Review of Ten Year Average Sales in Wildernest and Dillon Valley Condos
If you have been reading my newsletter, you know that I have been saying that the overall Summit County average real estate price has been steady without signs of significant depreciation. But, I also have been discussing how we are seeing price softening in some sectors. The lower priced condo market has definitely seen price softening. There are many reasons, but the three main factors, I believe, are higher HOA costs due to increased insurance and increased operation fees, higher interest rates so less buyer demand, and lack of STR license availability.
I chose three complexes for this analysis: Treehouse in Wildernest, Buffalo Ridge and Buffalo Ridge Village (combined), and Dillon Valley East and West (combined). I ran sales for the last 10 years and included all unit sizes. We took all the sales by year, compiled them in a graph, found the annual average price, plotted the averages, and then calculated the percentage changes year over year.
Here are the results:
Treehouse condos have taken the biggest hit with 2023 average price dropping 21% from 2022 and then dropping another 20% in 2024. The gains of 44% in 2021 were lost bringing pricing back to 2020 average numbers.
We combined Buffalo Ridge and Buffalo Ridge Village units, two of the Buffalo Ridge units in Wildernest. 2023 saw a drop of 10.66% from 2022 and 2024 saw another drop of 11.5%.
Finally, we looked at all Dillon Valley East and Dillon Valley West condos combined. These properties were more resilient with only a 2.6% drop in 2023 and a 9.86% drop in 2024.
A few caveats: This analysis was to gauge the overall change in market in entry level condos by examining specific complexes that have numerous sales given their size. We did NOT separate out the averages by unit type. Therefore, our stats are subject to the mix of properties selling which means that if more of the smaller units sold, the average will go down, making the average price of all go down. This isn’t meant to be an exact percentage of appreciation decrease for a property, but more an illustration of the changing prices in these complexes.
