Summit County sees increase in both snowfall and property values for DecemberChloe Elliott
The ski season is well underway in Colorado, and thanks to a snowy December, the slopes of Summit County are bustling with eager skiers and snowboarders. The slopes, however, are not the only place attracting eager consumers in Summit County. The luxury real estate market, featuring properties priced at $2M and above, has reached new heights this winter. From 2020 to 2021, the luxury market saw a 79% increase in total sales volume, rising from $432,721,352 to $773,039,705.
The higher the peaks, the higher the price point and the appreciation for high-end properties. The luxury market continues to see a steady increase in appreciation value year over year, with a 9% increase representing $3,117,096. The highest sold price in Summit County increased by 8% to $5,250,000 in December 2021 compared to the previous month. The total number of luxury listings sold in 2021 saw a dramatic increase of 63% compared to 2020, representing the continued desire to own a piece of Colorado’s high alpine playground in Summit County.
Last month the pace of the market was equated to the speed at which skiers and snowboarders zipped down Summit County’s world-class slopes, and this month is no different. Across all price points, listings are selling 56% faster than last year, with just 28 days on market.
While the Summit County real estate market continues to perform well, the number of listings sold across all price points has been on a gradual slow down since the start of the ski season. As listings fly off the market at a record pace, the number of new listings available to replenish the inventory lessens. As a result, while the number of listings sold may be declining, the value of homes across all price points is still very much on the rise.
Similar to the increase in appreciation value seen in the luxury market, Summit County has been holding strong the last few months as well. Year to date, the appreciation value for listings across all price points increased to 25%, representing an average sold price of $1,136,426 in 2021 compared to $907,773 in 2020.
However, what goes up, must come down, and after a record-breaking year, Summit County’s real estate market, like others in Colorado, is beginning to mellow due to the availability of inventory, particularly non-luxury properties. For sellers, increased home values across all price points prove that now is the time to consider selling and welcoming others into the mecca of outdoor adventure found throughout Breckenridge, Dillon, Frisco, Copper, Keystone, and Silverthorne.
To learn more about Summit County’s market performance and other regions of Colorado, visit coloradomarketreports.com. For all of your real estate needs throughout Colorado’s iconic resort communities, call 970.453.0550 or visit resorts.livsothebysrealty.com.
The property featured above: 452 97 Circle in Breckenridge is listed by LIV Sotheby’s International Realty Broker, Ron Shelton for $2,179,000.