For the second year in a row, Summit County real estate sales are on track to set a record.
Sales in 2021 are up at least 30% more than in 2020, according to the latest data from Summit Realtors.
Between January 1 and December 23, real estate transactions for all real estate sales in Summit County reached $ 2.52 billion. Although the final data is not available until after the start of the new year, it is clear that the total will exceed that of last year, which was just over $ 2 billion.
Summit Realtors president and Mountain House Properties real estate agent Courtney Peroutka said she didn’t think anyone saw the increase in sales coming.
âAs exciting as it is to have this incredible amount of sales in the region, it’s also a real struggle for everyone from buyers to agents representing buyers,â said Peroutka. “I guess you could say it’s unprecedented.”
Summit Realtors data shows total real estate sales volume over various 12-month periods, peaking in July, according to Coldwell Banker Mountain Properties real estate agent Leah Canfield. From July 2020 to July 2021, the real estate sales volume totaled $ 2.69 billion.
Peroutka said that it was not possible for the market to continue to grow like this forever and that it was already starting to stabilize a bit. But she added that she doesn’t see the prices dropping too much.
âWe’ve spoken with a lot of economists and futurists, and the luxury market itself, especially at Summit, it looks like it’s going to stay strong,â Peroutka said. ââ¦ We don’t have the inventory that we did in other years. â¦ This lack of inventory is what has helped push these prices even higher, so I guess anything is possible.
The luxury market covers a large part of the sales recorded by Summit County this year. Canfield said more and more of those looking to spend around $ 10 million on a home are coming to buy in Summit County, as opposed to Aspen, where it is even more difficult to enter the market.
âI think we’re just entering a new kind of market, and that kind of market has buyers that we’ve never seen before,â Canfield said. “… These are people who haven’t been to Summit County in the past.”
Canfield said she doesn’t think the number of listings sold is following the same trend as dollar sales because it doesn’t take a lot of those more expensive luxury sales to increase the total. She also said the price per square foot in Summit County has increased by nearly 30% in the past year. In November 2020, a square foot of property had a median cost of $ 491, and by November 2021 that number had jumped to $ 620.
âIt doesn’t necessarily require a lot more commercial properties,â Canfield said of the new record. â… The value of all real estate in the county has increased by 30%, because it is almost as if the average value of each individual property in Summit County has increased. “
Due to rising prices, people in the single-family home market are looking in Leadville and Park County, Peroutka said.
Peroutka said she would like to see more programs, such as grants, to support first-time homebuyers. She said that for anyone looking to buy a home soon, it’s important to be prepared and start working with a lender as soon as possible.
âHave everything you need when that perfect place hits the market, then you can jump on it, instead of seeing the perfect place, and then put it all in order and miss it,â Peroutka said. âIt’s heartbreaking. “
Peroutka said the high volume of sales is impacting the real estate community as well, and praised all the local agents who have gone through another record-breaking year of work.
âIt’s not like the buyer should get a turndown after going up against 10 different offers and losing them all,â Peroutka said. âYou’re the agent who tells them the bad news every time, so it’s difficult. “
Canfield said she believes it is too early to say whether new short-term rental regulations in various municipalities will have an effect on property value, as many second home owners fear. She said there has been a slight drop recently in terms of listings sold, which is normal for this time of year.