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A post shared by James Shingles (@propertyinbreckenridge)

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A post shared by James Shingles (@propertyinbreckenridge)

INTERESTING STATISTICS FOR REAL ESTATE IN SUMMIT COUNTY

- 2021 will go down as one of strongest real estate markets ever recorded, with average sold prices, county wide, appreciating 25.15% year over year.

- And, 2022 will go down as the year when the Summit County real estate market began to normalize back towards more balanced pre-covid conditions.

- Year over year, 2022 recorded a 13.63% appreciation in average sold prices for all of Summit County.

- However, the bulk of that appreciation occurred in the first two quarters of 2022.

- Average single family sold prices set all-time records at $2,829,617 in Q1 for Breckenridge.

- And, average single family sold prices peaked at $2,994,000 in Q2 for Keystone.

The Federal Housing Finance Agency (FHFA) just announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2023.

In most of the U.S., the 2023 maximum conforming loan limit for one-unit properties will be $726,200, compared to $647,200 in 2022 (a $79,000 increase). 

Many counties in Colorado are eligible for elevated loan amounts, due to higher median home prices. These high-balance (conforming) loans can be beneficial as an alternative to Jumbo loans and other specific underwriting guidelines. See the table below for 15 Colorado counties and their 2023 conforming loan limits (11 have high-balance conforming loan limits).

These loans may afford you the ability to:

• Have a lower down payment; sometimes as little as 5%

• Qualify for a larger loan

• Submit less required documentation for underwriting

• Be approved with lower credit scores

• Make a more competitive offer

• Close more quickly (faster underwriting turn times)

• Secure FHA and VA loans for higher-priced homes

• Use a Temporary (2-1) Buydown to lower mortgage payments for
the first two years

Let's connect on these expanded possibilities, so your dream home
can be in reach.

County - Summit

Conforming
Loan Limit - $726,200

Conf (High Balance)
Loan Limit - $953,350

Jumbo Loan
Start At - $953,351

Here are market highlights for September:

• Market Analysis by Area for September 2022: There were a total of 179 transactions and $204,519,395 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,249,310. The average residential price was $1,383,628 and the average residential PSF was $799.
• Market Analysis by Area 2022 (9 Months) YTD:  There are a total of 1,374 transactions with $1,734,004,299 monetary volume. The average transaction price was $1,331,344, the average residential price was $1,343,251 and the average residential PPSF was $804.
• Market Snapshot for YTD Year 2022 vs Full Year 2021:  Average Indicators for $: Single Family +22%, Multi- Family +22% and Vacant Land +28%. Median Indicators for Single Family +30%, Multi- Family +15% and Vacant Land +34%.
• Market Analysis % Change YTD September 2022:  Monetary volume in September 2022 was down 34% from September 2021. Transactions were down 35% from September 2021.  YTD 2022, $ volume is pacing 19% down from YTD 2021, and transactions are 35% down from YTD 2021.
• Residential Cost Analysis:  Residential volume in September had 135 transactions with $186,789,730 gross volume. There were 76 properties that sold for $1M and above in September.  There were 52 Single Family, 83 Multi-Family and 3 Vacant Land transactions in September 2022. 
• Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,099,375, Multi- Family: $915,341 and Vacant Land: $643,623. 
• Comparative Historical Cost Analysis Comparison YTD 2022-2021-2020: YTD 2022, there were 1057 residential transactions and $1,419,816,434 gross $ volume with 526 properties selling for over $1M. YTD 2021, there were 1,738 transactions with $1,889,580,012 gross $ volume with 617 properties selling for over $1M. YTD 2020, 1361 transactions with $1,219,986,346 gross $ volume with 393 properties selling for over $1M.
• Top Lender Analysis September 2022: There were 448 loans in September. Of these, 132 loans were related to sales, there were 85 REFI's and 231 loans were timeshare related. 26% of the real estate closings were cash transactions. 
• Foreclosure 2022 Update: There were 11 foreclosure actions recorded in September 2022 (3 were for real property, the other 8 were timeshares). There are a total of 42 Foreclosure actions YTD.
• New Unit Sales: 5 in September.
• Purchaser Profile Abstract:  There were 73 upper end sales in September 2022.  Our buyers for real estate transactions for September 2022: Local buyers at 34 % (Deed Restricted sales were up in September -23 compared to 11 in August), with the Front Range demographic at 32% and 34% are out of state buyers with 1% International. 

Please note that Land Title Guarantee Company data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.

