Summit County has always been home to active people pursuing an active lifestyle. And over the past decade with the ease of accessing and staying in the mountains has become more convenient, with more and more people that have embraced the mountain lifestyle. Our Mountain towns offer almost all the comforts of a big city while retaining a small-town atmosphere.
The COVID-19 Impact: It's effect on our local real estate market accelerated what was already happening. And, boy, did it accelerate! It's like it transported our local world a decade into the future.
In July of last year, we started seeing the effects of that acceleration in closed sales. For residential sales from July 1 - July 20, 2020, the number of sales was virtually the same as in 2019, but the average sold price had taken a considerable leap upwards - up 18%.
And it is still happening today.
For residential sales in Summit County from July 1 - July 20, 2021, the average sold price is $1,121,182 - an increase over 2020 for the same period of 21.5%. Interesting that the gain for the same period in 2019 to 2021 was 43%.
The number of sales is up too by about 14%. The average number of days on the market is 18. The percentage of list to sold price for the sales from July 1 - July 20 in 2019 was 98.3%, in 2020, it was 98%, and in 2021 it is presently 102%!
