Breckenridge Real Estate Market Update - Updated April 2024

2024 Breckenridge Real Estate Market Summary

Q1 2024 Summit County Real Estate Market Summary

In Q1 2024, Summit County's real estate market experienced notable growth. Across all property types, the number of closed transactions reached 241, reflecting a 4.8% increase from Q1 2023. The average sales price saw an increase of 9.8%, reaching $1,394,350 while average days on market held at 55 indicating sustained demand and value appreciation in the market.

Analyzing the data by property type, single-family home transactions declined by 7.9% to 58 while there was a significant average sales price surge of 26.9% to $2,563,420 in Q1. With the inclusion of March data to offer a more comprehensive view, average sale price actually increased by 66% over March 2023.

Multi-family home sales saw an increase of 9.6% to 182 in Q1 and remained stable at 66 transactions in March, demonstrating market resilience. Total dollar volume increased by 13.3%, with an average sales price rise of only 3.3% in Q1 to $1,018,462. Notably, March data showed a 7% increase in average sales price year over year, and a 13% (or one week) decrease in days on market reflecting sustained interest in this property type.

Meanwhile, the total number of price reductions year-over-year increased by 75% with a total of 199 properties reducing their list price at least one time from the time they hit the market, indicating a market responsive to negotiation, while new listings surged by 32% to a total of 392 properties hitting the market in Q1, showcasing a possible softening of interest in Summit County's real estate offerings.

In Breckenridge, the total number of closed transactions increased by 22.4% in Q1 2024, totaling 82 transactions for all property types. Average sales price increased by 5.9% to $1,907,074 across all property types, and an increase of 12.9% on single family home sales to $2,759,808. Both of which are lower than Summit County’s overall increase, but nonetheless reflecting sustained growth and demand in the market. The average sale price of multi-family homes in Breckenridge were the only property type to see a decrease, with an average sales price of $1,239,717 in Q1, or a 5.3% decline.

Feel free to reach out to discuss how these trends may impact your specific situation and how we can assist you in achieving your real estate objectives.

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you’re probably wondering how mortgage interest rates, inventory and short term rental license regulations affect the value of your home. Complete our Free Market Value request form and we’ll provide you with an up-to-date and accurate estimate of your property’s value. We're here to answer any questions you may have about selling your property in Summit County. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and around Summit County!


Q4 2023 Summit County Real Estate Market Summary

Navigating the Summit County real estate market has been quite tricky since the onset of the COVID-19 pandemic in 2020, and calendar year 2023 proved to be just as unpredictable. Let's take a look at some key takeaways from the last year to see how they impact both buyers and sellers as we head into 2024.

In the fourth quarter of 2023 (Q4), we saw a notable shift in the amount of time it takes to sell a property compared to the same period in 2022. Across Summit County, the average days on market increased by 31% for all property types, an increase of 14 days longer than the prior year.

The total number of closed transactions during Q4 fell by only 2% while the average sales price showed a remarkable 10% increase compared to the fourth quarter of 2022. This suggests market resilience and sustained demand despite extended selling periods.

Now, let's shift our focus to the Town of Breckenridge. In the fourth quarter of 2023, properties experienced only a slight increase of 9 additional days on the market, as the average sales price for all property types saw a notable 15% uptick compared to the same period in 2022. The total number of closed transactions remained similar to Q4 of the prior year, indicating continued buyer demand despite the slightly longer average days on market.

Zooming out to look at the Summit County real estate market for the entire year of 2023, the trends become even more pronounced. There was a significant 70% increase in the average days on market across all property types in Summit County compared to 2022. The average property took 46 days to sell in 2023 compared to only 27 days in 2022. While the number of closed transactions decreased by approximately 7% year over year, the market exhibited a pattern of fluctuating prices throughout the year. After a decrease in the average sales price during the first two quarters, which is what we anticipated due to growing inflation and mortgage interest rate hikes at that time, sales prices rebounded in the latter half of the year, resulting in a flat comparison to 2022 by year-end. Similarly, the average sold price per square foot remained consistent, indicating a balanced market despite longer selling times and slightly fewer transactions.

