Summit County Micro Market Report | Quarter 1, 2022

Q1 2022

Micro Market Report S U M M I T C O U N T Y, C O L O R A D O

0168 Caravelle Drive

516 Gold Run Road

Summit County MARKET UPDATE

Affectionately known as “Colorado’s playground,” Summit County is comprised of the famous ski towns Breckenridge, Dillon, Frisco, Copper, Keystone, and Silverthorne. Known for its high elevation and steep peaks, Summit County is a winter lover’s paradise featuring four world-class ski resorts, Breckenridge, Copper, A-Basin, Keystone, and a wide variety of recreational activities from snowmobiling to snowshoeing. The excitement continues off the trails with endless craft breweries and restaurants, plus theatre, music, and festival opportunities like Ullr Fest, Winter Bluegrass, and more. Along with Summit County’s proximity to Denver, all that is reason enough for this region to lure people to its peaks.

With just over 31,000 residents and growing, Summit County is a mecca for outdoor enthusiasts seeking a lifestyle move to the place where they can chase adventure. This migration to the mountains has only grown stronger in the past several years, with people leaving the congestion of big cities to live more intentionally. As this desire grows stronger, real estate in Summit County will only continue to grow in popularity.

Every quarter, LIV Sotheby’s International Realty produces a Micro Market Report focused on the real estate activity in Summit County neighborhoods. For quarter one, this report is a year-over-year comparison of the first quarter of 2021, compared to the first quarter of 2022, analyzing January through March. The number of listings sold in Summit County during the first quarter of 2021 compared to 2022 decreased by 31% from 403 properties to 278, and the pace of the market increased by an astonishing 54.9%. Listings stayed on the market for just 23 days in 2022 compared to 51 days in 2021, proving that well-prepared buyers and brokers were just as prevalent as the area’s high

demand. In Breckenridge, Summit County’s largest town, the highest price of a single-family home surged an enormous 130.4%—increasing from $5,295,000 to $12,200,000.

Buyers coming to Summit County should be prepared to act fast and, in most neighborhoods, be ready to pay more than they would have during the same time period last year. Every community within Summit County, with the exception of Dillon/ Summit Cove, experienced significant increases in average sold prices, ranging from a 29.9% increase around Copper Mountain all the way up to a 77.3% increase in Silverthorne/Wildernest.

In addition to Breckenridge’s impressive highest-priced sale, Silverthorne/Wildernest also saw an astonishing 110.4% increase in their highest-priced property from a $3,090,000 sale in 2021 to a $6,500,000 sale in 2022.

From Keystone to Copper, properties in Summit County increased in value from the first quarter of 2021 to the first quarter of 2022, and very few stayed on the market for longer than 20 days. Year over year, the mountain market race continues to grow in Summit County, with high home values and turnover signaling that now is the time to make moves in Colorado’s playground.

SUMMIT COUNTY January through March

2021

2022

% Change

403

278

-31.0%

Sold Single Family

116

87

-25.0%

Sold Condos/TH/DP

287

191

-33.4%

51

23

-54.9%

$996,954

$1,387,311

39.2%

100.4%

101.9%

1.5%

$401,772,563

$385,672,554

-4.0%

Sold Listings (All Properties)

Average Days on Market Average Price % Sold Price to List Price Total Dollar Volume Sold

All Properties

Based on Information from Summit Association of Realtors®. This representation is based in whole or in part on data supplied by Summit Association of Realtors®. Summit Association of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by Summit Association of Realtors® may not reflect all real estate activity in the market.

coloradomicroreports.com

SUMMIT COUNTY NEIGHBORHOODS

1.

Breckenridge

2.

Copper Mountain

3.

Frisco

4

4.

Silverthorne

5.

Dillon

6.

Keystone

5

6

3

2 1

MICROMARKET REPORT | Summit County livsothebysrealty.com

JANUARY - MARCH 2022 • COLORADOMICROREPORTS.COM

The average price in Breckenridge increased by 37.8% January through March 2022 compared to that of 2021.

