Last year can be described many ways; uncertain, challenging, and eventful among other things but it was also an incredible year for real estate in Summit County. With health and wellness at the forefront of consumers’ minds, communities that offer a mix of outdoor activities and cultural happenings, saw surges in buying and selling activity. Summit County’s impressive performance can be attributed to the incredible lifestyle that this community offers.
LIV Sotheby’s International Realty produces a Micro Market Report focused on real estate activity for Summit County and the neighborhoods within it. Looking at 2020’s performance compared to 2019, communities in the area saw an increase in sold listings by 19.8%, from 1,785 homes sold in 2019 to 2,139 homes sold last year. Due to the increase in demand, average home prices in Summit County grew from $824,005 to $907,853, a 10.2% increase.
Looking at the single family home market and the condominium, townhome, and duplex market, both sectors showed significant growth from 2019. Single family home sales in Summit County rose by 18.1%, and condominium, townhome, and duplex sales rose by 20.5%. These markets showed positive increases in several neighborhoods throughout Summit County.
In Keystone, single family homes saw a significant increase in the number of listings sold throughout 2020. This resort community experienced a 62.5% increase in single family homes sales, growing from 24 listings sold in 2019 to 39 homes sold last year. In examining condominiums, duplexes, and townhomes sales, Copper Mountain saw the largest increase in listings sold, growing from 59 residences sold in 2019 to 107 residences sold in 2020, an 81.4% difference.
As a result of the strong demand for homes in Summit County, average prices for homes in several neighborhoods went up in 2020 compared to 2019. In Breckenridge, one of the most popular ski resort communities in the U.S., the average price for homes increased by 4.2%, making the average price for all property types $1,186.177. The nearby town of Frisco saw an impressive 14.8% increase in average property prices, bringing the average price to $831,343.
Summit County’s mountain lifestyle was evidently in high demand during 2020. The average days on market, a metric that helps illustrate how quickly homes in the area sold, decreased in several communities within the county. One of the most notable decreased was seen within the single family home market in Copper Mountain, where the average days on market for homes fell by 66.5%, from 385 days to 129 days. Keystone properties also experience a noticeable decrease, declining by 43.7% days on market.
With more consumers looking for homes that can elevate their lifestyle and put them closer to the Colorado’s natural beauty, Summit County’s real estate market will continue to thrive with homebuying and selling opportunities.
The complete Micro Market Report for Summit County will be available on January 19th at coloradomarketreports.com. For all of your real estate needs throughout Colorado’s resort communities, call 970.453.0550 or visit resorts.livsothebysrealty.com.