When comparing the 2023 Breckenridge real estate market to the calendar year 2022, Breckenridge followed similar trends as the broader Summit County market. The average days on market for all property types increased by 66% compared to the prior year, while single family homes took a whopping 87% longer to sell in 2023 than 2022. For many of our buyers, the fact that most of the single family detached homes fall within Zone 3 of the Short Term Rental (STR) licensing overlay map meant that these properties were less desirable than condo and townhome locations where licenses may be available.

In Breckenridge, the average sales price for all property types fell by 3% for the year to $1,638,907 compared to the prior year. The total number of closed transactions decreased by 7% compared to the previous year, 401 sales in 2023 versus 432 the prior year.

The differentiation between the single family home segment and multi-family property types (condos and townhomes) in Breckenridge provides further insight into the impacts of STR license restrictions. While the number of single family home sales decreased by 20% in 2023, the number of condo and townhome sales actually increased by 4% over the previous year. We continue to receive feedback from buyers that they want to use and enjoy their Breckenridge property, but they would also like the ability to make their home available to vacation rental guests when they’re not here. The result has been a decrease in demand for single family detached homes in Breckenridge.

You know the old axiom - all real estate is local! Understanding the Summit County real estate market dynamics is crucial whether you're considering buying or selling. As your trusted real estate advisors, we're here to help you navigate these market fluctuations and make informed decisions so you realize your goals. Feel free to reach out to discuss how these trends may impact your specific situation and how we can assist you in achieving your real estate objectives.

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you’re probably wondering how mortgage interest rates, inventory and short term rental license regulations affect the value of your home. Complete our Free Market Value request form and we’ll provide you with an up-to-date and accurate estimate of your property’s value. We're here to answer any questions you may have about selling your property in Summit County. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and around Summit County!


October 2023 Summit County Real Estate Market Summary

What’s going on in the Summit County real estate market? Prices and inventory are always changing in Breckenridge and around Summit County, so you need to stay informed if you want to get a great deal. Whether you’re thinking of buying or selling in the near future, this information will help you make the most informed possible. I’ll go over home prices, interest rates, supply, and offer some predictions about what we may see in 2024.

You can listen to my full explanation in the video above or skip to each topic using the timestamps provided:

0:00 — Introduction

0:45 — Prices for October 2023

2:50 — Total sales

3:47 — Breckenridge sales are down

5:08 — Total new listings

6:21 — Predictions for next year

7:34 — Interest rates next year

9:26 — Wrapping things up

If you have questions about this housing market update or anything else, please call or email me. I am always willing to help!

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you’re probably wondering how all of this may affect the value of your home. Complete our Free Market Value request form. We’ll provide you with an up-to-date and accurate estimate of your property’s value, and answer any questions you may have about selling your property. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and around Summit County!


Q2 2023 Summit County Real Estate Market Summary

Summer is in full swing here in the high country as we look at the second quarter Summit County real estate transactions for 2023. As always, we like to highlight recent trends including decreased inventory of new listings, falling prices, and number of sales in the market. Whether you're a potential buyer, seller, investor, or simply curious about the local market, this report will help you understand the latest developments affecting the real estate landscape in Breckenridge and around Summit County!

Breckenridge and Summit County, long known for the breathtaking landscapes and outdoor recreational opportunities, are experiencing a shift in real estate market dynamics. As of the end of 2023’s second quarter, several factors provide evidence of a slowdown in the market, including the following.

Decreasing Inventory - this trend continues for another quarter as we saw 120 fewer new listings in the second quarter of this year compared to last year. That’s nearly 20% fewer Summit County properties coming to market at a time when we’re typically ramping up for a busy summer selling season. And remember that we saw 31% fewer new listings in the first quarter of this year compared to 2022. Inventory continues to be a very real problem for buyers looking to realize their dreams of home ownership in the mountains.

