January 2022 Summit County Market Update

December 2021 saw a continued increase in prices of single family homes compared to a year prior, with average sales price increasing almost 11% to $1,722,012. December tends to have fewer closings than many other months but still saw an increase of 8% YoY. Inventory dropped drastically from 88 to 56 units, and remains tight at the time of writing but with February on the horizon I’m hoping for an increase in inventory levels soon.

Townhomes and condos saw an even sharper price increase compared to December 2020 with the average sales price crossing the $800,000 mark. The number of units sold decreased by 39%, but in contrast to single family homes, inventory had a double digit increase of 14%, which could be related by the new short term rental regulations for Summit County and the Town of Breckenridge, which were finalized in December.

Summit County remains a strong sellers market but with interest rates (while historically low) ticking up, and February hopefully bringing some much needed inventory, remaining buyers might see the market as slightly better.

For a detailed analysis of a specific Summit county town or neighborhood please send me an email at soley@kentwood.com

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