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Real Estate Inventory Doubles in Summit County

Arrows pointing up to illustrate real estate inventory doubles

2022 is continuing to tell a different story than the last two years. As we see interest rates increase substantially, we are watching sales slowing and real estate inventory climbing. Our real estate market was pegged so far into a seller’s market, we have a ways to go before the buyer has the advantage. Although, in this current climate, that may be coming sooner than we have been expecting.

Real estate inventory doubles

As of June 23, 2022, there are 360 residential properties for sale in Summit County. In late June last year, there were only 170 residential properties for sale. We have more than double the inventory there was last year. Really, the huge increase has happened over the last three months. 250 properties have been added to the residential inventory since April 1st, actually tripling the number of homes for sale. Summer is our typical selling season so it’s not unusual to see lots of homes come on the market in anticipation of the summer buyers. In fact, in 2019, we saw inventory increase by around 200 homes in the same three month span. The question now is will the buyers be here this summer.

Slower real estate sales

In the month of May, 117 home sales closed in Summit County. That was a 31% decrease from last May. It was still a 25% decrease from the pre-pandemic May of 2019. In fact, May 2022 had fewer sales than any May since 2012.

Interest rates were rising at a good clip in April which may have contributed to slower sales. They have since gone even higher. June sales may give us some indication how potential buyers are responding to interest rates and other economic factors. Sales are already looking slower than typical but with a week to go, it’s just speculation at this point.

A buyer’s market?

Does this rise in real estate inventory and slowing sales signal a buyer’s market on the horizon? Perhaps. Our seller’s market has been so strong that even with real estate inventory doubling when compared to last year, we are still in a seller’s market. I would love to see 700 properties for sale in the county at any given time. Even more would be ok too. There were 700 homes for sale during the summer of 2020 and 2019. Before that, it was 2015 since we exceeded 700 homes for sale. We were transitioning then from a buyer’s market to a seller’s market. If we can get to 700 again, it may signal the beginning of a transition back towards a buyer’s market. We need to double our real estate inventory again to get to that level. Weak summer sales could make that come to fruition yet this summer. However, I don’t anticipate a buyer’s market in the cards for 2022.

Posted in: Market Statistics Tagged: 2022, Interest Rates, Inventory, May

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Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

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Jason used amazing strategy for pricing, selling and acquisition of our next property. In this market this strategy is critical for success – especially with the buying process.

Summit County real estate is a challenging market. We have bought and sold two properties and just bought our third. Jason and Meredith have been there for us throughout this entire journey, and we couldn’t be more satisfied. Jason and Meredith have excellent communication, are realistic and honest, and have incorporated strategy and wisdom from their extensive Summit County experience to help us make our dreams come true.

Ben from Centennial February 2, 2022

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You were very knowledgeable and supportive during this transaction. I was most impressed with your calmness and smart decision making during a chaotic process. Thank you again for your calmness during all of this.

Barbara from Centennial January 24, 2022

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Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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