With half of 2021 behind us, it’s time to reflect on how the real estate market in Summit County has performed so far this year. As one of Colorado’s most popular resort communities, it’s no surprise that Summit County has been booming with home buying and selling activity. Looking at LIV Sotheby’s International Realty’s Q2 Micro Market Report, which examines market activity from January to June of 2021 and compares it to the same time frame last year, Summit County’s housing market continues to thrive.
Through June of 2021, home sales in Summit County have risen by 86%, rising from 516 homes sold during the same time frame in 2020 to 960 homes sold so far this year. Perhaps what’s even more impressive is that the average sold price of those homes has appreciated by 25.1%, which brings the average sold price to $1,047,854 in 2021. This surge in buying activity shows that consumers continue to prioritize resort real estate and finding homes that cater towards their desired lifestyles. Overall, the total sales volume rose by an astounding 132.5%, totaling $1,005,940,067.
Summit County’s various towns and communities have been long-time favorites for consumers looking for weekend escapes and more permanent lifestyle changes. This resort community has seen significant increases in real estate activity over the last six months. Here, there were 45.1% more single family home sales through June compared to the same time frame last year. Breckenridge also saw a 269.6% increase in the highest price of a sold property this year at $17,000,000, up from $4,600,000 during the same time period in 2020. Competition for homes in town is clearly high, and the average number of days a property stayed on the market in Breckenridge dropped by 34 days for single family homes and by 23 days for condos and townhomes.
Breckenridge is not the only place buyers want to live, however. Every Summit County neighborhood experienced a rise in the number of properties sold and a decrease in the days on market this year as compared to the ﬁrst half of 2020. Dillon/Summit Cove’s average property price rose 41.6% from January through June of 2021 while Silverthorne/Wildernest properties sold increased 54.8% compared to that of the ﬁrst half of 2020. Frisco’s highest-priced property so far in 2021 sold for $3,300,000—up 151% from last year’s highest sold property over the same time period. Keystone and Copper Mountain also recorded a rise in the number of properties sold during the ﬁrst half of this year as compared to the ﬁrst half of last year—a 191.4% increase for Keystone and 171.4% for Copper Mountain.
The luxury sector of the market is even more impressive. Overall Summit County has seen a 234.6% increase in the number of luxury homes sold through June of this year compared to the same period of time in 2020. The average sold price of homes in this area has also increased, rising by 13.6%, which brings the average sale price for luxury homes to $3,181,496. This surge in luxury home sales has contributed to the incredible 280.1% boost in total sales volume, totaling $276,790,150 so far this year.
To learn more about the market’s performance in Summit County, and other regions of Colorado, view the full Micro Market Report by visiting coloradomarketreports.com. For all of your real estate needs throughout Colorado’s resort communities, call 970.453.0550 or visit resorts.livsothebysrealty.com.
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