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
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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.
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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
at es
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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
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MARKET OVERVIEW
THE SLIFER REPORT SUMMIT COUNTY 2022 | 5
MARKET OVERVIEW
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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
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LAND OVERVIEW
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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
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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 >>>
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BRECKENRIDGE REVIEW
VS 2020
54% decrease in average days on market - SF / Duplex
26% increase in sales volume - Condo / TH
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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
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DILLON REVIEW
VS 2020
74% increase in sales volume - SF / Duplex
86% decrease in average days on market - Condo / TH
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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