2020 was an amazing year for Summit County real estate as it was for many areas across the country. As the year pushed on, sales skyrocketed, inventory plummeted and prices soared in all of our towns. In the last 12 months ending January 31, 2021, Summit County home sales increased by 21.7%. Copper Mountain home sales well outdid that with an increase of 73% year over year.
Copper Mountain home sales jump
Copper Mountain contributes the smallest number of sales in Summit County. They do have the smallest footprint in the county. As a result, fewer sales should be expected. In the last year, Copper had 109 home sales. Compare that with just 63 during the previous 12 months. As mentioned previously, that’s a 73% increase in the number of home sales.
Average Sale price increases by 11%
The average sale price in Summit County in the last 12 months was $909,675. That’s an 11.4% increase over the average sale price 12 months earlier. However, that does not mean every home in Summit County is worth 11% more now than it was worth a year ago. Home sales over $1million made up 28.7% of the residential sales. One year ago, they made up just 23.1% of home sales. That increase in high end home sales definitely helps drive up the average. Certainly some homes have seen an 11% increase or even more but each neighborhood is different and the actual value of your home would need to be evaluated individually. If you are considering selling, Mountain Living Real Estate can put together a market analysis on your Summit County home.
Inventory continues to drop
The number of homes for sale in Summit County is generally it’s lowest this time of year. Many people use or rent their homes for ski season and are not actively trying to sell them. This year is no exception. That makes us all feel the 33.8% lower inventory even more. There are only around 150 homes for sale in Summit County. That includes all residential properties from condos to single family homes. An average month can have over 150 home sales. As a result, there aren’t many properties for buyers to choose from creating a seller’s market and driving prices higher.
Limited land availability
Even vacant land in Summit County is seeing record low inventory. Last year there were 135 properties for sale. Now there are just 18. Yes, just 18 pieces of land in the entire county for sale. Sales of vacant land in the last year have increased 97.4% amplifying the shortage.
Because inventory levels are so low and demand for Summit County property is high, we expect tight market conditions to continue through this year. Prices will continue to push higher and our seller’s market will remain. Copper Mountain home sales, along with all the other areas in the county will continue to flourish, as long as there are properties available for buyers to buy.