Summit County Real Estate Recap - December 2023/January 2024

We’re turning the page on a brand new year here in Summit County, and with it comes a slew of market stats, insights, and a few nuggets of good news that will make your day. So, let’s jump right in and get you up to speed on the real estate landscape in our beautiful mountain community.

 

I’m dedicated (along with the rest of the Colorado Real Estate Team) to keeping you in the know about all the real estate news in and around Summit County. To wrap up 2023 in style, let’s review the last month and how it compares overall to the entirety of 2023. 

 

We'll also look at where prices, inventory, and sales activity stood at the end of last year – and see if we can understand why 2023 picked up steam in the second half. Finally, we’ll share our outlook for a steadier 2024 and when we believe we may see more growth in the real estate market here.

 

 

Let’s start with the stats over the past week. As of current numbers, there were 24 new listings that came on the market, with 19 properties currently pending a sale. Thirteen homes had closed and been resold. Of note, 23 properties saw price reductions during this time.

 

But what do the overall numbers tell us? When we are comparing inventory levels to the same time last year, our current active listings of 651 are similar to the 664 activities in January 2023. There are also currently 308 properties under contract.

 

2023 as a whole was down a bit from previous record years, likely due to the rising interest rates and home values in the region.

 

Overall, new listings were down around 20%, which aligned with the trend of fewer transactions occurring last year. The median sale price for single-family homes saw a slight 1.9% decrease year-over-year. However, the average sales price actually increased 0.5%. This could be attributed to some high-dollar home sales skewing the average upward in December. For example, one home that sold for over $12 million alone in December helped boost the average.

 

Condo and townhome stats showed new listings down 5% while the median sale price increased 3.4%, and the average was up 3.3%. December prices for these property types increased even more substantially over the previous year.

 

Based on how 2023 played out, we can make a few assumptions about what may happen moving forward. Remember, the market can always switch faster than we expect, which is why you should always stay tuned to our website and social media for the latest updates!

 

In general, we anticipate 2024 being more steady in the first and second quarters as the market absorbs interest rate hikes from last year. However, if rates continue trending downward as expected in the second half, that's when we believe things will really start picking up again.

 

With inventory still limited and buyers getting more comfortable with higher mortgage payments, we don't foresee huge price drops. The slowing of rate increases should help boost buyer demand back to normal levels by late 2024. This lines up with the typical spring and summer home-buying season heating up.

 

Our forecast is things will remain stable early on, but growth will resume before year-end as long as financial conditions loosen up a bit. Much will depend on what the Federal Reserve does on further rate hikes, but we're cautiously optimistic that 2024 will be a steady year of recovery rather than a continued slowdown.

 

What does this mean for you? Whether you are looking to buy or sell in Summit County in 2024, it's important to stay informed and work with a knowledgeable real estate agent who understands the current market trends.

 

For sellers, it's crucial to price your home competitively and make necessary updates to attract buyers in this more balanced market. Working with an experienced agent can help you navigate these changes and ensure a successful sale. As a buyer, you may have more options available to you as the market stabilizes, but it's still important to act quickly and make competitive offers.

 

Our team was a bit quiet toward the end of the year as we took some much-needed time off with the family in Florida.

 

It was an incredible time to rest and recharge before heading back into the fray of Colorado real estate! But have no doubts, our team is still hard at work helping you buy and sell homes.

 

If you're considering selling your home, it's important to work with an experienced agent who can guide you through these changes. Our team at Colorado Real Estate has years of experience in the Colorado real estate market and can provide valuable insights and advice on how to make your home stand out among all the other listings.

 

Want to learn more about the current state of the market? We've got you covered! Our team has been monitoring the latest data and trends to help our clients make informed decisions. From median home prices to average days on the market, we have all the information you need. And when it’s time to sell or buy, we’ll be there to guide you every step of the way.

 

We understand that selling or buying a home can be a daunting task, especially with all the uncertainties in today's market. But our team is dedicated to making the process as smooth and stress-free as possible for you. We're here to answer any questions or address any doubts you may have about the process. See you in 2024!