Navigating the Summit County Real Estate Market in 2023
The real estate market in general is constantly in flux, however, here in the high-country of Colorado, our local market is seeing its own unique trends - in this article you can quickly learn about the key trends and data and how to navigate this unique market.
Here's your quick synopsis of the Mountain Life Real Estate Spring Season Summit County Real Estate Update!
Summit County’s housing market is seeing transaction volume slowing down. The most recent data from Land Title for the month of February 2023 (YTD) shows record-high home sale values even as sales volume has been decreasing.
Key Indicators / Data Points:
- Nearly 20% fewer sales than over the same time (Q1) last year
- The median sales price is up 20.4% over the same time (Q1) last year
- The average home transaction in February for both single family and multi-family housing was $1,484,891
- The average sale price of a single-family home is $2,177,991 - a 6% increase from 2022’s average.
The Summit County real estate market remains strong and prices haven't gone down as much as many thought they would.
What should be expected is simply less sales volume, while sale prices remain at the highest average price ever in Summit County, while sellers are on average still netting 97% of list price.
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