Sales Volume in Summit County’s Luxury Real Estate Market Soars by Almost 300%Amanda Molitor
As one of Colorado’s most popular vacation destinations, it’s no surprise that Summit County tops the wish lists of many homebuyers looking to purchase homes that can provide a life full of adventure. In 2021, it appears that those wishes are coming true since the real estate market in this iconic resort community has exploded with buying activity through May of this year.
Each month, LIV Sotheby’s International Realty (LIV SIR) reports on the market activity during the prior month. Through May of 2021, home sales in Summit County have skyrocketed by an impressive 90%, rising from 398 homes sold during the same time frame in 2020 to 755 homes sold so far this year. Perhaps what’s even more impressive is that the average sold price of those homes has appreciated by 23%, which brings the average sold price to $1,042,817 in 2021. This surge in buying activity shows that consumers continue to prioritize resort real estate and finding homes that cater towards their desired lifestyles. Overall, the total sales volume rose by an astounding 134%, totaling $787,326,769.
Not only are more buyers deciding to plant roots or invest in a secondary residence in the Rocky Mountains, but they are also acting more quickly once they find their dream homes. According to LIV SIR’s May Monthly Market Report, the average days on market for local homes has decreased by 47% – meaning that listings are spending an average of just 37 days on the market in Summit County.
While those numbers are impressive, the luxury sector real estate market is outperforming all other price points in the area. Looking at the high-end home market through May of this year, compared to the same period last year, luxury home sales have increased by 265%. During that time, 73 homes priced at or over $2,000,000 were sold. Additionally, luxury homes in the area spent an average of 55% less time on the market through May of this year, compared to the January through May of 2020. The average price of luxury homes in Summit County appreciated slightly, rising by 9%, which brings the average sold price to $3,040,550. Combined, these positive increases have resulted in an astounding 299% rise in the total sales volume, totaling $221,960,150.
To learn more about the market’s performance in Summit County, and other regions of Colorado, view the full Micro Market Report and Quarterly Luxury Report by visiting coloradomarketreports.com. For all of your real estate needs throughout Colorado’s resort communities, call 970.453.0550 or visit resorts.livsothebysrealty.com.