Summit Market Watch | February 2021
Nationally, the demand for co-primary and second homes is increasing and this is contributing to the overwhelming demand here in Summit County. Over the next three months, especially, the inventory of listings is not expected to keep pace with buyer demand. Compared to February 2020, Summit County is experiencing 64% less inventory of active real estate for sale – this holds potential for rising real estate prices. In particular, properties that allow for the utility of a co-primary home, such as high speed internet, roomy interiors that fit a dining space and elbow room between neighbors are in high demand. While some buyers continue to inquire about rental income as a vacation home, this is becoming less critical to luxury buyers whose primary value is for their personal comforts and enjoyment.
Reliance on home buyers within a reasonable driving distance is changing. More buyers from further distances are gearing for air travel to the mountains again – this is opening up entirely new segments of buyers that had been less active until more recently. Not surprisingly, Breckenridge luxury condominium sales are seeing a sharp upswing in the onset of this new year as common area amenities open up and vacation travelers rebound.
Land is taking a more prominent stage as rising home prices cause buyers to consider alternative strategies within their budget. Land inventory remains low and average sale price per acre is trending upward, particularly in resort areas.
Whether you are buying or selling, the decades of growth continues to make Summit County a secure place for our property owners.
Interested in more information about the local area or do you have questions about Summit County real estate? Contact Taryn Brooke at: 970.333.8297 or taryn@coloradorealty.group.
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