Hello all!Happy New Year! The mountains are at about 99%-129% snow pack with more in the forecast. I hope you get to enjoy it soon.The biggest takeaway I hope you get from this newsletter is that 2020 and 2021 were anomaly years. To get a more accurate idea of our Real Estate trends for 2022, I would prefer to compare them to 2018 or 2019. Our TOTAL sales in Summit County in 2022 VS 2019 are DOWN 24%. This is more realistic than the number below comparing to 2021. Higher interest rates, rental restrictions, and World and Market uncertainty are real things. Sales have slowed as the year has gone on.
TOTAL Sales for Summit CountyJanuary-December(Over the same months last year)
SALES STATS
Total Sales are DOWN 36%
255 Active Listings, 379 Listings are Under Contract
Average Prices are UP 14%
43% of Buyers are Front Range, 30% are Out of State, and 27% are Locals/Retirees (surge in Deed Restricted Sales)
Average Days on market is ONLY 27 DAYS
37% of Transactions were cash in Nov (44% in April)
Luxury sales over $1,500,000 are DOWN from 442 to 402 sales over the same months last year. Based on the last list price of the properties sold January through December 2022…• $200,000 to $400,000 had 70 properties sold.• $400,000 to $600,000 had 227 sales.• $600,000 to $800,000 had 253 sales. This is our *new* hottest segment.• $800,000 to $1,000,000 had 198 sales.• $1,000,000 to $2,000,000 had 415 sales.• $2,000,000 to $3,000,000 had 140 sales.• $3,000,000 to $4,000,000 had 62 sales.• $4,000,000 and over had 29 sales with the highest being $12,200,000!One of my favorite stats to review is the number of sales per year since 2004.2004 —2182 solds                                                                     2005 —2470 solds                                                                2006 —2493 solds                                                            2007 —2146 solds                                                                      2008 —1214 solds                                                                 2009 — 917 solds (ouch)                                                      2010 —1005 solds                                                             2011 —1118 solds                                                                  2012 —1319 solds                                                          2013 —1534 solds2014 —1685 solds 2015 —1945 solds 2016 —1862 solds There was a lack of inventory in 2016.2017 —1975 solds This is the highest number of sold properties since 2007.2018 —1810 solds2019 —1785 solds2020 —2142 solds2021 —2137 solds   2020 and 2021-There was not a shortage of inventory, Buyers just had to move ex­tra fast to get it.2022 —1361 solds We are down 24% compared to a normal market of 2018 or 2019.