High alpine skiing and high-end sales held strong through May in Summit County

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High alpine skiing and high-end sales held strong through May in Summit County

While many regions in Colorado were well on their way to summer activities in May, Summit County continued to hold onto winter, offering skiing and riding throughout the month. With this extended season came additional interest in real estate, particularly for the $2M and above market.

Year-to-date, the first five months of 2022 brought a 38% increase in total sales volume for the luxury sector, increasing from $228,699,865 in 2021 to $315,578,074. An equally impressive hike reflects this increase in listings sold, raising 34% from last year’s 76 sales to this year’s 102. While demand for luxury living in the high alpines held firm in May, the success in this sector results from available inventory for buyers to purchase. Despite this available inventory, the race to close on luxury properties continues in Summit County, with the market speed increasing year over year by 54%, giving buyers just 43 days to find and purchase property versus the 94 days they had last year. Even more astonishing is the year-to-date comparison of market speed; from January through May of last year, buyers had 65 days on average, whereas this year, buyers face just 34 days to find and close on the $2M and above property of their dreams.

Across the all price points market, total sales volume was down 10% year to date from 2021 due to a 32% decline in listings sold from 758 to 515; however, the average sold price and list price continue to rise for inventory that is on the market. From January through May of 2021, the average list price was $1,041,661, and the average sold price was $1,041,487, both of which have seen almost identical increases this year. For the same time frame in 2022, the average list price in Summit County for the all price points market is $1,379,738, which also happens to be the exact average sold price, making both of these figures a 32% increase from last year. This identical increase indicates that while the market is heating up compared to the previous year, the trend of offers exceeding the asking price is slowing.

Even more so than the luxury market, the all price points sector is experiencing astonishing market speeds, with listings lasting an average of 17 days on the market compared to 37 days last year. Overall, demand for Summit County living continues to be at an all-time high, and while the luxury market has the inventory to produce impressive sales volume, many will be watching closely to see what the all price points sector does as we head into the summer months.

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: 803 Gold Run Road in Breckenridge is listed by LIV Sotheby’s International Realty Brokers Rori Miller, John Keith and Marco Del Zotto for $4,950,000.

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