2024 3rd Quarter Market Statistics

Buying Behavior Shifts as Q3 Ends

Summit County, CO Real Estate Market Performance Q3 2024

The real estate market in Summit County is continuing to normalize toward pre-COVID levels, as we see an emerging re-balance between supply and demand. With an increase in available properties and a consistent stream of price reductions, many buyers are more patient than they have been since the 2016-2019 period.

While the number of properties on the market has increased, the number of units sold is trending back toward the record lows Summit County experienced during the post-recession era of 2009-2012. Yet, despite these shifts, property prices—except for vacant land—continue to reach all-time highs.

A Unique Market Trend: Higher Prices, Lower Demand

Summit County, CO Residential Properties Sold YTD Q3 2024

Economically, the combination of higher supply, lower demand, and higher average prices isn’t typical. So, what’s going on?

Upon closer examination, the mix of properties being sold has increasingly shifted toward newer, luxury properties in prime locations. These high-end properties have driven average sales prices upward. With equity markets setting new records, it seems that cash buyers in the luxury sector are diversifying their portfolios into prime real estate, causing a skew in average valuation data.

In contrast, entry-level and mid-range properties, which are more likely to attract buyers requiring financing, are facing longer days on the market and pricing pressures. The situation is compounded for properties that aren't eligible for short-term rental (STR) licenses, as this prevents buyers from offsetting the cost of financing their purchase.

Current Inventory and Sales Trends Versus Pre-Covid Norms:

  • Breckenridge Residential Supply: 211 homes, down 9% from the 2016-2019 average of 231.
  • All Summit County Residential Supply: 747 homes, 13% higher than the 2016-2019 average of 661.

Meanwhile, the number of units sold is following a trend similar to the 2009-2012 market correction:

  • Breckenridge Single-Family Homes: 130 sold YTD 2024, down 11% from the 2009-2012 average of 146.
  • Breckenridge Condos: 109 sold YTD, down 20% from the 2009-2012 average of 137.
  • All Summit Single-Family Homes: 261 sold YTD, down 2% from the 2009-2012 average of 265.
  • All Summit Condos: 450 sold YTD, up 17% from the 2009-2012 average of 385.
  • All Summit Land: 50 sold YTD, down 24% from the 2009-2012 average of 66.

Record-High Pricing Continues

Breckenridge Home Real Estate Market Appreciation Q3 2024

Despite a slowdown in unit sales, seller expectations remain high, and record-breaking price levels persist across most property types. Here’s a look at year-over-year changes in average sales prices for 2024:

  • Breckenridge Single-Family Homes: Up 20.23%
  • Breckenridge Condos: Up 10.27%
  • All Summit Single-Family Homes: Up 11.16%
  • All Summit Condos: Up 5.35%
  • All Summit Townhomes: Up 22.18%
  • Breckenridge Land: Down 18.03%
  • All Summit Land: Down 1.48%

Luxury sales are notably strong. In 2024, there have been 11 single-family home sales in Breckenridge over $6 million, more than doubling the number of such sales from 2023—and the year isn’t over yet!

Breckenridge Associates Real Estate Remains the Top Producing Office in Breckenridge

Top Real Estate Offices in Breckenridge, Colorado 2024 YTD

Breckenridge Associates Real Estate (BARE) continues to lead the local market. Here's a snapshot of our performance:

  • 1 in Total Sales Volume YTD: $184 million
  • #1 in Sales Volume per Broker YTD: $9.2 million per broker
  • #1 in Market Share: 13.175% of the Breckenridge market
  • #1 Selling Office for $1M+ Properties: 50 sales YTD
  • #1 in Active Listings in Summit County: 65 listings

Local Expertise is Essential in a Complex Market

Real estate markets can vary significantly by location, with resort markets like Summit County presenting unique opportunities and challenges. Whether you’re looking to buy or sell, it’s important to have an experienced Broker guiding you.

With the combined expertise of our 20 top producing Brokers, Breckenridge Associates offers unparalleled strategic insights to help you navigate today’s market complexities with confidence. Our local experts are dedicated to providing tailored advice, ensuring that you make informed decisions every step of the way.

If you're ready to explore opportunities in Summit County's evolving real estate landscape, call us today at 970-453-2200 or reach out directly to your Broker.


Your Source for Up-to-Date Market Performance Information

For the most current information on the Breckenridge and Summit County real estate market conditions, visit our Market Stats page. You’ll find information on appreciation rates, performance by property type, market stats by location, and our full “How’s the Market?” report!


Posted by Breckenridge Associates Real Estate on

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