Declining Transactions - the number of closed residential real estate transactions in Summit County declined by 21% in Q2 compared to 2022 and pullback was pretty evenly distributed across property types: single family homes, townhouses and condos all suffered by about the same amount. Where we really saw the most significant cooling was in the Breckenridge single family home market where we saw 50% fewer sales in Q2 this year compared to the same period last year, 32 this year compared to 63 in 2022.

To what do we attribute this reduced demand in the single family home segment of our market? The short term vacation rental licensing restrictions imposed by the Town of Breckenridge more directly affects the single family homes in Breckenridge than they do condos and townhouses. The new restrictions on renting properties has clearly impacted the number of sales and property values around Summit County.

Sliding Prices - It’s no surprise that inflation, fears of a possible recession and elevated mortgage interest rates would stifle buyer demand. And as buyers have paused their purchases of mountain properties, the prices around Summit County can’t help but take the hit. For the second quarter of this year, the average sales price for all property types in Summit County ($1,232,457) pulled back 8% compared to one year ago. Once again Breckenridge was the loss leader as the average sales price this year ($1,403,385) was $400,000 lower than the same period a year ago for a loss of 22% year over year.

As you might expect, when external influences are exhibiting downward pressure on the market, it’s not uncommon to see even well-priced properties sitting on the market longer. The average time it took to sell a property in the second quarter of this year, Days on Market, increased by 183% compared to one year ago. Thankfully that’s only an increase from 12 days to 34 days, so most sellers are not suffering from extended days on market. Once again, the single family home segment of the market has been hit the hardest with an increase of 243% (48 days) compared to last year. Breckenridge homes took on average 66 days to sell, which is a 408% increase over 2022.

At this stage of the summer, it remains a good time to be a seller in Summit County, as long as you understand the days of pricing 10% higher than the last sale are over. Properly priced and properly marketed homes and condos are selling at or near list price and within roughly 30 days on the market. If you’re considering selling this summer, this is a great time to learn about the strategic marketing we use to promote our listings to get them in front of audiences we know are looking for properties similar to yours.

For buyers who have been watching the market the last 3 years and thinking that the appreciation was going to price them out of the Summit County real estate market, the declining housing prices may be the sign you’ve been waiting for! With a pullback in prices around Summit County, and especially in Breckenridge, let us know if you’d like to discuss some of the mortgage interest rate buy-down programs that may be available to you to keep payments lower while securing your dream home in the mountains.

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you’re probably wondering how all of this may affect the value of your home. Complete our Free Market Value request form. We’ll provide you with an up-to-date and accurate estimate of your property’s value, and answer any questions you may have about selling your property. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and around Summit County!


Q1 2023 Summit County Real Estate Market Summary

As we tally up the first quarter Summit County real estate transactions for 2023, we find 7 key takeaways that we want to share with you. There are some interesting statistics pertaining to the number of closed transactions, the dollar volume resulting from those sales, how average sales prices are trending across property type and the time it takes for the average Summit County property to sell. Let’s take a look!

First up, the number of closed residential real estate transactions for all of Summit County has declined once again. There were 227 closed transactions during the first three months of 2023 compared to 278 closed sales during the first quarter of 2022 for an 18% reduction in sales year over year.

As we look at calendar year 2022 in whole, we’ll all agree that the first quarter of last year was the last of the stronger market we saw as a result of the buyer demand during the pandemic. As we entered Q2 2022 we saw several key factors emerge which exerted a downward pressure on buyer demand including rising mortgage interest rates, rising inflation and the introduction of short term vacation rental license bans and restrictions. Each of these caused buyers of second homes and vacation properties to carefully pause to consider if 2022 was the year to buy. Those influences continue into early 2023.

