The current state of the real estate market in the United States is showing some positive signs as we head into the traditionally busy Spring and Summer real estate season. According to recent data, the average…

Summit County, CO has always been a popular destination for real estate investment due to its scenic beauty, close proximity to major cities, and abundant recreational opportunities. The latest data on the January 2023 real estate market in Summit County shows that the average sold price was $1,277,584, which is a decrease of 11% compared to January 2022.

It's been a year since the last annual real estate market update, and the numbers for Summit County, CO are in for 2022.

The end of 2022 is quickly approaching and so it’s time to look back to see how the first 11 months of 2022 compared to 2021 in the real estate market.

2021 was one of the hottest real estate markets of the last few decades. Interest rates were historically low and large portions of the population chose to relocate or buy second homes. The economy was flooded with money after the government implemented drastic measures and increased the money supply through the pandemic. Meanwhile, the pandemic was winding down and many cash-flush people decided to escape big cities and head for the mountains of Breckenridge and Summit County.

The bite of higher interest rates is being seen in the data this Fall and Winter. The cost to borrow has increased significantly through 2022 which has caused some buyers to be priced out of the market. The quantity of real estate transactions in November is down 42% when compared to November 2021. Meanwhile, the average sold price for properties sold in November is up 6%. Year-to-date, the sales are down 40%, with the average sold price up 16%. ​Sales in November are at 97% of the list to the sold price. Click the link below to read the full November market update blog post.

October 2022 is now behind us. The Aspens have shed their leaves and the snow has begun to fall in the mountains of Summit County! As we move into ski season, it’s time to look back and see how the market fared in October. Below you will find the single-family home stats.

Breckenridge real estate update end of October 2022

There were 177 single family homes listed for sale at the end of September in Summit County. This is a 77% increase when compared to September 2021. Meanwhile, some buyers have been moved to the sidelines as increased interest rates have made the cost of borrowed money much more expensive when compared with this time last year. Therefore, the number of sold listings decreased by 25.8% when compared to September of last year.

The real estate market in Breckenridge, CO has been on a tear since the beginning of the pandemic before cooling significantly this Spring and Summer. The cooling of our local market can be attributed to the fast paced rise in interest rates, uncertainty related to short term rental (STR) regulations, and perhaps a needed breather after a dramatic heating of our market over the last few years. The ‘market action index’ is showing a slight buyers advantage but may be starting to show a bottom and trend back in favor of sellers. Breckenridge has finalized their STR regulations (see here) and buyers have started taking advantage of price reductions and snapping up homes quicker than new properties have been coming onto the market during these last few weeks.