The Most Recent Market Statistics are out, and our take on them are as follows:

1. The Market is “Normalizing”.. 
2. YTD the number of Sales for 2022 are Down 42.31 % for Breckenridge and Down 32.64% for All Summit County vs. the unsustainable levels recorded during 2021 and the COVID 19 Pandemic. 
3. Keystone YTD # of Sales for 2022 are only down 19.92%, perhaps due to the Exempt Status of that area to Short Term Rental Restrictions. 
4. This shift has led to a “Normalizing” of the market, with number of Active Listings in Summit County now at 488, vs. 231 in 2021, 334 in 2020, and 865 in 2019. 
5. The Average Price of a Single Family Home remains strong at $2,366,578 for Breckenridge, and $2,125,233 for All Summit County.
6. The Average Price of a Condominium remains strong at $928,554 for Breckenridge, and $799,399 for All Summit County. 
7. Breckenridge Associates Real Estate (BARE) remains the #1 Breckenridge Office with 84 Sales YTD and $167.5M in $ Volume.
8. On a per Agent Basis, BARE more than doubles the production of most of our competing brokerages with BARE Agents at over $8M / Agent YTD. Paffrath & Thomas is second at around $6M / Agent YTD.  Sotheby’s and Slifer are both in the $3M / Agent Range YTD.  (Breckenridge Only)
9. The Summit County real estate market continues to be one of the best places to invest, with YTD appreciation Up on average 14.29% YTD for All Summit County.  Compare that to the NASDAQ Down 32% YTD and the S&P 500 Down 24% YTD. 
10. With a fixed supply of developable land combined with the national and international appeal of Summit County, we anticipate Summit County will continue to be one of best places to buy and hold real estate for the long term. 

Here are market highlights for August:

• Market Analysis by Area for August 2022: There were a total of 194 transactions and $211,817,519 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,132,476, the average residential price was $1,232,746 and the average residential PSF was $753.
• Market Analysis by Area 2022 (8 Months) YTD:  There are a total of 1195 transactions with $1,529,484,904 monetary volume. The average transaction price was $1,342,925, the average residential price was $1,337,339 and the average residential PPSF was $805.
• Market Snapshot for YTD Year 2022 vs Full Year 2021:  Average Indicators for $: Single Family +22, Multi- Family +22% and Vacant Land +30%. Median Indicators for Single Family +31%, Multi- Family +14% and Vacant Land +35%.
• Market Analysis % Change YTD August 2022:  Monetary volume in August 2022 was down 30% from August 2021. Transactions were down 26% from July 2021.  YTD 2022, $ volume is pacing 16% down from YTD 2021, and transactions are 35% down from YTD 2021.
• Residential Cost Analysis:  Residential volume in August had 151 transactions with $186,144,693 gross volume. There were 66 properties that sold for $1M and above in August.  There were 57 Single Family, 94 Multi-Family and 6 Vacant Land transactions in August 2022. 
• Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,100,530, Multi- Family: $911,912 and Vacant Land: $656,560. 
• Comparative Historical Cost Analysis Comparison YTD 2022-2021-2020: YTD 2022, there were 922 residential transactions and $1,233,026,704 gross $ volume with 465 properties selling for over $1M. YTD 2021, there were 1512 transactions with $1,623,212,899 gross $ volume with 528 properties selling for over $1M. YTD 2020, 1051 transactions with $909,615,811 gross $ volume with 286 properties selling for over $1M.
• Top Lender Analysis August 2022: There were 352 loans in August. Of these, 123 loans were related to sales, there were 123 REFI's and 106 loans were timeshare related. 37% of the real estate closings were cash transactions. 
• Foreclosure 2022 Update: There were 3 Foreclosure actions recorded in August 2022 (all three were for real property) versus 1 last August 2021. There are a total of 31 Foreclosure actions YTD.
• New Unit Sales: 29 in August (Clearwater Lofts closings mostly).
• Purchaser Profile Abstract:  There were 74 upper end sales in August 2022, compared to 47 in July. Our buyers for real estate transactions for August 2022: Local buyers at 24%, with the Front Range demographic at 44% and 31% are out of state buyers with 1% International. 

Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. 

FULL AUGUST REAL ESTATE STATISTICS REPORT HERE

What to expect for the rest of 2022 and beyond

The last 24 months has certainly been quite the roller coaster in the Summit County real estate market. From the easing of lockdown in June 2020 to the beginning of 2022, the market was on a remarkable upward trend that saw prices appreciate over 40% in many markets. High demand and low inventory meant many properties benefited from multiple offers and above list closing prices.

The story since the spring of 2022 has been quite different. Macro and micro economic influences have played a major role in reshaping the real estate market. Inflation, interest rates and mid term elections all have their influences. Couple this with the short term rental restrictions that have been either introduced or are in the works, and we have a recipe for downward pressure on what was a red-hot market.