Spring is in the air and as the temperatures rise so does the demand for Summit County homes. This Colorado community has seen impressive increases in real estate activity over the last year as more consumers seek homes that not only meet their needs but provide the lifestyle that they are searching for. With its unmatched access to the outdoors, breathtaking mountain vistas, and colorful communities with rich history and exciting happenings, Summit County continues to be one of the hottest destinations for real estate in Colorado.
Each month, LIV Sotheby’s International Realty (LIV SIR) produces a market report that analyzes the performance of the Summit County real estate market to provide consumers with a snapshot of the current conditions. According to the February market report, the total sales volume for the area has increased by an astounding 48% compared to February of last year, totaling $121,052,334.
This rise in total sales volume can be attributed to increases in several other important metrics that measure the health of a market. One of those metrics is the number of overall sold listings. In February, Summit County saw 115 homes sold, a 28% difference from February of 2020 when 90 homes were sold. The average price of those homes sold last month came to $1,059,672, which is 17% higher than the average sold price last February, which was $906,932. The appreciating home prices are a result of the elevated level of demand and limited inventory in this highly sought-after marketplace.
The rising demand for homes in Summit County has also sped up the pace of the market. Last month, the average days a listing spent on the market was 74 days, a 9% decrease from February of 2020 when the average days a listing spent on the market was 81 days.
The luxury sector of the market, defined as homes within Summit County priced at or over $2,000,000, experienced even greater increases in key performance indicators through February. The total sales volume for the luxury market through February grew by 97% compared to the same time frame in 2020, reaching a total of $42,663,000. The number of luxury listings sold through February of this year was 13 homes, an 86% rise compared to the seven luxury homes that were sold during the same time period last year. The average sold price for homes on the luxury market through February was $3,281,769, a 6% increase from last year when the average sold price was $3,099,353.
This collection of mountain and resort communities provide a life like none other. With world-class skiing, dining, and other outdoor adventures just minutes from one’s front door, it’s no wonder this area has seen such notable boosts real estate activity.
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.