2023 has not been the market plunge that some predicted, however, we are definitely seeing a settling of sales prices and appreciation values. Our friends at Land Title Guarantee Company have provided us with the following updates for November Year-to-Date 2023 for the Summit County Real Estate Market:
- Market Analysis by Area for November 2023:
- There were a total of 120 transactions and $158,322,380 in monetary volume.
- The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,385,168.
- The average residential price was $1,500,422
- The average residential PSF was $782.
- Market Analysis by Area 2023 (11 Months) YTD:
- There were a total of 1,438 transactions with $1,734,096,472 monetary volume.
- The average transaction price was $1,274,925, the average residential price was $1,342,407
- The average residential PPSF was $795.
- Market Snapshot for YTD 2023 vs Full Year 2022:
- Average Indicators:
- Single Family 0%,
- Multi- Family +6%
- Vacant Land +2%.
- Median Indicators:
- Single Family +2%,
- Multi- Family +10%
- Vacant Land -2%.
- Average Price History by Type YTD 2023:
- Single Family was $2,069,256
- Multi- Family was $950,827
- Vacant Land was $677,919
- Comparative Historical Cost Analysis Comparison 2023-2022-2021:
- YTD 2023, there were 1,114 transactions with $1,495,441,225 gross monetary volume. 582 properties sold for over $1M.
- YTD 2022, there were 1,306 transactions with $1,739,433,561 gross $ volume with 638 properties selling for over $1M.
- YTD 2021, there were 2,206 transactions with $2,473,533,099 gross $ volume with 817 properties selling for over $1M.
There are a number of factors that go into these numbers:
- Interest Rates – The substantial increase in interest rates over the past 2 years has definitely had an impact on the number of sales – especially for properties under $2M in value.
- Short-term Rental Regulations – Probably the biggest factor impacting sales in Summit County are new short-term rental restrictions implemented in unincorporated Summit County and the Towns of Breckenridge & Frisco. Areas like Wildernest, Dillon Valley, Summit Cove, and unincorporated areas south of Breckenridge as well as neighborhood areas in Breckenridge have been the hardest hit.
- Rising costs of insurance and HOA Dues – Areas like Wildernest are seeing extreme spikes (sometimes double) in HOA dues because of rising insurance rates.
To see a YTD comparison through November of each area in the County for the years 2023 and 2022, please click here.
If selling your Summit County property is your plan for 2024, now is the time to reach out to us to discuss timing, home repairs, and preparations needed to be ready to go on the market when the time comes. Call or email us today! [email protected] or 970-368-4448.