Why so many people are interested in purchasing a second home in Summit County isn’t a mystery. The area boasts plenty of recreational opportunities year-round, the scenery is impeccable and it’s the first big stop along Interstate 70 that boasts four ski resorts all in one county.
These big perks combined with the pandemic’s boost in remote working has created quite the hot real estate market in Summit County all year long, and especially so for the luxury market.
In total, sales for luxury units were the strongest in the third quarter of 2021, according to Land Title Guarantee Company’s monthly report.
The third quarter of the year raked in roughly $499,084,304 in gross volume for sales priced at $1 million or more. Second quarter was close behind at $419,376,361 in gross sales. First quarter lagged behind at $240,619,600.
Like the more affordable residential real estate market, buyers might have to exercise patience if they are looking for a specific piece of property. Not only is there not as much inventory on the market, but according to the Summit Realtors Association, the average number of days until it sold in Breckenridge for October was 31, which is down 72% compared to the same month last year. The association reported last year that the average number of days a unit was on the market until it sold was 112.
