Summit Residential Real Estate Market Update - Early December 2024
As 2024 draws to a close, the Summit County real estate market continues to demonstrate resilience and adaptability. Let’s dive into the most recent statistics and trends to keep you informed about the state of our local market.
November Sales Surge
November 2024 saw a remarkable 22% increase in sales compared to November 2023. This significant surge propelled the year-to-date sales to a 2% increase over 2023. The driving factor behind this uptick in sales was a slight decrease in sales prices in November, which dipped by 1% year-over-year. Lower prices have clearly attracted more buyers, highlighting the dynamic nature of the Summit County market.
Year-to-Date Performance
For the period from January 1 to November 30, 2024, residential sales in Summit County reached 1,157, reflecting a modest 2% increase compared to the same period in 2023. While this growth may seem incremental, it marks a positive shift, especially given the broader economic challenges faced earlier in the year.
Inventory and Negotiation Trends
One of the most notable trends this year has been the sharp increase in inventory. Active listings are up by 48% compared to 2023, providing buyers with more options than ever before. Additionally, buyers have gained slightly more negotiation leverage, as the list-to-sold price ratio has dropped by 1%, sitting at 97%.
Market at a Glance
Average Sales Price: $1,436,543 (+10%)
Closed Volume: $1.66 billion (+12%)
Average Days on Market: 55 days (+30%)
Despite the slight dip in November’s sales prices, the average sales price for the year remains 10% higher than in 2023, showcasing the long-term value of Summit County real estate.
Looking Ahead to 2025
As we approach 2025, there is growing optimism for the resort real estate market. Nationally, October showed a turnaround in pending activity, the stock market is closing the year on a high note, and interest rates may continue to stabilize. Consumers are also coming to terms with the reality that rates are unlikely to return to the historic lows seen during the COVID-19 pandemic. With these factors in play, 2025 has strong potential to exceed the 2% growth we’ve seen in 2024.
Locally, the increased inventory and slight softening in price negotiations could provide further opportunities for both buyers and sellers. Resort real estate, in particular, is predicted to remain strong as Summit County continues to attract buyers seeking mountain lifestyles and investment opportunities.
Stay Informed and Connected
At BuyBreck.com, we are committed to keeping you informed about the latest trends and statistics in the Summit County real estate market. Whether you are considering buying, selling, or simply staying updated, we’re here to help.
Contact Anna and Brady Stout
BuyBreck Team at RE/MAX Properties of the Summit
Main Street Offices: Breckenridge & Frisco
Visit our website
Call or text: Anna Stout: (970) 389-4536 | Brady Stout: (970) 485-2173
Let us help you make the most informed decisions for your real estate needs in Summit County and beyond!
