Summit County Real Estate Recap: First Quarter 2024
Welcome to our latest market update at BuyBreck.com, your premier real estate resource for Summit County, Colorado. We’re diving into the first quarter of 2024 to see how our local market has fared. As a dedicated agent with RE/MAX Properties of the Summit in Breckenridge, I’m here to give you insights that could guide your next real estate decision in this vibrant area.
Q1 Overview: Steady Growth Amidst Seasonal Shifts
The start of 2024 has brought about a promising rise in the Summit County real estate market. Overall, we’ve seen a solid 9% increase in residential sales compared to the first quarter of the previous year. With a total of 239 closings, the market reflects a healthy demand. Our inventory has surged by an impressive 39%, totaling 366 properties, catering to a variety of tastes and preferences.
The Financials: Prices Climb, Value Holds
The total closed volume for this quarter hit a striking $333,603,234, marking a 17% increase from last year. The average sales price also climbed to $1,395,829, up by 7%. These figures showcase both the enduring allure of Summit County and the savvy investments of our buyers. Moreover, properties have maintained a high list-to-sold price ratio at 98%, demonstrating that homes are selling close to their asking prices.
Town-by-Town: A Closer Look
While the overall picture is rosy, March did see a deceleration in closed sales, affecting the quarterly boost slightly. Dillon and Silverthorne experienced a dip in their sales numbers. Keystone held steady, mirroring last year’s figures. Meanwhile, Frisco, Copper, and Breckenridge have all enjoyed double-digit increases, with Breckenridge leading the way at a notable 23% rise when comparing Q1 sales year-over-year.
Copper has shown resilience with a 9% increase, while Silverthorne also boasted a notable rise of 25%. On the flip side, Dillon and Frisco witnessed drops of 14% and a significant 46%, respectively. Yet, Keystone remains consistent with its performance from the previous year.
Long-Term Trends: Consistency & Growth
Looking back over the years, we see a pattern of growth in average sold prices, with fluctuations in the number of properties sold. The graph stretching back to the year 2000 illustrates this trend vividly, with average sold prices steadily climbing, underscoring Summit County’s long-term value.
Summit County: A Market in Motion
The first quarter of 2024 has set the stage for a year of opportunities in Summit County’s real estate. Whether you're looking to buy or sell, the market is dynamic, and the potential for value and growth is evident.
For those seeking to make their home in Summit County or invest in our mountain lifestyle, rest assured that your aspirations align with a market that's proven its strength and resilience. As your local RE/MAX professional, I am here to help navigate the nuances of our unique market.
Stay tuned to BuyBreck.com for continued updates, or contact me to discuss your real estate goals. Let’s make your mountain dreams a reality this year!
