Our friends at Land Title Guarantee Company recently released their 2024 year-end Summit County Market Analysis. If you would like to receive a full copy of this report, please text us at 970-368-4448 with your email address and we will forward you the full 20-page report which provides more detail by location within the County.
Average & Median Sales Prices
Overall, we continue to see growth in property values. The table below shows how 2024 compares to 2023 for Average Home Price and Median Home Price.
Total Number of Transaction & Total Sales Volume
In 2024, there were a total of 1,631 residential transactions compared to 1,566 transactions in 2023 which is a 4% increase. However, this number remains significantly lower than the number of transactions that Summit County has had since 2014. I’ve tabulated some interesting facts over the past decade related to the number of transactions and total volume of sales.
What is the Most Popular Price Point?
The most popular price point for improved properties (not vacant land) was $1,000,000 - $1,500,000 which was the same in 2023 and 2022. The second most popular price point was $1,500,000 - $2,000,000 which again, was the same in 2023 and 2022.
Where are our Buyers Located?
In 2024, 37% (597) of our buyers were from the front range of Colorado and 28% (464) were local buyers. 31% (or 561) of our buyers are from out of state. Of those 561 out-of-state domestic buyers, 27% (or 152) were from Texas, 11% (or 62) were from Florida, 7% (or 42) were from Illinois, 5% (or 29) were from Missouri. 4 buyers were from outside the United States. Those four buyers came from Australia (2), Mexico, and Uruguay.
Deed Restricted Units
As you know, Summit County has made a big push for more affordable housing. The County and the towns call these “Deed Restricted” properties. While some deed restricted properties have more restrictions than others, most require that at least 1 person in the home work for an employer in the County for 30 hours or more each week. Some restrictions allow non-local people to own the property, but it must be rented to a local worker. Other restrictions could include an appreciation cap and a lottery requirement in the event the property is sold. All deed restricted property transactions must notify the Summit Combined Housing Authority. In 2024 there were a total of 15 transactions of Deed Restricted properties. Of these 15, the average sales price was $504,350 with the median price at $413,317 and an average of $510.77 price per square foot which is about 60% of the average residential property that is not deed restricted.