Although there has been much uncertainty in the last half of the year, one thing that has held constant is the demand for resort real estate. The transition to working-from-home, a trend that will likely outlast the pandemic, has created a world where people can live and work from anywhere – making it much easier to turn the dream of living in a mountain town a reality.
Each month, LIV Sotheby’s International Realty (LIV SIR) compiles a Monthly Market Report that analyzes data from the previous month and compares it to the same time frame of the previous year. Through the month of November real estate activity in Summit County, one of Colorado’s most-loved resort communities, continued to surge.
Total sales volume in Summit County increased by 32% through November of this year, reaching a grand total of $1,760,752,996. This increase is the result of a boost in home sales. The number of listings sold in the area grew by 21% in a year-to-date comparison of January through November of 2019. Due to the demand for homes in Summit County, average sold prices have increased throughout the year. The average sold price through November reached $905,905, a 10% increase over the same time frame in 2019.
“As far as real estate is concerned, 2020 has been an incredible year for Summit County,” commented Aaron Shriner, Vice President & Managing Broker of LIV Sotheby’s International Realty’s Summit County offices. “This community offers the chance to live in some of Colorado’s most lively resort and mountain towns. Here, buyers can reach their real estate and lifestyle goals.”
The luxury market, defined as homes listed at or over $2,000,000, is also performing extremely well. Through November of this year, total sales volume for the high-end sector of the marker increased by 60%, totaling $396,016,150. Luxury listings sold has seen an impressive increase, growing by 81% compared to January through November of 2019. Consumers looking for a luxury mountain escape are quickly purchasing the available inventory on Summit County’s market. The average days on market for luxury homes in the area has decreased by 28%, dropping from 167 days through November of 2019 to 121 days this year.
Even as the year comes to an end, there are still plenty of opportunities for buyers and sellers to take advantage of the current market conditions. 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.