January 2023 Summit County Market Update

December is usually a month where we see volume go down in the mountains due to owners spending the holidays in their mountain homes, or renting them out as it is peak rental season. However, closed sales for SFH were down over a third from December 2021 and inventory was up almost 80% YOY.

During this timeframe, prices of SFH appreciated 9.7% from the previous year, continuing November’s trend which reversed from four months of decreasing prices (the last appreciating month was June which is peak season).

Condos and townhomes ended the year with an average price of $771,708, which is down -4.1% YOY, and down from $749,588 where we started in January 2022. Every month in 2022 except for December showed a significant YOY appreciation in price and while I don’t think that one month down is enough to show a new trend, it will be interesting to see how the numbers will look for this month.

In general, while prices continued to go up in 2022, sales in dollar volume was down across the board due to fewer units being sold.

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