The 2022 Slifer Report | Summit County

THE SLIFER REPORT 2022 SUMMIT COUNTY | Annual Real Estate Market Review

CO N T E N T S Looking Back on 2021................................................. 3 Market Share.................................................................... 4 Market Overview............................................................ 5 Luxury Market Overview.............................................7 Land Overview................................................................ 8 Area Overview................................................................ 9 Forbes Global Properties......................................... 10 OUR

CO M M U N I T I E S

STAY UP TO DATE ALL YEAR LONG Our team of market experts updates the Slifer Report every quarter. To see the latest numbers and dive even deeper into the report scan the code or visit:

Breckenridge................................................................... 12 Copper...............................................................................13

SummitCountyRealEstate.com /Slifer-Report

Dillon...................................................................................14 Frisco...................................................................................15 Keystone............................................................................16 Silverthorne..................................................................... 17 New Development........................................................18

SOURCE Sold residential and land properties within Summit County, counting both listing and buy sides from January 1, 2021-December 31, 2021. Source of all data in this report is the Summit Association of Realtors Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Slifer Smith & Frampton broker for more information. ©2022 Slifer Smith & Frampton Real Estate.

S L I F E R S M I T H & F R A M P T O N R E A L E S TAT E | 2

LOOKING BACK FOCUSING AHEAD

Happy New Year! As we begin the new year with a few feet of fresh snow and the postcard perfect holiday season that made our resorts the world-renowned destinations they are today, the real estate market remains incredibly strong. In 2021, we were the market share leaders for both the residential and luxury segments. That’s quite a feat, and something we’re all immensely proud of.

Summit County is a premier mountain community, and the lifestyle that comes along with property ownership continues to have a broad appeal with buyers. With the Front Range only about an hour’s drive, we are perfectly situated for those who want the best of both worlds – the desire to spend more time here but maintain the flexibility and ease to access the airport and Denver. December showed an all-time low for the year in inventory, and sales prices skyrocketed, with the average residential sales price north of $1.2 million. In 2021, residential sales volume was nearly $2.5 billion, up from $1.95 billion in 2020.

Pandemic trends continue to drive people away from urban centers and to mountain communities. We’ve seen second homes turn into primary residences and people moving to Summit County semi full-time. Now that we’ve moved from the office boardroom to the virtual meeting room, people are leaving their metropolitan lifestyles for mountain town living, a place where they can spend time enjoying our mountain valleys. In fact, nearly half our buyers in 2021 were from the Front Range.

The pandemic has confirmed people’s desire to balance their professional and family lives in a healthy and safe environment.

Ski resort towns in general have felt the migration of these new owners who were motivated to make the move.

We expect these trends to remain strong in 2022. We also anticipate new single-family home construction as well as a very robust presale market for luxury condominiums, such as what we saw with Clearwater Lofts, 4th Street Crossing and Summit Blue this past year. Developments will continue to take shape throughout Summit County. Similarly, in desirable and established communities with incredibly limited inventory, remodels and renovations will be on the rise.

The million-dollar question from our clients in 2022 will be if now is a good time to buy and will prices continue to rise. Prices may moderate at some level, but unique properties will continue to be in demand and command those big listing prices. As it relates to price, our buyers will need to be clear about their long-term goals. If it’s a lifestyle buy and they find a home you want to settle in, then it’s worth grabbing. They might be paying a higher price now but with interest rates being as low as they currently are — the cost evens out in the end. Taking advantage of getting into the market now will pay off in the future.

And, of course, the ease and accessibility of Summit County will continue to set our community apart, from our multiple world-class ski resorts and our championship golf courses to our outstanding year-round recreation and gold medal rivers for fly fishing enthusiasts.

As these current times continue to create opportunities and unexpected trends, one thing remains the same: SSF provides us with the stability of a locally owned, communityoriented company that’s been in existence for 60 years. SSF is also a founding member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes. Through our affiliation with Luxury Portfolio International, Leading Real Estate Companies of the World and Forbes Global Properties, the firm is able to be locally based while having a global reach, which ultimately enables SSF to be a highly competitive option for buyers and sellers in Colorado’s luxury real estate market.