The dollar volume resulting from the 227 sales in the first quarter of 2023 was down 25% compared to the first quarter of last year. When the number of sales in a given period is down 18% and the resulting dollar volume from those sales is off 25% it can mean only one thing - the average sales price during the first three months of 2023 has fallen by comparison to a year ago. For many months we’ve been tracking falling numbers of sales but increasing dollar volume each quarter due to increasing prices. That’s no longer the case. We’re now seeing sales prices falling from peak highs a year ago.

When we see prices pulling back from peak highs, we often look at Days on Market (DOM) or the time it takes for the average property to sell to see if properties are staying on the market longer. During the first 3 months of 2023 we saw the average Days on Market increase by 139% compared to last year, 55 days this year compared to 23 days in 2022.

It’s interesting to note that prices around Summit County did not fall for every property type. While the average sales price of single family detached homes fell by 19% compared to one year ago, the average sales price of multi-family properties (condos and townhomes) was actually up 11% year over year.

What could cause such a difference? In the midst of all the short term vacation rental restrictions imposed by the Town of Breckenridge and Summit County jurisdictions, condos and townhomes make up the majority of the housing in Keystone and Copper Mountain, two areas that the County deemed to be “resort” areas and exempt from any sort of rental restriction. In addition, the Town of Breckenridge ruled that Resort condos and many of the properties (condos) in Zone 1 do qualify for vacation rental licenses. The ability to rent a property clearly has positively affected values across Summit County.

Looking specifically at the Breckenridge real estate market, the total number of transactions in the first quarter of this year fell by 28% compared to Q1 2022, while the dollar volume resulting from those transactions fell by only 25%. As such, we saw a modest increase in the average sales price for all property types in Breckenridge year over year.

Interestingly, the average Days on Market for properties sold in the first three months of 2023 took more than three times as long to sell, increasing from 27 days on average in 2022 to 91 days this year. If you’re thinking of selling your Summit County home or condo this summer, the good news is that 90 days is still a reasonable time in which to market and sell your property at very near our historical peak pricing.

Finally, we’ve been tracking the inventory of new listings going back to March of 2020 and the trend continues. During the first quarter of this year, we saw 132 fewer new listings come to market than we did in the first quarter of 2022 - that’s a 31% reduction in the number of available properties. And remember that Q1 2022 was already down 15% fewer new listings compared to Q1 2021. Inventory continues to be a very real problem for buyers.

For now, it remains a very good time to be a seller in Summit County. Properly priced and properly marketed homes and condos are selling at or near list price and within roughly three months. If you’re considering selling this summer, this is a great time to learn about the strategic marketing we use to promote our listings to get them in front of audiences we know are looking for properties similar to yours.

For buyers who wish to purchase their dream home or condo and have the ability to make their property available to rent when not using it, there is a wide variety of condos, townhomes and single family homes available that qualify for a vacation rental license. Mortgage interest rates have been creeping down slightly as news out of Washington shows that inflation is pulling back slightly.

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you’re probably wondering how all of this may affect the value of your home. Complete our Free Market Value request form. We’ll provide you with an up-to-date and accurate estimate of your property’s value, and answer any questions you may have about selling your property. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and around Summit County!


Q4 2022 Summit County Real Estate Market Summary

In this, our final Summit County real estate market update for 2022, we’ll be looking at both how the real estate market performed in the fourth quarter compared to the prior year as well as the full calendar year 2022 compared to 2021. Stay tuned for a lot of surprising information as the real estate market took a lot of twists and turns last year. How will that affect the Summit County real estate market in 2023? We’ve got some predictions about how mortgage interest rates and short term vacation rental restrictions will impact the Breckenridge and Summit County markets.

Let’s begin by taking a look at how the fourth quarter of 2022 compared to that same period in 2021. We often see a flurry of activity in Q4 each year as buyers hurry to complete their purchases before ski season. Everyone wants to have their new ski property ready to use and rent for the upcoming season. That was not the case in 2022.

