As the summer starts to wind down in Summit County, we are seeing fewer transactions and prices are fairly consistent with previous months. Summer's inventory is a bit higher than July 2021 and August 2021, but remains relatively low compared to the past 10 years. There are more choices for our buyers, plus interest rates, short term rental regulations and inflation all play a role in our real estate market trends.

Here are market highlights for July:

  • Market Analysis by Area for July 2022: There were a total of 132 transactions and $196,469,376 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,618,161, the average residential price was $1,220,452 and the average residential PSF was $812.
  • Market Analysis by Area 2022 (7 Months) YTD:  There are a total of 1001 transactions with $1,317,667,385 monetary volume. The average transaction price was $1,384,422, the average residential price was $1,357,824 and the average residential PPSF was $815.
  • Market Snapshot for YTD Year 2022 vs Full Year 2021:  Average Indicators for $: Single Family +25, Multi- Family +23% and Vacant Land +32%. Median Indicators for Single Family +36%, Multi- Family +15% and Vacant Land +35%.
  • Market Analysis % Change YTD July 2022:  Monetary volume in July 2022 was down 19% from July 2021. Transactions were down 46% from July 2021.  YTD 2022, $ volume is pacing 13% down from YTD 2021, and transactions are 37% down from YTD 2021.
  • Residential Cost Analysis:  Residential volume in July had 88 transactions with $107,399,779 gross volume. There were 39 properties that sold for $1M and above in July.  There were 32 Single Family, 56 Multi-Family and 9 Vacant Land transactions in July 2022. 
  • Average Price History by Type- YTD 2022: Average price for residential Single Family: $2,151,535, Multi- Family: $922,717 and Vacant Land: $666,168. (Although the SF home price has reached an all time high, the July Improved Residential average was off the YTD by 11%, a trend that is showing up in most of the resort counties this month.)
  • Comparative Historical Cost Analysis Comparison YTD 2022-2021-2020: YTD 2022, there were 771 residential transactions and $1,046,882,011 gross $ volume with 399 properties selling for over $1M. YTD 2021, there were 1292 transactions with $1,358,936,099 gross $ volume with 439 properties selling for over $1M. YTD 2020, 746 transactions with $634,560,631 gross $ volume with 200 properties selling for over $1M.
  • Top Lender Analysis July 2022: There were 325 loans in July. Of these, 90 loans were related to sales, there were 88 REFI's and 143 loans were timeshare related. 32% of the real estate closings were cash transactions. 
  • Foreclosure 2022 Update: There were 3 Foreclosure actions recorded in July 2022 (This time all 3 are for real property) versus 8 last July 2021. There are a total of 28 Foreclosure actions YTD.
  • New Unit Sales: 6 in July.
  • Purchaser Profile Abstract:  There were 47 upper end sales in July 2022. Our buyers for real estate transactions for July 2022: Local buyers at 33%, with the Front Range demographic at 44% and 22% 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. Source - Land Title Guarantee Company