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