Summit County | Quarter 1, 2021
Summit County is Colorado ski country, with its snow-capped peaks, twinkling resort towns, and friendly locals happy to direct you to the perfect fishing, or watering, hole. It seems like the people of Summit are always smiling, and for a good reason—they live in one of the most scenic and sought-after regions in the country.
Real estate in Summit County is typically in high demand, but the increased mobility of workers due to the pandemic has made Summit even more desirable, as both a place to live and a place to play. Snow lovers enjoy the numerous internationally recognized ski resorts in the area while others are drawn to the region’s blissful summer activities, such as biking on well-maintained paths or sailing and stand-up paddle boarding on the shimmering waters of Lake Dillon, all while surrounded by majestic mountains and evergreen forests.
LIV Sotheby’s International Realty produces a Micro Market Report focused on real estate activity for the Summit County neighborhoods, comparing metrics for the first quarter of 2020 with the first quarter of 2021. Low inventory coupled with heightened demand for mountain homes placed buyers in stiff competition with each other this year. As a result, average home prices in Summit County grew by 15.5%, from $863,793 to $997,444. Properties here also sold quickly, with homes staying on the market an average of 31.1% fewer days than the year prior. In fact, the average number of days on market dropped significantly in every Summit County neighborhood as compared to 2020.
Breckenridge, the largest town in the county, saw a 15.1% increase in its highest-priced property from the first quarter of 2020 compared to 2021. Breck’s average price per square footage for single family homes rose 16.8% over last year’s numbers, from $492 to $575. All six Summit County neighborhoods experienced an increase in the average price of their sold residences, with Frisco’s single family homes netting the largest gain, moving from an average home price of $970,000 in 2020 to $2,035,000 in 2021—an impressive 109.8% increase. Keystone’s single family home market was close behind, enjoying a 94.7% increase in average sold prices.
Summit County, with its rugged outdoor appeal and its dining and cultural amenities, is as desirable as ever. As consumers continue to search for more rewarding lifestyles in resort communities close to the wilderness and the ski lifts, astounding metrics like these will persist.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Breckenridge, Copper Mountain, Dillon, Frisco, Keystone, and Silverthorne.