as the significant drop in 2009 due to the economic crisis, the overall trend remains upward.
The number of properties sold has also seen fluctuations, with notable peaks in recent years, highlighting the dynamic nature of the market.
Summit County Real Estate Over the Last Decades
Inventory and Market Health
The inventory increase of 61% compared to 2023 is a critical factor. This rise in available properties is starting to hit and even surpass pre-COVID levels. Such an increase, coupled with high single- to low double-digit increases in sales, suggests that the market is normalizing and becoming more balanced.
In any typical year, the busiest time for real estate sales in Summit County starts in July and runs through September. Given the current trends and the healthy market stats, the upcoming selling season looks promising.
Conclusion
The Summit County real estate market is demonstrating resilience and growth halfway through 2024. With increased inventory, higher average sales prices, and a steady number of transactions, the market is well-positioned for a strong second half of the year. Buyers and sellers alike can look forward to a dynamic and prosperous market environment.
If you are interested in discussing Summit County real estate, contact Brady Stout. Stay tuned for further updates as we continue to monitor and report on market trends and opportunities in Summit County.