In all four of our quarterly reviews last year, we reported that the total number of transactions in Summit County were down year over year. For Q4 of 2022, the total number of closed transactions (332 sales) was down a shocking 41% compared to the fourth quarter of 2021 (562 sales). Certainly the limited inventory contributed to that situation, but there was a broader concern from buyers that rising inflation and increasing mortgage interest rates were enough to cause them to delay a Summit County purchase.

In two of our three previous quarterly reports from 2022 we noted that the total dollar volume resulting from the sales was down by an amount equal to the percentage pullback in number of sales, which is indicative of a flattening in prices. The Q4 numbers from 2022 continue that trend with a 41% reduction in the dollar volume from all sales - $410 million this year compared to $696 million in the fourth quarter last year.

The Summit County buyers have spoken - there’s enough uncertainty in the broader markets that they can and will be patient with their purchase of Summit County real estate.

Breaking the numbers down by property type doesn’t reveal any major discrepancies. The number of single family home sales throughout the county were down 39% year over year while multi-family property sales (condos and townhomes) were off 42% compared to last year.

How did prices fare in Q4 this year compared to the same time last year? In a word, prices were flat! The average sales price for all property types in the last quarter of this year was $1,235,695 which is down slightly ($2747) from the average sales price of $1,238,442 last year. Single family home prices inched up by 4% this year to an average sales price of $2,046,740. Condos and townhomes saw a 6% decline in average sales price year over year to $839,266.

As we drill down to the Breckenridge market specifically, it’s interesting to note that the buyer hesitation had a larger impact on the number of sales and average prices than it did on the broader Summit County market. For all property types, there were 53% fewer sales in Q4 2022 than the previous year (109 versus 234) and the dollar volume resulting from those sales was down 55%. Single family home sales were down 47% while multi-family sales were off by a whopping 58% compared to last year.

Most surprising of all the Breckenridge statistics is the fact that the average sales price of condos and townhomes dropped by 19% compared to Q4 last year! For all those buyers out there who told us that they are waiting to see a reduction in the price of condos and townhomes before buying in Summit County, this may be your time!

Let’s now shift our focus to the calendar year 2022 and how the Summit County real estate market responded to the three major influences we saw to hit our area over the course of the last year: the sharp rise in inflation, the doubling of mortgage rates, and the effect of short term vacation rental restrictions and moratoriums.

Not surprisingly, the full calendar year 2022 saw a similar year over year decline as did the fourth quarter of last year. I’ll highlight for us here some of the main points we noticed in our comparison of the 2022 Summit County real estate market to calendar year 2021.

For the full year there were 36% fewer closed transactions in 2022 compared to 2021. The dollar volume resulting from those sales was down only 28% compared to the previous year, due to the strong price appreciation we saw in the first quarter of 2022 before prices pulled back.

Average sales prices across Summit County for the full year were up by 14% for all property types, up 12% for single family homes and up 13% for multi-family residences including condos and townhouses.

Similar to the Q4 statistics above, when we isolate the Breckenridge real estate market we see a more significant decline in sales and dollar volume with the number of sales falling by 46% compared to 2021 and the resulting dollar volume down by 40%.

Prices across Breckenridge inched up in 2022 compared to the prior year with the average sales price for all property types up 11%. The average sales price of a single family home in Breckenridge last year was $2.355 million, up 8% for the year, while condo and townhome prices averaged $1.1 million, up 10% for the year.

What does 2023 look like?

The question on everyone’s mind remains: what will 2023 look like for the Summit County real estate market? While our crystal ball is still a bit hazy, we do know a few things for certain.

First, the inventory of available properties remains low. In fact, Lawrence Yun, Chief Economist for the National Association of Realtors, recently released a report stating that buyer demand continues to outpace supply around the country. That should keep upward pressure on pricing, all other things being equal.

