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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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About Us

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.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

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 Continue Reading

Ben from Centennial February 2, 2022

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

home in Breckenridge

We were very impressed with your professional skills, timely communication, and excellent listening skills. We felt you cared about us and our success.

Frederick from Colorado January 24, 2022

Living room in Dillon condo

(I was most impressed that they) Kept us informed through it all and helped navigate the things that needed to get down in a timely fashion. Also really appreciated help getting people to do some of the things done around the house.

Kate from Ft Collins November 4, 2021

House in Hamilton Creek

You guys did an exceptional job for us and went the “second mile” in many ways. We were most impressed with Pro-active and involved interaction with us and everyone in the process. Your team was exceptional. Recommended many things for us to do, and then helped us do them. Followed up,, checked in, and helped Continue Reading

Warren & Sue from TX August 12, 2021

Treehouse condo

Over the years we have bought and sold over 30 pieces of property and this was one of the most efficient and painless processes. Service and attention was A-perfect!

Jack from FL August 9, 2021

Gateway condo in Keystone

I very much enjoyed working with both Meredith and Jason, they really focused on our needs and questions. Their knowledge of the Summit County Area was worth its weight in Gold. Thank you guys!

Glen from GA July 27, 2021

sale of house

We were most impressed with your good judgement and advice on everything. Thank you for navigating us through the sale of our house.

David & Cecile from Boulder July 14, 2021

Copper Mountain Ski Resort

Great service- more forward leaning than previous realtors Most impressed with follow up, knowledge of local market, going the extra mile on document review and getting HOA questions answered. Good advice on price point, patience, and negotiations. Understandably you aren’t always available to look at properties, but in the crazy COIVD market there was one Continue Reading

Holly from Colorado Springs June 14, 2021

Most impressed with the dedication to getting the best deal for us! Exceptional service, skilled negotiators, truly worthy! I wouldn’t consider hiring anyone else. Thank you Meredith and Jason.

Lloyd from Salida June 4, 2021

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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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