Heading into summer there is plenty to look forward to. Warmer weather brings new varieties of adventure to the mountain communities and a new season full of possibilities. As we approach our next chapter, looking back at where we’ve been helps paint the picture of just how resilient Summit County has been.
Each quarter, LIV Sotheby’s International Realty (LIV SIR) compiles a Micro Market Report detailing the performance of the real estate market during the first quarter compared to the same time frame of the year before. By examining Summit County as a whole, as well as the individual areas within it, consumers can gain a better understanding of the condition of the real estate market in this iconic Colorado resort community.
With the desire for outdoor recreation and the resort community lifestyle drawing homebuyers to Summit County, the number of sold listings rose by 52.3%, from 264 homes sold during Q1 of 2020 to 402 homes sold through March of this year. If we break down the types of listings sold, we see that single family home sales increased by 58.9% and condominium, townhome, and duplex sales increased by 49.7%. The average sold price for all property types grew from $863,793 through Q1 last year to $997,444 this year – a 15.5% increase. These impressive increases brought the total sales volume in Summit County to 75.8%
On a smaller scale, Breckenridge, the ever-popular destination for year-round fun, saw a 25.2% increase in the number of listings sold for all property types. The average price of those listings sold rose by 22.8%, bringing the average price to $1,283,330. Not only are there more homes selling in this area, but they are selling much more quickly than in 2020. Average days on market for listings in Breckenridge decreased by 21.9%, which leaves listings on the market for just 57 days.
Keystone has also seen significant increases in real estate activity through March of this year compared to the same time frame last year. Here, the number of listings sold for all property types rose by 115.6%, from 32 listings sold to 69 listings sold. Prices here have appreciated as well, increasing by 14.1%, which made the average price for a home in the area $689,126. Although not as drastic as Breckenridge, Keystone also experienced a decrease in the average number of days homes spent on the market through March. During the first quarter of the year, listings spent an average of 93 days on the market, a 19.1% dip from last year.
Even more significant growth can be seen in the luxury sector of Summit County’s real estate market. In this portion of the market, which is defined as homes priced at or over $2,000,000, an astounding 118.8% increase in the number of homes sold through Q1. The average sold price for luxury homes in this community rose by 6.2%, bringing the average sold price to $3,064,186. Luxury homes sold much more quickly through March of this year compared to January through March of last year. In fact, the averages days on market for luxury homes in Summit County decreased by 44%, from 175 days during Q1 in 2020 to 98 days in Q1 of 2021.
Through March of this year, the average list price for luxury, single family homes in Breckenridge rose by 8.2%, making the average sold price for high-end homes in this neighborhood $3,221,024. Here, the number of luxury listings sold increased by 75%, from 12 homes sold during Q1 of 2020 to 21 homes sold through Q1 of 2021. Breckenridge’s overall sales volume rose by an impressive 89.4%, totaling $67,641,500.
To learn more about the market’s performance in Summit County, and other regions of Colorado, view the full Micro Market Report and Quarterly Luxury 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.