Summit County Micro Market Reports | Quarter 1 2021

Q1 2021

Micro Market Report SUMMIT COUNTY

66 Green Jay, Breckenridge

165 River Park Drive, Breckenridge

Summit County MARKET UPDATE

Summit County is Colorado ski country, with its snowcapped peaks, twinkling resort towns, and friendly locals happy to direct you to the perfect fishing, or watering hole. It seems like the people of Summit are always smiling, and for a good reason—they live in one of the most scenic and soughtafter regions in the country.

Real estate in Summit County is typically in high demand, but the increased mobility of workers due to the pandemic has made Summit even more desirable, as both a place to live and a place to play. Snow lovers enjoy the numerous internationally recognized ski resorts in the area while others are drawn to the region’s blissful summer activities, such as biking on well-maintained paths or sailing and stand-up paddle boarding on the shimmering waters of Lake Dillon, all while surrounded by majestic mountains and evergreen forests.

LIV Sotheby’s International Realty produces a Micro Market Report focused on real estate activity for the Summit County neighborhoods, comparing metrics for the first quarter of 2020 with the first quarter of 2021. Low inventory coupled with heightened demand for mountain homes placed buyers in stiff competition with each other this year.

As a result, average home prices in Summit County grew by 15.5%, from $863,793 to $997,444. Properties here also sold quickly, with homes staying on the market an average of 31.1% fewer days than the year prior. In fact, the average number of days on market dropped significantly in every Summit County neighborhood as compared to 2020.

Breckenridge, the largest town in the county, saw a 15.1% increase in its highest-priced property from the first quarter of 2020 compared to 2021. Breck’s average price per square footage for single family homes rose 16.8% over last year’s numbers, from $492 to $575. All six Summit County neighborhoods experienced an increase in the average price

of their sold residences, with Frisco’s single family homes netting the largest gain, moving from an average home price of $970,000 in 2020 to $2,035,000 in 2021—an impressive 109.8% increase. Keystone’s single family home market was close behind, enjoying a 94.7% increase in average sold prices.

Summit County, with its rugged outdoor appeal and its dining and cultural amenities, is as desirable as ever. As consumers continue to search for more rewarding lifestyles in resort communities close to the wilderness and the ski lifts, astounding metrics like these will persist.

This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Breckenridge, Copper Mountain, Dillon, Frisco, Keystone, and Silverthorne.

SUMMIT COUNTY January through March Sold Listings (All Properties) Sold Single Family Sold Condos/TH/DP Average Days on Market Average Sold Price % Sold Price to List Price Total Dollar Volume Sold

2020

2021

% Change

264

402

52.3%

73

116

58.9%

191

286

49.7%

74

51

-31.1%

$863,793

$997,444

15.5%

97.7%

100.4%

2.7%

$228,041,435

$400,972,563

75.8%

All Properties

Based on Information from Summit Association of Realtors®. This representation is based in whole or in part on data supplied by Summit Association of Realtors®. Summit Association of Realtors® does not guarantee nor is in any way responsible for its accuracy. Data maintained by Summit Association of Realtors® may not reflect all real estate activity in the market.

coloradomicroreports.com

SUMMIT COUNTY NEIGHBORHOODS

1.

Breckenridge

2.

Copper Mountain

3.

Frisco

4

4.

Silverthorne

5.

Dillon

6.

Keystone

5

6

3

2 1

MICROMARKET REPORT | Summit County livsothebysrealty.com

JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM

The number of properties sold in Breckenridge increased by 25.2% January through March 2021 compared to that of 2020.

BRECKENRIDGE

BRECKENRIDGE

BRECKENRIDGE

25.2%

January through March Average Price Average Price per Square Foot Average Days on Market Highest Sold Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$1,044,749

$1,283,330

22.8%

$603

$666

10.3%

73

57

-21.9%

$4,600,000

$5,295,000

15.1%

119

149

25.2%

97.2%

99.6%

2.4%

All Properties

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$1,583,894

$1,827,651

15.4%

$492

$575

16.8%

103

64

-37.9%

$4,600,000

$5,295,000

15.1%

40

65

62.5%

96.0%

99.7%

3.8%

Single Family Homes

From historic Main Street where dozens of shops and restaurants can be enjoyed, to legendary snow skiing, to scenic summers, Breckenridge has all the hallmarks of a storied mountain retreat. But it’s the lifestyle Breckenridge provides that is as distinctive and alluring as the Ten Mile Range that surrounds the town.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$771,765

$862,129

11.7%

$659

$735

11.5%

58

52

-10.3%

$2,525,000

$3,300,000

30.7%

79

84

6.3%

97.9%

99.5%

1.7%

Condominiums, Townhomes, Duplexes and Triplexes

January through March

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

% Change

$848,730

$1,002,788

18.2%

$530

$611

15.4%

30

7

-76.7%

$1,315,000

$3,300,000

151.0%

25

30

20.0%

98.1%

100.8%

2.7%

All Properties

January through March Average Price

Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

% Change

$970,000

$2,035,000

109.8%

$494

$711

44.0%

11

4

-63.6%

$1,300,000

$3,300,000

153.8%

2

5

150.0%

96.5%

101.8%

5.5%

The number of properties sold in Frisco increased by 20% January through March 2021 compared to that of 2020.

FRISCO

Average Price per Square Foot

2020

20.0%

FRISCO

Average Price

2020

Single Family Homes

January through March

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

% Change

$838,185

$796,345

-5.0%

$533

$591

11.0%

32

7

-78.1%

$1,315,000

$1,899,000

44.4%

23

25

8.7%

98.3%

100.6%

2.4%

Condominiums, Townhomes, Duplexes and Triplexes

Founded in 1873, Frisco, Colorado is located just 70 miles west from Denver and is affectionately known by locals as the “Main Street of the Rockies”.