Of course, all other things are not quite equal. Inflation is likely to continue to play a major role in consumer spending in 2023. If there’s anything we know about the majority of real estate purchases in Summit County, it’s that they are second home, vacation home or investment property purchases, not the purchase of a primary residence. So it’s discretionary spending. If buyers remain cautious due to fears of inflation, the purchase of a second home is not likely to be seen as necessary spending. This should result in a downward pressure on pricing as the number of days it takes to sell a home or condo continues to increase.

Finally, we closed out the year with several consecutive weeks of falling mortgage interest rates. While rates have fallen to the low 6% range as we start the new year, they remain about double what interest rates were just one year ago. And that has certainly caused many buyers to pause their property search because it greatly reduces their buying power. Many economists and mortgage lenders are predicting that rates will fall to the mid-5 percent range by the end of the second quarter or perhaps second half of the year. For many buyers, this may feel like a reprieve from higher rates and they’ll jump back into the market.

For now, it remains a very good time to be a seller in Summit County. Properly priced and properly marketing homes and condos are selling at or near list price. If you’re considering selling this summer, this is a great time to learn about the strategic marketing we use to promote our listings and get them in front of audiences we know are looking for properties similar to yours.

If you’ve been waiting and watching as both prices and interest rates have crept up, this could be an ideal time to secure your dream home in the mountains. As discussed, condos and townhomes have seen a more significant softening in prices. And if you find “the one” today, you can still refinance to lower rates in the coming months and years as interest rates float down as expected.

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you’re probably wondering how all of this may affect the value of your home. Complete our Free Market Value request form. We’ll provide you with an up-to-date and accurate estimate of your property’s value, and answer any questions you may have about selling your property. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and around Summit County!


Q3 2022 Summit County Real Estate Market Summary

For the second consecutive quarter, the Summit County real estate market has seen a decline in both the total number of closed transactions and the dollar volume resulting from those sales. For the two years prior to April 2022, we had been tracking fewer sales year over year, but the dollar volume resulting from those sales was either the same or more than the previous year because prices had been steadily climbing.

That is no longer the case! In our review of the Q3 market data here in Summit County, we can now report the following 4 key takeaways.

Key Takeaways in Q3 2022:

For all of Summit County, the total number of closed transactions this year in the third quarter was down 37% compared to the same period last year. In Q3 this year we saw 383 total sales of all residential property types compared to 611 in 2021. Those numbers hold pretty steady across property types with single family homes selling at 40% fewer this year and multi-family (condos and townhomes) selling at 36% fewer.

Summit County October 2022 Transactions

Breckenridge October 2022 Transactions

As I mentioned in the introduction to this article, the second big takeaway is that prices have now officially stalled around Summit County. The total number of sales was down 37% and the dollar volume from those sales was down 36% compared to the third quarter last year. In our previous analysis by quarter, sales were down but dollar volume was holding steady as a result of our double-digit appreciation. That era has now come to an end.

Summit County October 2022 Dollar Volume

Breckenridge October 2022 Dollar Volume

Summit County October 2022 Average Sale Price

Breckenridge October 2022 Average Sale Price

The third key takeaway from Q3 2022 is that the average Days on Market (DOM) - the number of days it takes a property to sell - has risen significantly. For closed transactions from July through September this year the average days on market increased by 36% from 22 days last year to 30 days this year. Single family home sales paced faster than multi-family sales, but still took 13% longer to sell than last year. The average days on market for condos and townhomes increased by 56% over last year.

Summit County October 2022 Average Days on Market

Breckenridge October 2022 Average Days on Market

And our fourth significant change from Q3 this year compared to last year - price reductions! Last year, during what is always our busiest quarter of the year, we saw 190 price reductions around Summit County for all property types. Would you like to guess what we saw this year? There were nearly 3 TIMES as many price reductions in the third quarter this year compared to 2021 with 565 price reductions.

Summit County October 2022 Number of Price Reductions

What does this mean for you?