BRECKENRIDGE

BRECKENRIDGE

BRECKENRIDGE

37.8%

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$1,283,330

$1,767,953

37.8%

$666

$885

33.0%

57

27

-52.6%

$5,295,000

$12,200,000

130.4%

149

86

-42.3%

99.6%

101.2%

1.6%

All Properties

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$1,827,651

$2,829,617

54.8%

$575

$750

30.4%

64

35

-45.3%

$5,295,000

$12,200,000

130.4%

65

33

-49.2%

99.7%

100.7%

1.0%

Single Family Homes

From historic Main Street where dozens of shops and restaurants can be enjoyed, to legendary snow skiing, to scenic summers, Breckenridge has all the hallmarks of a storied mountain retreat. But it’s the lifestyle Breckenridge provides that is as distinctive and alluring as the Ten Mile Range that surrounds this historic mountain town.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$862,129

$1,106,918

28.4%

$735

$969

31.8%

52

22

-57.7%

$3,300,000

$2,700,000

-18.2%

84

53

-36.9%

99.5%

101.5%

2.0%

Condominiums, Townhomes, Duplexes and Triplexes

January through March

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2022

% Change

$1,002,788

$1,586,913

58.3%

$611

$772

26.4%

7

15

114.3%

$3,300,000

$3,250,000

-1.5%

30

22

-26.7%

100.8%

102.8%

2.0%

All Properties

January through March Average Price

Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2022

% Change

$2,035,000

$2,281,250

12.1%

$711

$643

-9.5%

4

47

1075.0%

$3,300,000

$3,250,000

-1.5%

5

6

20.0%

101.8%

94.2%

-7.4%

The average price per square foot in Frisco increased by 26.4% January through March 2022 compared to that of 2021.

FRISCO

Average Price per Square Foot

2021

26.4%

FRISCO

Average Price

2021

Single Family Homes

January through March

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2022

% Change

$796,345

$1,326,536

66.6%

$591

$821

38.8%

7

3

-57.1%

$1,899,000

$2,192,850

15.5%

25

16

-36.0%

100.6%

106.1%

5.4%

Condominiums, Townhomes, Duplexes and Triplexes

Founded in 1873, Frisco, Colorado is located just 70 miles west from Denver and is affectionately known by locals as the “Main Street of the Rockies”.

This quaint and historic Colorado mountain town offers an abundance of activities to do year-round. Ideally situated near four ski resorts in Breckenridge, Keystone, Copper Mountain and Arapahoe Basin, the Town of Frisco attracts skiers and riders from all over the world.

FRISCO

Average Price

2021

The average price per square foot in Dillon/Summit Cove increased by 40.6% January through March 2022 compared to that of 2021.

DILLON/SUMMIT COVE

DILLON/SUMMIT COVE

DILLON/SUMMIT COVE

40.6%

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$862,845

$858,318

-0.5%

$474

$667

40.6%

11

9

-18.2%

$2,000,000

$2,389,000

19.5%

29

23

-20.7%

102.4%

104.3%

1.8%

All Properties

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$1,378,444

$1,331,667

-3.4%

$408

$516

26.4%

14

21

50.0%

$2,000,000

$1,900,000

-5.0%

9

6

-33.3%

100.6%

101.8%

1.2%

Single Family Homes

The Town of Dillon is a little Colorado mountain town that’s big on outdoor activities. Summertime is when Dillon comes to life as it offers a variety of activities to enjoy including the annual Dillon Farmer’s Market, concerts and theater productions at the Dillon Amphitheater, live music on the water, and fun-filled days on Lake Dillon.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$630,825

$691,253

9.6%

$504

$720

42.9%

9

4

-55.6%

$1,395,000

$2,389,000

71.3%

20

17

-15.0%

103.3%

105.2%

1.9%

Condominiums, Townhomes, Duplexes and Triplexes

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$859,717

$1,524,485

77.3%

$480

$621

29.4%

48

36

-25.0%

$3,090,000

$6,500,000

110.4%

99

69

-30.3%

101.4%

101.3%

0.0%

25.0% The average days on market in Silverthorne/Wildernest decreased by 25.0% January through March 2022 compared to that of 2021.

