Summit County | Mid-Year 2022

M I D -Y E A R 2 0 2 2

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

803 Gold Run Road

983 Emerald Road

Summit County MARKET UPDATE

Affectionately known as “Colorado’s playground,” Summit County is comprised of the famous mountain towns Breckenridge, Dillon, Frisco, Copper, Keystone, and Silverthorne. Known for its high elevation and steep peaks, Summit County has no shortage of year-round activities, including hiking, biking, and water activities like fly fishing and paddle boarding. The excitement continues off the trails with endless craft breweries and restaurants, plus theatre, music, and festival opportunities like the Bluegrass and Beer Festival, Breckenridge Wine Classic, 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 two, this micro market report provides a year-over-year comparison of the first six months of 2021 compared to the first six months of 2022, analyzing January through June.

Inventory in Summit County moved off the market quickly during the first two quarters of 2022, putting pressure on buyers to make decisions in half the time

compared to 2021, with most listings lasting an average of just 16 days on the market compared to 32 days last year. While the market pace increased, the amount of inventory did not. Year over year, 33.9% fewer properties were sold during the first six months of 2022, down to 637 compared to 964 in 2021. As the market inventory slimmed down and the pace picked up, the demand for high country living increased, with the average sold price rising 29.9% throughout the county. Of the six coveted communities, Silverthorne/Wildernest saw the largest increase in average sold price, rising 43.5% from $923,082 in 2021 to $1,324,656 this year.

Continue reading to learn more about how the real estate market in Summit County performed during the first six months of the year. This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Breckenridge, Copper Mountain, Dillon, Frisco, Keystone, and Silverthorne.

SUMMIT COUNTY January through June

2021

2022

% Change

Sold Listings (All Properties)

964

637

-33.9%

Sold Single Family

271

192

-29.2%

Sold Condos/TH/DP

693

445

-35.8%

32

16

-50.0%

$1,046,229

$1,359,149

29.9%

101.1%

101.7%

0.6%

$1,008,565,067

$865,778,022

-14.2%

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 - JUNE 2022 • COLORADOMICROREPORTS.COM

The average price in Breckenridge increased by 27.7% January through June 2022 compared to that of 2021.

BRECKENRIDGE

BRECKENRIDGE

BRECKENRIDGE

27.7%

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

2021

2022

% Change

$1,401,297

$1,788,906

27.7%

$724

$913

26.1%

40

19

-52.5%

$17,000,000

$12,200,000

-28.2%

337

203

-39.8%

100.1%

100.7%

0.7%

All Properties

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

2021

2022

% Change

$2,044,421

$2,442,781

19.5%

$607.00

$754

24.2%

44

21

-52.3%

$17,000,000

$12,200,000

-28.2%

140

96

-31.4%

100.2%

100.6%

0.4%

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

2021

2022

% Change

$944,254

$1,202,253

27.3%

$807

$1,055

30.7%

36

18

-50.0%

$3,631,500

$4,400,000

21.2%

197

107

-45.7%

100.0%

100.8%

0.9%

Condominiums, Townhomes, Duplexes and Triplexes

January through June

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

2022

% Change

$1,009,336

$1,317,452

30.5%

$639

$824

29.0%

7

10

42.9%

$3,300,000

$3,250,000

-1.5%

79

60

-24.1%

102.0%

103.2%

1.2%

All Properties

January through June Average Price

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

2022

% Change

$1,862,786

$2,241,591

20.3%

$629

$782

24.2%

10

37

270.0%

$3,300,000

$3,250,000

-1.5%

14

11

-21.4%

101.5%

97.4%

-4.0%

The average price per square foot in Frisco increased by 29.0% January through June 2022 compared to that of 2021.

FRISCO

Average Price per Square Foot

2021

29.0%

FRISCO

Average Price

2021

Single Family Homes

January through June

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

2022

% Change

$825,516

$1,109,992

34.5%

$641

$834

30.1%

6

4

-33.3%

$1,899,000

$2,192,850

15.5%

65

49

-24.6%

102.1%

104.5%

2.3%

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

DILLON/SUMMIT COVE

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold

The average days on market in Dillon/Summit Cove decreased by 25.0% January through June 2022 compared to that of 2021.

