Summit County Colorado March Market Analysis

Brett Rudolph May 1, 2022

Across Summit County, March saw tight inventory and soaring demand. Prices remained high with the average residential price at $1.3 million for March.

Here are highlights:

Market Analysis by Area for March 2022: There were a total of 165 transactions and $188,605,550 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,166,957. The average residential price was $1,302,323 and average residential PSF was $810.
Market Analysis by Area 2022 (3 Months) YTD: There are a total of 396 transactions with $475,025,520 monetary volume. The average transaction price is $1,246,443, the average residential price is $1,346,963 and the average residential PPSF is $772.
Market Snapshot for FULL Years 2022 vs 2021: Average Indicators for $: Single Family +33, Multi- Family +9% and Vacant Land +32%. Median Indicators for Single Family +39%, Multi- Family +5% and Vacant Land +16%.
Market Analysis % Change YTD March 2022: Monetary volume in March 2022 was down -17% from March 2021. Transactions were down 37% from March 2021. YTD 2022, $ volume is pacing 3% down from YTD 2021, and transactions are 31% down from YTD 2021.
Residential Cost Analysis: Residential volume in March had 127 transactions with $165,395,077 gross volume. There were 56 properties that sold for $1M and above in March. There were 43 Single Family, 84 Multi-Family and 11 Vacant Land transactions in March 2022.
Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,288,386, Multi- Family: $814,440 and Vacant Land: $664,121. Comparative Historical Cost Analysis Comparison 2022-2021-2020: YTD 2022, there were 310 residential transactions and $417,558,430 gross $ volume with 145 properties selling for over $1M. YTD 2021, there were 441 transactions with $455,716,217 gross $ volume with 130 properties selling for over $1M. YTD 2020, 309 transactions with $265,464,100 gross $ volume with 87 properties selling for over $1M.
Top Lender Analysis March 2022: There were 448 loans in March, 92 loans were related to sales, there were 180 REFI’s and 176 loans were timeshare related. 44% (one of the highest cash months on record) of the real estate closings were cash transactions.
Foreclosure 2022 Update: There were 2 foreclosures in March 2022, no bank sales.
New Unit Sales were up (Clearwater Lofts in Keystone) 23, compared to 11 in February.
Purchaser Profile Abstract: There were 61 upper-end sales in March 2022. Our buyers for real estate transactions for March 2022: Local buyers at 21%, with the