All Properties

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$1,423,020

$2,365,033

66.2%

$496

$627

26.3%

25

51

104.0%

$3,090,000

$6,500,000

110.4%

30

35

16.7%

101.1%

99.5%

-1.6%

SILVERTHORNE/WILDERNEST

January through March

Single Family Homes

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$614,803

$659,215

7.2%

$473

$615

30.0%

58

19

-67.2%

$1,250,000

$1,300,000

4.0%

69

34

-50.7%

101.5%

103.2%

1.7%

Condominiums, Townhomes, Duplexes and Triplexes

Located in the heart of Summit County and cradled in the Blue River Valley, Silverthorne is the quintessential Colorado mountain town. Silverthorne is situated amidst the world’s winter playgrounds, while being surrounded by the majestic Rocky Mountains which makes it the perfect location for yearround adventure.

SILVERTHORNE/WILDERNEST

January through March

SILVERTHORNE/WILDERNEST

January through March

KEYSTONE

84.9% The average days on market in Keystone decreased by 84.9% January through March 2022 compared to that of 2021.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2022

% Change

$689,126

$907,092

31.6%

$608

$724

19.0%

93

14

-84.9%

$4,025,000

$4,295,000

6.7%

69

62

-10.1%

99.9%

102.5%

2.5%

All Properties

January through March Average Price

KEYSTONE

2021

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$2,161,667

$2,157,824

-0.2%

$557

$632

13.4%

56

44

-21.4%

$4,025,000

$4,295,000

6.7%

6

5

-16.7%

99.6%

97.6%

-1.9%

KEYSTONE

Single Family Homes

Keystone, Colorado, founded in 1970 and nestled between three separate mountains, is home to Keystone Resort, an alpine ski resort. The resort features five expert bowls and 131 slopes on 3,000 acres that includes gladded tree skiing, smooth cruisers, mogul-covered runs as well as wide groomers for skiers and snowboards of all ability levels to enjoy.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$548,884

$797,379

45.3%

$613

$732

19.3%

97

11

-88.7%

$1,370,000

$1,865,000

36.1%

63

57

-9.5%

100.0%

102.9%

2.9%

Condominiums, Townhomes, Duplexes and Triplexes

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$844,019

$1,096,625

29.9%

$707

$867

22.6%

7

7

0.0%

$3,850,000

$4,200,000

9.1%

27

16

-40.7%

99.8%

100.6%

0.7%

29.9% The average price in Copper Mountain increased by 29.9% January through March 2022 compared to that of 2021.

All Properties

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$3,850,000

$3,600,000

-6.5%

$605

$768

26.8%

4

18

350.0%

$3,850,000

$4,200,000

9.1%

1

2

100.0%

96.4%

99.4%

3.2%

COPPER MOUNTAIN

January through March

Single Family Homes

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

2022

% Change

$728,405

$739,000

1.5%

$711

$881

23.9%

7

6

-14.3%

$2,095,000

$985,000

-53.0%

26

14

-46.2%

100.0%

100.7%

0.8%

Condominiums, Townhomes, Duplexes and Triplexes

Copper Mountain is located just 75 miles west of Denver and like most of the other notable areas of Summit County, Colorado, it is most known for its world-class ski resort. The resort features over 2,500 acres of naturally divided terrain catering to all skill levels, as well as terrain parks and the Woodward Barn Half Pipe where the world’s best skiers and riders compete to be the best.

COPPER MOUNTAIN

January through March

COPPER MOUNTAIN

January through March

WHY COLORADO?

40

NATIONAL PARKS

70

MOUNTAIN RANGES

82

SKI AREAS & RESORTS

03

AVG DAYS OF SUNSHINE ANNUALY

+ 05 3

CRAFT BREWERIES

MICROMARKET REPORT | Summit County JANUARY - MARCH 2022 • COLORADOMICROREPORTS.COM