This quaint and historic Colorado mountain town offers an abundance of activities to do year-round. Ideally situated near four ski resorts in Breckenridge, Keystone, Copper Mountain and Arapahoe Basin, the Town of Frisco attracts skiers and riders from all over the world.

FRISCO

Average Price

2020

The average price in Dillon increased by 54.6% January through March 2021 compared to that of 2020.

DILLON/SUMMIT COVE

DILLON/SUMMIT COVE

DILLON/SUMMIT COVE

54.6%

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$558,188

$862,845

54.6%

$401

$474

18.1%

51

11

-78.4%

$1,275,000

$2,000,000

56.9%

20

29

45.0%

97.7%

102.4%

4.9%

All Properties

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$999,500

$1,378,444

37.9%

$296

$408

37.6%

44

14

-68.2%

$1,275,000

$2,000,000

56.9%

3

9

200.0%

98.7%

100.6%

1.9%

Single Family Homes

The Town of Dillon is a little Colorado mountain town that’s big on outdoor activities. Summertime is when Dillon comes to life as it offers a variety of activities to enjoy including the annual Dillon Farmer’s Market, concerts and theater productions at the Dillon Amphitheater, live music on the water, and fun-filled days on Lake Dillon.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$480,309

$630,825

31.3%

$420

$504

20.0%

52

9

-82.7%

$915,000

$1,395,000

52.5%

17

20

17.6%

97.5%

103.3%

5.9%

Condominiums, Townhomes, Duplexes and Triplexes

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$770,061

$860,327

11.7%

$444

$477

7.4%

73

48

-34.2%

$2,105,000

$3,090,000

46.8%

55

98

78.2%

98.9%

101.4%

2.5%

All Properties

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$1,116,519

$1,423,020

27.5%

$414

$496

19.8%

69

25

-63.8%

$2,105,000

$3,090,000

46.8%

22

30

36.4%

98.9%

101.1%

2.2%

The amount of properties sold in Silverthorne/Wildernest increased by 78.2% January through March 2021 compared to that of 2020.

SILVERTHORNE/WILDERNEST

January through March

78.2%

Single Family Homes

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$539,088

$612,080

13.5%

$464

$468

0.9%

77

58

-24.7%

$1,019,496

$1,250,000

22.6%

33

68

106.1%

98.9%

101.5%

2.7%

Condominiums, Townhomes, Duplexes and Triplexes

Located in the heart of Summit County and cradled in the Blue River Valley, Silverthorne is the quintessential Colorado mountain town. Silverthorne is situated amidst the world’s winter playgrounds, while being surrounded by the majestic Rocky Mountains which makes it the perfect location for yearround adventure.

SILVERTHORNE/WILDERNEST

January through March

SILVERTHORNE/WILDERNEST

January through March

KEYSTONE

115.6% The amount of properties sold in Keystone increased by 115.6% January through March 2021 compared to that of 2020.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2021

% Change

$603,984

$689,126

14.1%

$521

$608

16.7%

115

93

-19.1%

$1,500,000

$4,025,000

168.3%

32

69

115.6%

97.4%

99.9%

2.6%

All Properties

January through March Average Price

KEYSTONE

2020

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$1,110,400

$2,161,667

94.7%

$338

$557

64.8%

111

56

-49.5%

$1,500,000

$4,025,000

168.3%

5

6

20.0%

93.7%

99.6%

6.3%

KEYSTONE

Single Family Homes

Keystone, Colorado, founded in 1970 and nestled between three separate mountains, is home to Keystone Resort, an alpine ski resort. The resort features five expert bowls and 131 slopes on 3,000 acres that includes gladded tree skiing, smooth cruisers, mogul-covered runs as well as wide groomers for skiers and snowboards of all ability levels to enjoy.

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$510,204

$548,884

7.6%

$555

$613

10.4%

115

97

-15.7%

$870,000

$1,370,000

57.5%

27

63

133.3%

98.0%

100.0%

2.0%

Condominiums, Townhomes, Duplexes and Triplexes

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$742,569

$844,019

13.7%

$592

$707

19.5%

98

7

-92.9%

$3,600,000

$3,850,000

6.9%

13

27

107.7%

97.1%

99.8%

2.8%

All Properties

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$3,600,000

$3,850,000

6.9%

$563

$605

7.5%

189

4

-97.9%

$3,600,000

$3,850,000

6.9%

1

1

0.0%

94.9%

96.4%

1.6%

The amount of properties sold in Copper Mountain increased by 107.7% January through March 2021 compared to that of 2020.

COPPER MOUNTAIN

January through March

107.7%

Single Family Homes

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to Original List Price

2020

2021

% Change

$504,450

$728,405

44.4%

$594

$711

19.6%

90

7

-92.2%

$739,000

$2,095,000

183.5%

12

26

116.7%

97.3%

100.0%

2.7%

Condominiums, Townhomes, Duplexes and Triplexes

Copper Mountain is located just 75 miles west of Denver and like most of the other notable areas of Summit County, Colorado, it is most known for its world-class ski resort. The resort features over 2,500 acres of naturally divided terrain catering to all skill levels, as well as terrain parks and the Woodward Barn Half Pipe where the world’s best skiers and riders compete to be the best.

COPPER MOUNTAIN

January through March

COPPER MOUNTAIN

January through March

WHY COLORADO?

04

NATIONAL PARKS

07

MOUNTAIN RANGES

28

SKI AREAS & RESORTS

300

AVG DAYS OF SUNSHINE ANNUALY

350+ CRAFT BREWERIES

MICROMARKET REPORT | Summit County JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM