Team Flick October Market Update

Brian Flickinger November 19, 2023

 
Welcome to this month’s Team Flick market update for Summit County – your go-to resource for all of the latest real estate news.
 
The Summit County real estate market continues to favor sellers as we head into the winter season, though there are some signs of cooling compared to the frenzied pace earlier this year. But what do the latest numbers mean for buyers and sellers – and how can you make the most of the market conditions?
 
In the latest monthly market update from Team Flick Real Estate, we break down the key stats and trends shaping the local housing market. While inventory remains low, buyers still have opportunities if they act strategically with the help of a local real estate pro.
 

Summit County Fast Stats | October 2023

Here’s a quick look at the past month’s key stats for Summit County:
 
  • New Listings: 35
  • Pending Sales: 32
  • Closed Sales: 44
  • Price Reductions: 27
  • Active Listings: 769 (377 choices)
The main takeaway: while new inventory slowly increases, the overall active listing level remains low compared to last year. Price reductions show some opportunities for buyers to negotiate in this shifting market.
 

Low Inventory Persists – But New Choices Emerge

The Summit County market ended October 2023 with 785 active listings, down from 804 at the same time last year. The market remains undersupplied, though the current active listing total of 769 marks a slow climb from the recent low of 450 properties on the market earlier this year.
 
Within the active inventory, 377 listings are considered good choices for buyers based on factors like pricing, condition, and location. So, while overall options remain constrained, new opportunities are entering the market weekly that buyers should act on quickly in the competitive climate.
 
On pricing, single-family homes have largely plateaued across the county, with some small decreases versus last year in select areas.
 
The story differs for multifamily properties like condos and duplexes, which are seeing year-over-year price increases countywide, with some exceptions.
 
Localized dips can be found in specific homeowner associations where rising insurance costs have driven prices down due to wildfire risk. These should be taken into account when evaluating pricing.
 

Mixed Trends Across Neighborhoods

When looking at different neighborhoods and property types, trends vary across Summit County:
 
  • Single-family homes in much of the county have plateaued in terms of year-over-year price changes, with some slight decreases in localized areas.
  • Multifamily properties like condos and duplexes continue to see pricing increases versus last year. This speaks to the strong demand for more affordable housing options.
  • In specific homeowner associations like Wildernest, Buffalo Ridge, and Treehouse, wildfire insurance rate hikes have led to lower prices year-over-year as HOA fees rise. For buyers interested in these areas, there are deals to be found.
  • The Keystone area is currently slower moving for fall than usual, but activity is expected to improve as the ski season kicks off. Winter typically brings an uptick in demand in the county's resort communities.

Buyer Demand Still Strong Amid Rising Rates

Even as mortgage rates have risen over 2023, demand remains strong in Summit County real estate. Cash buyers and investors with all-cash offers make up a significant portion of the market, less impacted by increasing borrowing costs.
 
For buyers needing financing, connecting with an experienced local lender is critical to evaluate current rates and how they might affect affordability. Specialized knowledge is required to navigate Summit County's unique mix of property types and neighborhoods.
 
Working with a real estate professional well-versed in the local market is invaluable for buyers today. The right agent can provide critical insights on factors like:
 
  • Interest rates and mortgage financing options
  • Individual neighborhood trends and price forecasts
  • Property specifics like HOA fees, rental income potential, renovations needed, and more
  • Creative negotiating strategies to compete with all-cash offers
Ultimately, trusting in your real estate professional's guidance can help you purchase the right home for your needs and budget. While it may be tempting to avoid jumping into the market right now, you never know when the perfect property for you could come along.
 

Partner with a Local Expert to Find Your Summit County Home

The takeaway for buyers in today's Summit County market is clear: Work with an experienced local real estate advisor. The right agent is a strategic guide through a complex terrain of shifting inventory, pricing trends, neighborhoods, mortgage rates, and competition.
 
Team Flick leverages specialized knowledge of the county’s diverse areas, housing stock, and constantly evolving conditions. We provide in-depth insights on topics like:
 
  • Hyperlocal market trends down to the neighborhood level: Where is the best value?
  • Property-specific factors that affect value, from renovations to HOA fees: What’s the best price?
  • Mortgage financing intricacies in a mixed landscape of loan types: What’s the best deal?
  • Creative negotiating tactics to win in competitive offers: What’s the best path?
  • Guidance on timing a purchase to optimize opportunity: When is the best time?
Our expertise helps buyers make informed decisions and find the right home, even when broad inventory appears low. We also connect clients to our trusted network of lenders, inspectors, title officers, and other professionals to assemble the best team for your purchase.
 
Don't leave your Summit County home search to chance. Let Team Flick's experience work for you this winter! Contact us today to discuss your needs and map out a strategic plan. We're here to guide you to homeownership success.
 
Contact Team Flick
 
real estate - October - colorado real estate

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