Summit County End of Year Market Stats for 2022
2021 will go down as one of the strongest real estate years ever recorded, with average sold prices county wide appreciating 25.15%. 2022 will go down as the year that the Summit County real estate market began to normalize back towards more balanced, pre-Covid conditions.
2022 recorded a 13.63% appreciation in average sold prices for all of Summit County compared to 2021. The bulk of that appreciation occurred within the first two quarters of 2022. Average single family sold prices set all-time records at $2,829,617 in Q1 of 2022 for Breckenridge. The average single family sold prices peaked at $2,994,000 in Q2 for Keystone.
Since Q2 of 2022, average sold prices have been under pressure in most areas. For example, average single family sold prices in Breckenridge were at $2,225,892 as of Q4 – representing at 21.1% correction, perhaps as a result of the wide-reaching short-term rental restrictions that have been implemented locally. We’ve started to see buyer demand shift towards areas where short term rental licenses are still available, helping those markets remain relatively more robust. We’re now seeing the average sold prices in Keystone, where short term rental licenses are still available, surpass those in Breckenridge for most property types.
Summit County Inventory Levels
Across Summit County, inventory continues to build back towards more normal levels following the depleted levels over the past few years. As of January 1st of 2023, current active listings are at 319 versus 115 at the beginning of 2022 and compared to the previous 10-year average of 502 for the January time frame.
2022 Was Still Setting Records
Perhaps most interestingly, we continue to see strong demand in the luxury single family home market. This segment of the Summit County market appears to be less susceptible to interest rates and rental moratoriums. Breckenridge saw 3 record setting sales in the $5,000,000 to $9,000,000 range occur in 2022 and Breckenridge Associates brought 2 out of the 3 buyers to those transactions. The sold price per square foot of those 3 sales set records for their respective neighborhoods at:
- $1,535 / Square foot for the Highlands at Breckenridge neighborhood
- $1,527 / Square foot for the Cucumber Creek on Peak 8 neighborhood
- $1,466 / Square foot for the Gold Flake neighborhood
A Local Focus is Essential
Despite the market changes in 2022, Breckenridge Associates Real Estate remains the top producing individual office in Breckenridge at all price points, including in the $1,000,000 plus category. The bottom line is that now, more than ever, you need a broker who is focused solely on the local market. Our team of brokers are longtime residents of Summit County and local experts, ready to lend our local knowledge and experience to assist in your buying or selling decision. Call us today at 970-453-2200 to speak with a BARE broker about your Summit County real estate goals!
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