Our friends at Land Title Guarantee Company in Summit County, Colorado have provided us this information reflecting our real estate market through July of 2024:
- Market Analysis by Area for July 2024: There were a total of 158 transactions and $200,794,065 in monetary volume. The average transaction price for all 18 reported areas, plus deed restricted transactions, was $1,346,764. The average residential price was $1,424,021 and the average residential PPSF was $834.
- Market Analysis by Area YTD 2024 (7 months):There were a total of 836 transactions and $1,136,601,374 in monetary volume. The average transaction price for all 18 areas, plus deed restricted transactions, was $1,424,634, the average transaction price was $1,455,194 and the average residential PPSF was $845.
Of particular interest is the number of active listings we are currently seeing. As you can see by the graph below, we are back to the number of active listings we saw in 2019.
As professionals in the real estate industry who enjoy following trends, we find it interesting that that the number of active listings seems to peak in the 3rd quarter of general election years. It seems that some buyers tend to wait on the sidelines right before a general election to see how things play out. We will be paying special attention to the movement of properties once the election takes place.
Other interesting information provided by Land Title includes:
- Average Price for YTD through July 2023 vs 2024
- Single Family Homes: $2,086,709 vs $2,369,152 which is a 14% increase
- Multi-Family Homes: $953,206 vs $1,016,074 which is a 7% increase
- Vacant Land: $679,558 vs $650,998 which is a 4% decrease
- Median Price for YTD through July 2023 vs 2024
- Single Family Homes: $1,782,000 vs $2,037,000 which is a 14% increase
- Multi-Family Homes: $860,000 vs $872,000 which is a 1% increase
- Vacant Land: $527,500 vs $546,400 which is a 4% increase
- Of the 123 Real Estate transactions that happened in July 2024:
- 26 were over $2,000,000
- 46 were between $1,000,000 - $2,000,000
- 51 were under $1,000,000
- Where are our buyers from?
- YTD through July 2024
- 38% come from the Front Range
- 33% come from Out of State but within the US
- 66 are from Texas
- 28 are from Florida
- 24 are from Illinois
- 16 are from California
- 16 are from Missouri
- 35 other states are also represented
- 4% are international buyers
- And 29% are local buyers
- YTD through July 2024
If you have questions about the Summit County real estate market or would like to discuss when it is best to list your Summit County home or when is the best time to purchase real estate in Summit County, please give us a call at 970-368-4448. We are happy to share our opinions and provide you with guidance in this ever-changing market.