If you’re a Buyer: you’ve probably been watching the Summit County real estate market for the last couple years and you may feel like you have been “priced out” of the market here. Well, the good news for you is that we’re likely to see a decline in prices around the County at all property types. Many of our buyers have told us they’ve been waiting for exactly something like this to bring prices back to within reach. If you have a specific property type in mind, please be sure to communicate that to the trusted real estate agent who is assisting you. We can be on the lookout for new, interesting properties that match your dream property.

If you’re a Seller: you have enjoyed the last three years of significant price appreciation! Do you still enjoy your property? If so, that’s great…. we’ll see you on the slopes this winter! If you find that you’re not using it as much as you once did, this could be a great time to sell so you can take advantage of the price appreciation. Ski season is coming, which means we’ll have lots of buyers in town and they’ll be falling in love with Summit County just like you did.

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you’re probably wondering how all of this may affect the value of your home. Complete our Free Market Value request form. We’ll provide you with an up-to-date and accurate estimate of your property’s value, and answer any questions you may have about selling your property. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and beyond!


Q2 2022 Summit County Real Estate Market Summary

Is the Summit County real estate market shifting? Is it cooling? Those are the questions we’ve been getting from buyers and sellers on a daily basis as we enter the peak of our summer selling season. And the answer to both questions is a resounding “yes”!

The data that we’re about to review includes real estate transactions from the second quarter of this year through June 30, 2022. However, in recent weeks we’ve felt a significant pause in the market as buyers are trying to assess how the combination of price appreciation, increasing mortgage interest rates and short term rental license caps and moratoriums will affect not only their purchasing power, but also their enjoyment of a second home or investment property in Summit County.

Key Takeaways in Q2 2022:

The one real concern I have as we review the Q2 numbers this year compared to last year is that we’re looking in the rearview mirror and the changes are happening in the present moment. So, please stick around to the end of this article where we forecast our predictions for the rest of 2022.

The first key takeaway from Q2 is that BOTH the number of closed transactions and the dollar volume resulting from those sales were down significantly throughout Summit County compared to last year. That’s a change from our most recent quarterly reviews. The number of transactions per quarter have been down consistently due to the limited inventory, but the dollar volume resulting from those sales has been pretty consistent each time compared to the previous year. That’s because prices had been increasing significantly. For the first time in a long time, we see the volume falling significantly compared to the prior year.

For all Summit County sales in Q2, the total dollar volume was down 21% compared to the same time in 2021. Breckenridge sales were off a full 25% by dollar volume this year compared to last year. 

Finally, the average days on market (or the time it takes on average for a property to sell) for all property types around Summit County in Q2 of 2022 was only 12 days compared to 19 days during the same period last year. The same was true for Breckenridge sales as we saw a decrease in the days on market by 46% from 26 days last year to only 14 days this year. 

But changes are afoot… 

Predictions for the rest of 2022:

In the early days of the third quarter, in what should be our busiest selling season of the year, we’ve already experienced an increase in the following metrics: Days on Market - up, Number of New Listings - up, Number of Price Reductions - up. 

We predict that the Summit County real estate market will feel the effects of the short term rental restrictions imposed by both the Town of Breckenridge and the Summit County government. Fears of a recession and increasing mortgage interest rates are likely to influence buyers to a more conservative approach to what they will spend on a second home. 

In randomly looking at a few neighborhoods around Summit County where there are active listings, we already see prices that are lower than the most recent sales in those neighborhoods. The last time I produced this report, I predicted a cooling real estate market with price appreciation in the single digits. At this time, I’m forced to revise that prediction to include a slight pullback in prices to below our peak highs of just a few months ago.

What’s the Value of my Summit County Property?

If you’re thinking about selling your Summit County property, you’re probably wondering how all of this may affect the value of your home. Complete our Free Market Value request form. We’ll provide you with an up-to-date and accurate estimate of your property’s value, and answer any questions you may have about selling your property. 

We’re also available by phone at (970) 409-4787. Give us a call today to discuss the purchase or sale of your Summit or Park County property. We look forward to serving your real estate needs in Breckenridge and beyond!

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