The Current State of the Real Estate Market in Summit County, CO | 5/12/2023

The real estate market in Summit County, CO has been on a bit of a roller coaster ride in recent years. After experiencing a surge in demand during the COVID-19 pandemic, the market has since cooled off somewhat. However, there are still plenty of opportunities for buyers and sellers alike.

Single Family Homes

Single family home sales in Summit County are down 18% in numbers and down 16% in average sold price year-over-year. It takes, on average, 29 more days for a home to sell and the average percent of the list to the sold price is 98% (down 2% points from last year at this time).

The average sold price per square foot is down 1% county wide. With Keystone having an increase of +5%, Dillon having an increase of +4%, and Silverthorne having an increase of +8%. Frisco was down -1% and Breckenridge down -8%

All towns, including the county, witnessed a decline in average sold price with the exception of Keystone that had an increase of +2%

The number of sales were flat in Dillon, Up in Keystone, and down by double digits in all other towns.

Condominiums

Condominium sales in Summit County are down 33% in numbers and up 3% in average sold price year-over-year. It takes, on average, 5 times as many days for a condominium to sell and the average percent of the list to the sold price is 98% (down 5% points from last year at this time).

The average sold price per square foot is up 2% county wide. With Keystone having an increase of +17%, and Copper Mountain having an increase of +19%. Frisco was down -2%, Silverhorne was down -6%, Dillon was down -0.5%, and Breckenridge down -7%.

The average sold priced increase in the county and by town: Breckenridge was up 6%, Frisco was down 3%, Silverthorne was down 8%, Keystone was down 4% and Copper Mountain up 7%

What Does This Mean for Buyers and Sellers?

For buyers, the current market conditions offer a bit of a respite from the high prices and bidding wars that were common during the pandemic. There are still plenty of great homes on the market, and buyers are more likely to be able to negotiate on price.

For sellers, the market is still competitive, but it's not as crazy as it was a year ago. Sellers will need to be realistic about their asking price and be prepared to negotiate.

Overall, the real estate market in Summit County is still a sellers' market, but it's not as extreme as it was in the past. Buyers and sellers alike should be prepared to work with a real estate agent who can help them navigate the market and get the best possible outcome. It’s hard to say where the real estate market is heading in the short-term. However, it’s clear that historically Summit County real estate is an excellent long-term investment.