High alpine living in Summit County continues to be in high demand across all price pointsChloe Elliott
Often referred to as Colorado’s playground, Summit County saw blue skies, busy slopes, and a bustling real estate market in February. Across all price points, the total sales volume was up 9% from February 2021, reaching $244,354,034 in 2022. In the $2M and above luxury sector, total sales volume was up an astonishing 98%, from $57,571,500 last year to $114,135,453 this year.
Although total sales volume was up for both markets, inventory availability across the two was drastically different. In the all price points category, the number of listings sold declined 25% from February 2021 to 169 this year. Conversely, the number of listings sold in the luxury market increased by 94% from 17 through February 2021 to 33 in 2022. While the luxury market inventory increased year to date, the number of listings sold made up less than 20% of the all price points inventory sold, indicating that the market in Summit County is trending broadly toward buyers looking to purchase under that $2M price point.
Throughout both markets, those that did purchase property through February 2022 were met with average list prices 45% higher than last year. In addition, sold prices have also increased dramatically by 45%. From February 2021 to February 2022, the average sold price rose from $996,993 to $1,445,882 in the all price points market segment, and $3,386,559 to $3,458,650 in the luxury market segment.
The new year brought a new market pace, with listings flying off the mountains 55% faster than last year, lasting an average of 24 days on market. On the luxury side, the market speed increased by 42%, decreasing from 92 days in February 2021 to just 53 days in February 2022.
With the majority of Summit County’s real estate transactions occurring under that $2M price point, most buyers faced a major market migration that required expert speed and knowledge to call this high alpine region home. Kindred at Keystone, Summit County’s newest development represented by LIV Sotheby’s International Realty, has seen high demand, with over 65% of their units selling in the first few days on the market. Of the units sold to date, the average price comes in at $1,700,000.
The higher the altitude, the higher the price in Summit County, with the highest sold property in 2022 sitting at 9,600 feet above sea level and selling for $12,200,000. This 5-bedroom, 6.5-bathroom in Breckenridge was represented by LIV SIR and sold for 144% more than the highest sold property at this time last year at $4,999,000.
As we enter into the busiest weeks of the spring skiing season, Summit County is poised to see an increase of buyers, making it the perfect time for sellers across all price points to enter the market.
To learn more about Summit County’s market performance and other regions of Colorado, visit our monthly market reports on livsothebysrealty.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: 0168 Caravelle Drive in Keystone is listed by LIV Sotheby’s International Realty Brokers, Doyle Richmond and Deborah Clawson for $2,250,000.