Typically, the start of ski season signals the awakening of Summit County after the area’s slower mud-season but that is not the case with the real estate market. Ever since the start of the delayed spring market, when pent-up demand caused a surge in buying and selling activity, Summit County’s real estate market has maintained a healthy level of activity.
With more people than ever working from home, consumers have the freedom to telecommute from anywhere. This shift has inspired homebuyers to invest in their future by moving to communities that cater to their desired lifestyles and feed their passions. Colorado’s resort towns, with their unbeatable access to the outdoors, stunning scenery, and endless recreation options, offer residents the chance to live a life some can only dream of.
Each month, LIV Sotheby’s International Realty (LIV SIR) reports on market activity in the Summit County to help consumers gain a better understanding of the current state of the real estate market. According to LIV SIR’s October market report, Summit County had yet another incredible month of booming real estate activity, with sales volume rising by 28% in a year-to-date comparison to October of 2019.
Overall the number of listings sold increased by 18%, from January through October of 2019 when 1,437 homes sold to the same time frame this year when 1,698 homes sold. The average price for sold homes so far this year has risen 8%, bringing the average price to $894,624 through October of this year.
The luxury real estate market within Summit County, defined as homes priced over $2,000,000, saw even greater increases in buying activity through October of this year. Compared to January through October of last year, luxury home sales grew by an impressive 78%. So far this year, there have been 119 luxury listing sales in Summit County. Although the average sold price for those listings has decreased, from $3,204,839 to $2,794,763, the overall sales volume still experienced a significant increase. Total sales volume for the luxury sector of the market increased by 55%, reaching $332,576,817.
As the 2020 begins to wind down, it is encouraging to see the real estate market within Summit County remaining healthy and continuing to provide homebuyers with the opportunity to find a house that will allow them to live the life they love.
View the full Monthly Market Report for Summit County and other regions around Colorado 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.