Summit County holds some of Colorado’s most beautiful resort communities. Loved for its many incredible mountain peaks, including the Tenmile Range, the lifestyle that Summit County provides to residents lucky enough to live here attracts more people to this area each year. The desire of many to purchase a high-altitude home of their own keeps the real estate market in Summit County active for buyers and sellers.
LIV Sotheby’s International Realty produces a Year End Micro Market Report focused on real estate performance for Summit County and the neighborhoods within it. In 2019, the year end total dollar volume sold, compared to 2018, grew by an impressive 5.5% bringing the total sales for this area $1,468,311,718. The additional dollar volume sold could be partially attributed to the rise in average price for homes in this community. Last year, the average price for a home in the Summit County market was $847,526, a 7.4% growth since 2018 when the average price for a home was $789,030.
The immensely popular ski community of Breckenridge had the largest increase in home prices in 2019 compared to 2018. The average price for a home in this ski town increased by an impressive 19.9%, from $950,131 in 2018 to $1,139,675 in 2019. This is a popular destination for second homes as Breckenridge Ski Resort was ranked as the second most visited ski resort in the county.
Down the road in Dillion and Summit Cove, the housing market saw a boost in sales for condominiums, townhomes, duplexes, and triplexes. Home sales in this category grew by 30.6% in 2019, increasing from 121 properties sold in 2018 to 158 properties sold in 2019.
The luxury sector of the Summit County real estate market, defined as homes priced at or over $2,000,000, saw success in 2019 as well. As a whole, the county had an impressive 26% boost in total dollar volume sold last year as compared to 2018, which brought the total to $265,629,197 in 2019. There are a few factors that could have contributed to this increase. For example, this sector of the market saw a 6.3% rise in the number of luxury listings sold, from 80 homes sold in 2018 to 85 homes sold in 2019. Additionally, the average sale price for luxury properties in Summit County grew by 18.6%, making the average sale price during 2019 $3,125,049.
Within Summit County, luxury homes in Breckenridge experienced the largest increases in average list price and average sale price from 2018 to 2019. In 2019, the average list price was $3,685,786, a 27.5% rise from 2018, and the average sale price for a luxury home was $3,496,338, growing 27.8% since 2018. The ski town also had the largest increase in the number of luxury properties sold, with 7.7% more sold homes in 2019 than 2018.
Contact LIV Sotheby’s International Realty today to learn how we can assist you in achieving your real estate goals by calling 970.453.0550 or visiting resorts.livsothebysrealty.com. To view the Year End Micro Market Reports, or the Luxury Report, produced by LIV Sotheby’s International Realty, visit coloradomarketreports.com.