As we celebrate 60 years in operation for our firm in 2022, it will be that same vision, foresight and innovation that will help guide SSF and Summit County for the next 60 years.

CHRIS LANKHORST Market President Summit County

THE SLIFER REPORT SUMMIT COUNTY 2022 | 3

MARKET SHARE LOCAL BRAND, LOCAL LEADERS SUMMIT COUNTY MARKET SHARE $610,987,578

$800M

$394,635,452

$600M

$231,088,040

$100M

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S & life Fr r S am m pt iStSh on F

$200M

14%

$702,683,944

$193,598,739

$300M

$263,804,243

$500M $400M

$413,217,163

$700M

$185,835,350

LUXURY MARKET SHARE ($2M+)

$300M

$135,723,500

$101,087,875

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S & life Fr r S am m pt iStSh on F

$50M

17%

$278,099,776

$57,253,000

$100M

$106,707,972

$200M $150M

$160,340,245

$250M

Sold residential and land properties within Summit County, counting both listing and buy sides, from January 1, 2021 – December 31, 2021.

Source of all data in this report is the Summit Association of Realtors Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Slifer Smith & Frampton Broker for more information. ©2022 Slifer Smith & Frampton Real Estate

S L I F E R S M I T H & F R A M P T O N R E A L E S TAT E | 4

MARKET OVERVIEW

THE SLIFER REPORT SUMMIT COUNTY 2022 | 5

MARKET OVERVIEW

S L I F E R S M I T H & F R A M P T O N R E A L E S TAT E | 6

LUXURY MARKET OVERVIEW 2021 SUMMIT COUNTY LUXURY MARKET OVERVIEW

THE LUXURY COLLECTION

TRANSACTION VOLUME COMPARISON - RESIDENTIAL OVER $2MILLION YTD

NO. OF TRANSACTIONS

240 200 160 120 80 40 0

26

39

38

70

78

78

152

248

2014

2015

2016

2017

2018

2019

2020

2021

SALES VOLUME COMPARISON - RESIDENTIAL OVER $2MILLION YTD

$800 $700

$500 $400

$432.7M

$773M

2016

$252.2M

2014

$207.9M

2015

0

$190.2M

$100

$105.2M

$200

$101.8M

$300

$65M

MILLIONS

$600

2017

2018

2019

2020

2021

THE SLIFER REPORT SUMMIT COUNTY 2022 | 7

LAND OVERVIEW

S L I F E R S M I T H & F R A M P T O N R E A L E S TAT E | 8

AREA OVERVIEW

THE SLIFER REPORT SUMMIT COUNTY 2022 | 9

FROM ASPEN TO DENVER AND AROUND THE WORLD

70

GYPSUM

EAGLE

EAGLE COUNT Y AIRPORT

70

<< TO GRAND JUNCTION 70

GLENWOOD SPRINGS

NORTH

82

EL JEBEL CARBONDAL E WILLITS

BASALT

82

WOODY CREEK

SNOWMASS VILLAGE SNOWMASS SKI RESORT

S L I F E R S M I T H & F R A M P T O N R E A L E S TAT E | 1 0

ASPEN BUTTERMILK MTN ASPEN HIGHLANDS

ASPEN SKI RESORT

FORBES GLOBAL PROPERTIES IN 2021

1 of 10

135

2,400

2,855

FOUNDING MEMBERS

WORLD-WIDE LOCATIONS

LUXURY EXPERTS

LUXURY LISTINGS FEATURED

WOLCOT T

EDWARDS

TO DENVER >> 70

DOWNTOWN DENVER

70

CORDILLERA

VAIL

AVON

ARROWHEAD BACHELOR GULCH

EAGLEVAIL BEAVER CREEK

SILVERTHORNE KEYSTONE RESORT

VAIL SKI RESORT

KEYSTONE

MINTURN

FRISCO

BEAVER CREEK SKI RESORT

COPPER MOUNTAIN BRECKENRIDGE SKI RESORT

BRECKENRIDGE

Established in 2020 with 10 founding members, the invitation-only network now spans 135 locations and comprises approximately 2,400 luxury property experts across the U.S., Asia, Australia, Canada, Mexico, the Middle East, and Europe. More than 100 million monthly visitors to forbes.com enjoy unrivaled access to an elite collection of properties presented within the hallmark context of trusted editorial content and timely market data.

