Summit County’s tourism, traffic, and luxury market were up in April

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Summit County’s tourism, traffic, and luxury market were up in April

While many nearby mountain towns closed down for the season in April, Summit County and its largest town, Breckenridge, kept the winter excitement alive well into May. This extended season drives traffic and tourism up, but in the real estate market, transactions and total sales volume during April were down.

Compared to last year’s same period, the first four months of 2022 saw an 11% decrease in total sales volume and a 32% decrease in listings sold, dropping from 589 in April 2021 to 399 this year. However, compared year over year, Summit County’s total sales volume through April 2022 was up 4% to $2,362,493,162, signaling that the overall performance from 2021 through 2022 is on par with 2020 through 2021.

Despite year to date declines across total sales volume and listings sold, the average sold price and list price continued to rise as the temperature did in April. In the all price points market, the average sold price increased 32% from $1,043,342 in 2021 to $1,374,181, and the average list price also saw a 31% jump. Part of these increases stem from the surge in average price per square foot, rising 30% this year from $609 to $794.

In the $2M and above luxury market, the first quarter of 2022 tells a very different story. Across total sales volume, listings sold, and average sold price, performance was up 31%, 28%, and 2%, respectively. In fact, demand for luxury listings in Colorado’s high alpine playground rose significantly. Despite the average list price decreasing 39% compared to April 2021, the average sold price still saw a moderate increase.

No matter what price point you’re hoping to buy or sell within, one thing remains the same, the speed of the market is continuing to increase. In the all price points sector, average days on the market declined 57% from last year, dropping from 44 days to just 19 days this year. Over in the luxury market, listings lasted an average of 73 days last year and now remain active for just 41 days, a 44% decrease.

As the snow melts and gives way to warmer weather, competition in the real estate market continues to heat up in Summit County. In general, lessening inventory across all price points, yet an increase in market speed and average sold price indicates that the pandemic era surge and desire for mountain living is continuing well into 2022.

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: 98 Riverwood Drive in Breckenridge is listed by LIV Sotheby’s International Realty Broker, Aniela Wasmanski for $3,000,000.

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