DILLON/SUMMIT COVE

DILLON/SUMMIT COVE

25.0%

January through June

% Sold Price to Original List Price

2021

2022

% Change

$807,727

$884,214

9.5%

$534

$688

28.8%

8

6

-25.0%

$3,500,000

$2,389,000

-31.7%

94

61

-35.1%

103.3%

104.1%

0.8%

All Properties

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

2021

2022

% Change

$1,291,350

$1,319,786

2.2%

$485

$570

17.5%

14

11

-21.4%

$3,500,000

$1,900,000

-45.7%

24

14

-41.7%

103.8%

105.1%

1.3%

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

2021

2022

% Change

$641,913

$754,470

17.5%

$551

$723

31.3%

7

5

-28.6%

$1,605,000

$2,389,000

48.8%

70

47

-32.9%

103.1%

103.8%

0.6%

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

$923,082

$1,324,656

43.5%

$509

$648

27.2%

31

24

-22.6%

$3,800,000

$6,500,000

71.1%

227

148

-34.8%

102.1%

101.6%

-0.6%

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

$1,475,419

$2,158,155

46.3%

$523

$618

18.2%

26

38

46.2%

$3,800,000

$6,500,000

71.1%

79

57

-27.8%

101.2%

99.9%

-1.3%

The highest price in Silverthorne/ Wildernest increased by 71.1% January through June 2022 compared to that of 2021.

SILVERTHORNE/WILDERNEST

January through June

71.1%

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

$628,254

$802,575

27.7%

$502

$667

32.8%

33

15

-54.5%

$1,325,000

$2,150,000

62.3%

148

91

-38.5%

102.6%

102.6%

0.0%

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 June

SILVERTHORNE/WILDERNEST

January through June

KEYSTONE

40.1% The average price in Keystone increased by 40.1% January through June 2022 compared to that of 2021.

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

2022

% Change

$740,952

$1,037,808

40.1%

$624

$808

29.6%

52

11

-78.8%

$4,025,000

$4,375,000

8.7%

169

126

-25.4%

100.6%

102.1%

1.5%

All Properties

January through June 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

$1,939,615

$2,575,912

32.8%

$538

$667

23.9%

36

27

-25.0%

$4,025,000

$4,375,000

8.7%

13

10

-23.1%

99.6%

98.4%

-1.2%

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 tree skiing, smooth cruisers, mogul-covered runs as well as wide groomers for skiers and snowboards of all ability levels to enjoy.

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

2021

2022

% Change

$641,064

$905,213

41.2%

$631

$821

30.0%

53

10

-81.1%

$2,810,000

$2,300,000

-18.1%

156

116

-25.6%

100.6%

102.4%

1.8%

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

$791,440

$1,098,280

38.8%

$705

$860

22.0%

13

15

15.4%

$3,850,000

$5,431,074

41.1%

58

39

-32.8%

99.4%

99.3%

-0.1%

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

$3,982,769

3.4%

$605

$766

26.5%

4

13

225.0%

$3,850,000

$5,431,074

41.1%

1

4

300.0%

96.4%

99.0%

2.7%

The average price per square foot in Copper Mountain increased by 22.0% January through June 2022 compared to that of 2021.

COPPER MOUNTAIN

January through June

22.0%

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

$737,781

$768,625

4.2%

$707

$871

23.2%

14

16

14.3%

$2,095,000

$1,550,000

-26.0%

57

35

-38.6%

99.5%

99.3%

-0.1%

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 June

COPPER MOUNTAIN

January through June

WHY COLORADO?

04

NATIONAL PARKS

07

MOUNTAIN RANGES

28

SKI AREAS & RESORTS

300

AVG DAYS OF SUNSHINE ANNUALY

350+ CRAFT BREWERIES

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