Based off of Land Title Guarantee Company’s April Report, Summit County’s real estate market shows no signs of slowing down.
That difference jumps even more when compared to 2020. According to Land Title’s report, there were only 387 transactions from January through April 2020, meaning this year’s transactions are up about 63%.
According to the report, in April, there were 191 residential transactions alone, amounting to a total of $203.5 million in gross sales volume. About 64% of the homes sold were in the $1 million-plus category.
Comparing March 2021 to April 2021, the amount of homes sold in the $2 million-plus category also slightly increased. In March, 26% of the homes sold were sold for $2 million or more, while 27% of homes fell within this category in April.
Even more telling about the expensive market are homes sold between $1 million and $2 million. In March of this year, 33% of the homes sold fell within this range. Just one month later, that number was 37%.
In general, the price of single-family homes in April was up 14% compared to 2020.
So who is buying these residential properties? According to Land Title’s report, 46% of the properties bought in April were from people who live in the Front Range and about 29% of the properties sold were to out-of-state domestic buyers.
This means very few locals make up the buying pool. In April, only 25% of the properties sold were to locals, and in March, that was even lower at 18%.
Looking at year-to-date statistics for the first few months of the year, the numbers paint a similar picture. From January to April of this year, only 20% of properties sold were to locals, 47% were bought by people from the Front Range and 33% were bought by people who are domestic, out-of-state buyers.
