Summit County Real Estate Market Analysis

It’s hard to believe, but the first half of 2024 is now in our rearview mirror.  Let’s take a look at how the Summit County real estate market is shaping up for this year.

Probably the most telling thing about this market is that we have reverted to our pre-Covid buying patterns, which means that buyers do not really start looking until the last week in June and things really begin to ramp up after the 4^th of July.  We have certainly felt it this year.

While the number of transactions in June 2024 was down 20% from June 2023, the Year-To-Date statistics tell a different story.  Year-to-date through June 2024, we’ve had 4% more transactions than Jan – June 2023 and the total monetary volume was up 26% from YTD 2023.

The Average Residential Prices YTD through June 2024 are as follows:

• Single Family Homes - $2,424,489 up 16% over 2023
• Multi-Family Homes - $1,020,656 up 7% over 2023
• Vacant Land - $635,118 down 7% over 2023

From where are our buyers coming?

• YTD through June 2024
  • 258 or 38% of Buyers are from the Front Range
  • 192 or 28% of the Buyers are local from Summit County
  • 225 or 33% of the Buyers are from Out-of-State but still within the US.
  • 3 or 0% of the Buyers are International
• Of the 225 Out-of-State Buyers, which states are most represented:
  • Texas with 19 buyers or 22% of our out-of-State buyers
  • Florida with 22 buyers or 10% of our out-of-state buyers
  • Illinois with 20 buyers or 9% of our out-of-state buyers
  • Missouri with 14 buyers or 6% of our out-of-state buyers
  • California with 12 buyers or 3% of our out-of-state buyers

Other interesting points:

• Price Points:
  • There were a total of 521 Residential Transactions YTD 2024
    • 237 transaction (45%) had a sales price under $1M
    • 181 transactions (35%) had a sales price between $1,000,001 - $2,000,000
    • 103 transactions (20%) had a sales price over $2M
  • In the month of June, 58% of the transaction had a loan and 42% were cash transactions

As I write this, there are currently 718 residential properties on the market.  That is definitely the highest inventory we have seen for the last few years, but if history repeats itself, July – September will also show the highest number of properties that go under contract – so it will be interesting to see how this year pans out.

Are you considering selling your Summit County home?  Or, are you in the market to buy a home in Summit County.  Give us a call at 970-368-4448 and let us help you navigate these ever-changing market.