At the start of the year, I shared predictions for 2022, national and local. I, like you, have been curious about whether these predictions would hold out. This market update will look specifically at January to March 2022 and year to year changes noted as percentages will compare 2022 to 2021. We will take a look at condominiums, single family homes, and residential properties as a whole in both Breckenridge and greater Summit County.
Looking at Summit County residential real estate as a whole, this includes condominiums, townhomes, duplexes, and single family homes. Residential sales are down 31% with 278 properties being sold in Q1; significantly less homes are on the market. Averaging 23 days on the market, there are currently only 127 residential properties for sale in all of Summit County. The average sold price of residential properties increased 39% and is currently hovering around $1,387,311. With less supply, the demand has increased and prices have continued to increase which can be seen when looking at the 102% average list to sold price percentage.
Looking specifically at condominiums in Summit County, there are currently 43 condominiums for sale in all of Summit County with only 150 properties sold so far this year; that number is down 26%. The average sold price of condos was $755,215 which is a 26% increase over last year. Condominiums are only averaging 12 days on the market with the average list to sold price percentage being 103%.
With single family homes being the most expensive type of property, we were not surprised to see the average sold price at $2,367,676, a 37% increase over last year. The number of home sales are down 26% with only 86 properties sold this year and only 59 single family homes on the market right now in all of Summit County. The average percent of list to sold price was 100% with homes averaging 42 days on the market, much longer than condominiums mentioned previously.
Taking a closer look at Breckenridge specifically during Q1, sales are down 38% while inventory in Breckenridge is up 75%. This number is staggering consider the rest of the county’s inventory is only up 3%. Looking more closely at condominium properties, the average sold price is $866,833, a 20% increase in price compared to last year. Condominiums and townhomes are averaging 23 days on the market with 44 sales happening in Q1. For single family homes in Breckenridge, the average sold price has risen by 39% to $2,536,793. Single family homes and duplexes are averaging 31 days on the market with 42 sales occurring. 42 single family homes/duplexes sold for over $1 million so far in Q1 in Breckenridge.
All data collected as of Apr 6, 2022. Yearly changes are ‘22 to ‘21. Q1 includes data from January 1 - March 31, 2022.
For monthly updates on the market, follow me on Instagram and Facebook at @breckenridgerealty. I share the latest changes in the market, as well as listings and things to do in and around Breckenridge. Keep an eye out for my next blog post where I’ll help you prepare your home for fire season here in the high country.