The Van Gundy Report - August 2023
As summer fades and autumn approaches, the changing seasons bring new perspectives, especially in the real estate market. In this report, we will delve into the current state of real estate in Summit County, Colorado, focusing on market trends, property inventory, and local highlights. Whether you’re a potential buyer, seller, or simply an interested observer, understanding these dynamics is essential.
Current Real Estate Trends
The real estate market in Summit County remains relatively stable, despite fluctuations in other regions. While the changing seasons bring a refreshing perspective, the market trends are holding steady. It’s essential to keep an eye on these trends as they can significantly impact buying and selling decisions.
Stable market trends
Consistent property values
Interest rates are still a concern
Currently, the inventory level sits at 450 active properties, with 109 homes sold recently. This balance in inventory is crucial for maintaining market equilibrium. The upcoming discussions on interest rates could further influence buyer behavior and market dynamics.
Absorption Rates in Summit County
Absorption rates are a critical metric in understanding how quickly homes are selling in a given market. This statistic reflects the relationship between the number of homes sold and the total inventory available. In Summit County, the absorption rate reveals distinct patterns across various price ranges.
Luxury Market Insights
The luxury market in Summit County is witnessing notable changes. Here’s a breakdown of the absorption rates based on price ranges:
Under $1 million: 2-month supply
$1 million - $2 million: 3-month supply
$2 million - $3 million: 6-month supply
$3 million - $4 million: 9-month supply
$4 million - $6 million: Nearly 10-month supply
Over $6 million: 7.3-year supply
Homes priced under $1 million are in high demand and move quickly. This segment shows resilience despite market fluctuations. However, properties in the higher price brackets, particularly those over $2 million, are experiencing longer selling times, presenting opportunities for buyers.
Seasonal Activities and Local Highlights
As we transition into fall, it’s essential to embrace the seasonal activities that Summit County has to offer. The crisp air and stunning foliage create a perfect backdrop for outdoor adventures. One of the best ways to enjoy the season is through trail running.
Trail Running: A Perfect Escape
Trail running offers a unique way to experience the beauty of the area while also providing a mental reset. The trails around Frisco are beautiful, especially with the changing leaves. This activity not only promotes physical health but also allows for introspection and clarity when considering real estate decisions.
Local Dining and Entertainment
After a refreshing trail run, there’s no better way to unwind than by enjoying local dining experiences. A popular spot for many residents is Sports Grill in Frisco. This venue provides the perfect atmosphere for catching up with friends and enjoying the local football season.
Great food specials
Welcoming atmosphere
Multiple screens for games
Sports Grill is a hotspot for sports enthusiasts, ensuring that you won’t miss any of the action while savoring delicious meals.
Conclusion
The real estate market in Summit County is stable, with significant insights into absorption rates and inventory levels. While properties under $1 million continue to sell swiftly, higher-priced homes present unique opportunities for buyers. As we embrace the fall season, engaging in local activities and enjoying the beauty of the area is essential. Whether you’re looking to buy, sell, or simply explore, the market remains vibrant and full of potential.
For further inquiries or assistance regarding real estate in Summit County, feel free to reach out:
Email: rvangundy@remax.net
Cell: (970) 333-4828
Website: skiingrealtors.com
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