Our friends at Land Title Guarantee Company (LTGC) have provided us with the latest real estate market update for Summit County Colorado. View or download the entire report here.
LTGC’s reports are finally showing what we have been discussing since October – prices are starting to settle and activity is slowing down. Keep in mind that LTGC’s reports look at numbers year over year. And, January 2022 was still in the “boom” of our market, therefore, these January numbers look a bit concerning. However, keep in mind that we are still at record low inventory levels, new housing starts are very low, and interest rates are beginning to settle in the 5-6% range. For that reason, we still feel that if a home is priced well, it will sell – AND – if you are a seller, your home is still worth much more than it was in 2019 before all of the craziness started.
Let’s take a look at what is happening with Single Family and Multi-Family home prices:
- The AVERAGE Single Family Home price in January 2023 was down 10% from the entire year of 2022 by 10%. January 2023 Avg SFH price was $1,863,544 compared to 2022’s Avg SFH price of $2,060,049.
- However, the MEDIAN Single Family Home price is UP 1%. January 2023 Median SFH price was $1,750,000 compared to 2022’s median price of $1,730,000.
- The AVERAGE Multi-family Home price in January 2023 was down 7% from 2022. January 2023 Avg MFH price was $835,691 down from 2022’s avg price of $899,464.
- The MEDIAN Multi-Family Home price was also down, but only by 3%. January 2023 MFH Median price was $753,075 compared to 2022’s Median price of $772,500.
The total number of transactions along with the monetary volume is down significantly from the 2 previous years:
- January 2023 gave us 64 transactions with $70,101,194 in gross monetary volume
- January 2022 had 101 transactions with $145,371,499 in gross monetary volume.
- January 2021 had 127 transactions with $143,106,855 in gross monetary volume.
Predications of what the real estate market will look like in 2023 are all over the board. We’ve heard people say the housing market will drop 10-15%, we’ve heard it is just about settled and will go back to pre-Covid appreciation rates, and we’ve heard everything in between. As we’ve said before, interest rates, low inventory, fewer housing starts, the stock market, and now short-term rental regulations will all play a part in how this year will look for the real estate market.
Are you wondering what your Summit County property is worth? Give us a call and we’d be happy to put together a detailed Comparative Market Analysis so you can see where you stand.