May 2022 Summit County Market Update

April was an interesting month for Summit County Real Estate. Condos and townhomes continued to show very high appreciation at 29%, which tops March’s YoY growth of 26%, and the average price of those units now tops $875,000!

Both the number of closed sales and inventory of attached homes are down; 26.8% and 17% respectively.

What is really interesting are single family homes, which saw huge appreciation numbers during the pandemic, and showed over 30% annual appreciation as recently as March 2022, but turned to being almost flat in April with only 0.8% YoY appreciation, a slightly lower average price than in March, and over 20% increase in inventory. It is possible that the surge of pandemic related demand for single family mountain homes is slowing and that market segment will start to balance out.

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