Forb esGlobalProp er ties.com >>>

THE SLIFER REPORT SUMMIT COUNTY 2022 | 11

BRECKENRIDGE REVIEW

VS 2020

54% decrease in average days on market - SF / Duplex

26% increase in sales volume - Condo / TH

S L I F E R S M I T H & F R A M P T O N R E A L E S TAT E | 1 2

COPPER REVIEW

VS 2020

100%

of single-family homes sold since 2016 were sold at $1M+ - SF / Duplex

30% increase in sales volume - Condo / TH

THE SLIFER REPORT SUMMIT COUNTY 2022 | 13

DILLON REVIEW

VS 2020

74% increase in sales volume - SF / Duplex

86% decrease in average days on market - Condo / TH

S L I F E R S M I T H & F R A M P T O N R E A L E S TAT E | 1 4

FRISCO REVIEW

VS 2020

83% decrease in average days on market - SF / Duplex

150% increase in $1M+ sales - Condo / TH

THE SLIFER REPORT SUMMIT COUNTY 2022 | 15

KEYSTONE REVIEW

VS 2020

42% decrease in average days on market - SF / Duplex

71% increase in $1M+ sales - Condo / TH

S L I F E R S M I T H & F R A M P T O N R E A L E S TAT E | 1 6

SILVERTHORNE REVIEW

VS 2020

26% increase in average sales price - SF / Duplex

24% increase in sales volume - Condo / TH

THE SLIFER REPORT SUMMIT COUNTY 2022 | 17

We are proud to be the only brokerage in Colorado with a full division dedicated to bringing new developments to market. Our end to end service has delivered another record year in 2021, creating more new homes in our communities than ever before.

To learn more, visit SliferDevelopmentSales.com >>>

SUMMIT COUNTY NEW DEVELOPMENT HIGHLIGHTS

571

$ Million

SUMMIT BLUE | Silverthorne

2021 Sales Volume In 2021 our teams sold $571,257,858 in new development sales.*

343 CLEARWATER LOFTS | eK ystone

New Homes Sold in 2021 In 2021 our teams sold 343 new homes to our valued clients.*

3 4TH STREET CROSSING | Silverthorne

Sold Out New Developments In 2021 our team sold out 3 new developments in Summit County.

2021 NEW DEVELOPMENT SALES OVERVIEW AREA

CLOSED VOLUME

CONTRACTS PENDING CLOSED VOLUME

PENDING TOTAL CONTRACTS VOLUME

TOTAL CONTRACTS

Summit County

$10,773,000

15

$133,827,500

156

$144,600,500

171

Eagle County

$95,915,378

47

$63,485,000

17

$159,400,378

64

Roaring Fork Valley

$42,413,003

17

$224,843,977

91

$267,256,980

108

Total

$149,101,381

79

$422,156,477

264

$571,257,858

343

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*Pending and closed sales volume and sides 1.1.21-12.31.21

CELEBRATING 60 YEARS Founded on Bridge Street, Vail back in 1962 no one has a connection to Colorado real estate quite like Slifer Smith & Frampton. Over the years we have grown to the hundreds of brokers you know today working in every neighborhood from East Vail to Gypsum, but our commitment to our valued clients remains as unwavering as ever.

Slifer Smith & Frampton THEN...

...and NOW

1 Broker

250+ Brokers

1 Office

30+ Offices

Bridge Street, Vail

Across Colorado

1 Market

4 Markets

just Vail

From Aspen to Denver

THE SLIFER REPORT SUMMIT COUNTY 2022 | 19

STAY UP TO DATE ALL YEAR LONG Our team of market experts updates The Slifer Report every quarter. To see the latest numbers and dive even deeper into the report scan the code or visit:

SumitCountyRealEstate.com /Slifer-Report