August saw a continuation of increasing prices and low inventory in Summit County. Single family homes saw the largest appreciation of 36.1% increase in average price from August 2020 while condo and townhome prices increased by 19.4%.
Even though average prices were up, there were fewer sold properties in both categories then year ago; 32% less for detached properties and 28.2% less for attached properties.
Higher prices and fewer number of closings are both directly related to the tight inventory in the Summit County market, which saw a decrease of 39.5% of available single family homes and 24.8% fewer available condos and townhomes then in August 2020.
The market remains competitive and fast paced even though the regulation of short term rental properties was uncertain in August, and with both Breckenridge and unincorporated Summit County passing a short term rental moratorium in September, it will be interesting to take a look at the housing statistics over the next couple of months.
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