Luxury Homebuying in Summit County Continues to Surge as Seasonal Trends Slow the Rest of the Market

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Luxury Homebuying in Summit County Continues to Surge as Seasonal Trends Slow the Rest of the Market

As the summer winds down the real estate market in Summit County seems to be settling into typical season trends. While this iconic resort community continues to see steady homebuying and selling activity, the market is not surging with the same influx in buyers that we saw during the late spring and early summer months – a change that is welcomed by homebuyers.

This slight slowing in the marketplace provides reprieve for exhausted homebuyers who have had trouble keeping up with the fast-pace real estate environment. In August, the number of listings sold at all price points increased by 32%. This growth is an encouraging sign of the market’s continued strength, but also shows a decrease in the rate at which homes are being purchased as compared to even last month when the number of listings sold rose by 58%.

Average days on market for homes in Summit County has been hovering around 30 days for the past few months. Although this is still much more quickly than the average days on market during the same frame in 2020 (61 days on market), the stabilizing of this metric signals to buyers that now may be the time to house hunt. The productive market in Summit County will continue to help sellers achieve their financial goals as well.

On the other hand, the luxury home market in Summit County is seeing the same incredible sales volume that we’ve seen over the past year. The number of overall luxury listings sold rose by 142% through August, increasing from 57 homes sold through August of 2020 to 138 homes sold through August of this year. Higher end homes in this beloved resort community appreciated by 11%, which brings the average sold price for homes here was $3,142,561 through August. This astounding increase in sold prices is influenced by one impressive sale, which closed for $17,000,000 this year. As demand for Summit County’s luxury homes strengthens, the average days on market decreases. Through August, he average number of days homes decreased by 59%, which left homes on the market for an average of just 58 days this year.

Summit County, and the incredible homes within in, provides its residents with a lifestyle that can only be found in the Rocky Mountains. With the struggles of the pandemic still fresh in the minds of consumers, finding a home that has access to the outdoors and a tight knit community has become a priority. As the year progresses, this steady stream of real estate activity may continue to yield new opportunities for both buyers and sellers in Summit County.

To learn more about the market’s performance in Summit County, and other regions of Colorado, view the full Monthly Market 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.

 

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