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