In 2020, the specific lifestyle a home could provide trumped other factors that homebuyers typically take into consideration, such as proximity to work, school, or city centers. Thanks to the widely adopted work-from-home trend, consumers can now live and work from anywhere – broadening their horizons and giving them the freedom to explore homes outside of their typical markets. With that in mind, many homebuyers chose to make the move to the mountains.
Despite a slowdown in the spring, last year was an incredible year for real estate in Summit County. So far, 2021 seems to be maintaining that momentum. According to the Monthly Market Report from LIV Sotheby’s International Realty, total sales volume in Summit County last month increased by 58% in year-to-date comparison to January of 2020.
This impressive rise in overall sales volume can be attributed to an increase in the number of home sales, appreciating home values, and the accelerated pace at which buyers are purchasing homes. In January, listings sold in Summit County grew by 35%, from 81 homes sold in January of 2020 to 109 homes sold last month. The demand for homes has also resulted in a decrease in the average days on market for local listings. Last month, homes spent an average of 32 days on the market, down 48% from the same time in 2020. The average sold price for Summit County listings was $930,606, a 17% increase from January of last year.
The luxury sector of the market saw even more success last month, illustrating how popular the area’s high-end homes are with buyers. In January, there was a 67% increase in the number of luxury listings sold compared to the same month last year. Additionally, the average sold price for luxury homes in Summit County rose by 51%, reaching $3,376,700. Combined these increased helped raise the total sales volume by 152% last month, bringing the total to $16,883,500.
One of the most significant luxury sales that took place recently was that of 22 Trade Court. This beautiful Keystone estate which sold for $4,025,000 was listed by LIV SIR broker, Bo Palazola. This stunning mountain estate is conveniently located near Keystone Resort’s world-famous ski slopes and offers enough space and accommodations to create lasting memories with friends and family.
As more consumers are drawn to the one-of-a-kind lifestyle that Summit County, and the gorgeous homes within it, provide, the market will continue to yield opportunities for both buyers and sellers to reach their real estate goals.
To learn more about the market’s performance in Summit County, and other regions of Colorado, view the full Monthly 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.