Summit County Real Estate Stats | April 2023
Currently, mountain resort buyers are putting a higher value on a second home that offers long-term lifestyle benefits and year-round recreation. For many, time spent toward fulfilling their dream for a mountain home is simply not quantifiable. Less active buyers are thinking about short-term investments or limiting their purchase to a one-season lifestyle location.
This is an advantage for our mountain resort real estate locations like Breckenridge and Keystone, because they truly cater to year-round outdoor recreation, popular festivals and events and local businesses that stay open throughout the change of seasons. These ski communities also hold some of the longests seasons for snowfall and consistently rank in top international reports which consistently attracts buyer demand.
In the first quarter of 2023, residential Sales in Summit County were down 19% in volume of transactions and down 8% in average sold price. Higher interest rates in business as well as in residential segments, have influenced buyer purchasing power – this has been true even for cash buyers. In part, this is due to the volume of second home buyers who are impacted by higher interest rates on their own businesses, rising rates for Home Equity Lines of Credit and other impacts to their investment portfolio, too.
Are you considering selling or buying mountain real estate? Taryn is a nationally certified Pricing Strategy Advisor (PSA) by the National Association of Realtors. Taryn is a second-generation Realtor with experience in ski resort real estate and mountain cabins. Contact Taryn Brooke by phone at 970.333.8297 or by email at firstname.lastname@example.org.