Let’s get back to some numbers. Land Title Guarantee Company recently released a new report for Summit County real estate sales through July 2022. This report includes all real estate transactions in Summit County, whether they were through a realtor or not.
Our total number of transactions and total sales volume is down from 2021. In 2021, Total sales volume through July was $1,516,081,326. This year, our total sales volume through July was $1,317,667,385. That is a 13% decrease. The number of transactions is also down by 37% (1,584 transactions in 2021 vs. 1,001 transactions in 2022).
However, prices have continued to increase:
Single Family Homes:
In 2021, the Average Sales Price for a single-family home (SFH) in Summit County, Colorado was $1,717,028. YTD through July 2022, the Average Sales Price for single family homes was $2,151,535….a 25% increase.
The Median Sales Price of an SFH in 2021 was $1,399,500 vs. a median of $1,900,000 in 2022 which is a 36% increase.
Multi-family Homes:
Multi-family homes (MFH) average $750,022 in 2021. In 2022, Multi-family homes have an average sales price of $922,717 (a 23% increase) through July 2022.
The Median Sales Price of an (MFH) was $675,000 in 2021. In 2022, the median sales price of an MFH is $775,000 through July 2022 – a 15% increase.
Land:
Average Land prices have increased 32% from $504,480 in 2021 to $666,168 in 2022. Median price also increased from $392,500 in 2021 to $528,000 YTD in 2022.
Inventory has increase from last year. In July 2021, we had an average of 273 Active Listings. In July 2022 we had 481 Active Listings. Today we are down to 445 Active Residential Listings. This is still considerably lower than 2014 when we had 1,525 Active Residential listings. This graph represents Active listings by month since January 2014 which is really when our recovery from the Great Recession began.
Until we see an overabundance of inventory, we do not anticipate a reduction in most home prices throughout Summit County. But, instead of seeing double digit increase in value, we do anticipate that we’ll end the year around a 10% increase in property values.
If you are sitting on the sidelines waiting for that perfect dip in the market, we do not feel that you will see that any time soon. While things are not as frenzied as they were last year, there are still buyers out there and people are looking for their perfect mountain retreat.
And, if you are contemplating selling your Summit County property and are worried that you missed the boat on the strong seller’s market, the answer is, you haven’t missed it! Call us today at 970-368-4448 and let us provide you with a Comparative Market Analysis so that you know the true value of your home.