Summit County Real Estate Market Update Q2 2022
Here is our latest mountain trends report! This report covers data through June 2022. Each individual neighborhood is also covered in this report. No surprises here – you can track the market appreciation over the past couple years and also see the most recent slowdown which started in May that is bringing our market back to a more balanced position.
July 2022 stats from Land Title show that dollar volume year over year is down 19%. Number of transactions is down 46% and with only 132 transactions in July 2022, we are matching 2012 numbers. Pricing however remains strong and appreciation is still happening. Comparing 2022 year to date to the full year 2021, Average pricing has increased as follows: Single Family +25%, Multi- Family +23% and Vacant Land +32%. Median Pricing is as follows: Single Family +36%, Multi- Family +15% and Vacant Land +35%.
I am experiencing that appreciation is flattening. After all, how could it continue to go up in such a manner!? With increased inventory and properties on the market longer, prices are stabilizing. I had a conversation this week with an appraiser colleague of mine who said that properties are still appraising for the purchase value, but he is seeing prices flatten. I asked him whether he is adjusting at all for properties that cannot obtain a short term rental license, and he said that he isn’t. Until pricing trends play out with STR restrictions, he (and really the whole real estate community), cannot value the economic impact of losing that property right.
Through May of this year, properties were closing above list price at an average of 101%. In August, we are at 97.8% of list. (See this chart for more info.)
If you have any specific questions about the market, please feel free to reach out individually.
