The Van Gundy Report: October 2023 Summit County Market Update

Summit County Market Update
Written By Ryan Van Gundy

As the ski season kicks off, Copper Mountain welcomes winter enthusiasts with open arms. In this update, we will explore the current real estate market conditions in Summit County, the impact of early season activities, and the exciting new Aerie Lodge at Copper. This comprehensive overview will provide valuable insights for potential buyers, sellers, and anyone interested in the local market.

Current Ski Conditions at Copper Mountain

With all resorts now open, Copper Mountain is ready for visitors. This year promises an exciting ski season, with perfect conditions for both seasoned skiers and beginners. The mountain features a variety of terrains, ensuring that everyone finds their ideal slope.

  • All resorts are operational

  • Perfect conditions for skiing

  • Variety of terrains available

  • Suitable for all skill levels

As the snow begins to blanket the slopes, skiers can enjoy the fresh powder and exhilarating runs. Copper Mountain is particularly known for its family-friendly atmosphere, making it an ideal destination for winter sports enthusiasts. The vibrant community and stunning views add to the overall experience, making it a must-visit location this season.

Real Estate Market Overview

The Summit County real estate market is showing some interesting trends as we transition into the holiday season. Year-over-year statistics reveal a slight decline in average sold prices, but there are signs of recovery. Let’s break down the current market conditions.

Year-Over-Year Price Changes

The average sold price in Summit County has decreased by approximately 3%. This decline is a significant improvement compared to earlier in the year, when prices were down by 8% to 9%. This indicates a rebound in the market as we approach the end of the year.

  • Average sold price down 3%

  • Earlier decline was 8-9%

  • Market shows signs of recovery

Sold Volume and Listing Trends

Despite the recovery in prices, the sold volume remains down by over 10%. This suggests that while prices are stabilizing, the number of transactions has not yet fully returned to pre-pandemic levels. However, the listing price to sales price ratio has improved, now standing at 98%.

  • Sold volume down over 10%

  • Listing to sales price ratio at 98%

  • Improvement from previous 96-97%

This increase in the listing price to sales price ratio indicates that homes are selling closer to their asking prices, which is a positive sign for sellers. It reflects a competitive market where buyers are willing to meet sellers' expectations, enhancing the overall health of the real estate market.

Properties Under Contract

Another encouraging sign is the number of properties currently under contract. As the year winds down, it appears that we are experiencing a surge in sales activity. This trend is likely to continue as we approach the holiday season, a time when many buyers are motivated to make a purchase.

  • Increased properties under contract

  • Surge in sales activity expected

  • Holiday season drives buyer motivation

For potential buyers, this is an opportune time to explore available listings. The combination of competitive pricing and motivated sellers could lead to favorable outcomes for those looking to invest in Summit County real estate.

Introducing the New Aerie Lodge

Copper Mountain has recently unveiled the long-awaited Aerie Lodge, which replaces the former Solitude Station. This new lodge elevates the dining and drinking experience, making it a prime spot for après-ski activities. The views from inside the lodge are breathtaking, providing a perfect backdrop for relaxation after a day on the slopes.

  • New Aerie Lodge open at Copper Mountain

  • Replaces Solitude Station

  • Enhanced food and drink options

  • Incredible views from the lodge

The Aerie Lodge is not just a dining venue; it’s a community hub where skiers and snowboarders can unwind. Whether you’re looking for a hearty meal or a cozy drink, the lodge promises to deliver an exceptional experience.

Conclusion

This October update highlights the dynamic nature of the Summit County real estate market and the exciting developments at Copper Mountain. With the ski season underway and the Aerie Lodge now welcoming guests, there has never been a better time to explore what this beautiful region has to offer.

As we move deeper into the season, the combination of improving market conditions and the allure of winter sports makes Summit County an attractive destination for both visitors and potential homeowners. Keep an eye on the market trends as we approach the new year, as they may present unique opportunities for buyers and sellers alike.

If you’re interested in learning more about the Summit County real estate market or planning a visit to Copper Mountain, don’t hesitate to reach out. With the right guidance, you can make informed decisions that align with your goals.

Thank you for reading this update. We hope you found it informative and engaging. Stay tuned for more insights and updates as the season progresses!

For more information or to get in touch, you can reach us at:

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We look forward to seeing you on the slopes!

Ryan Van Gundy

A highly accomplished real estate broker with years of industry experience and a reputation for delivering outstanding results. Known for his dedication, expertise, and top-tier client service, he has helped countless buyers, sellers, and investors navigate the real estate market with confidence.

Ryan’s passion for real estate began at an early age. Growing up in a family of real estate professionals, he was immersed in the industry from the start. Inspired by this legacy, he obtained his real estate license shortly after college and quickly established himself as a trusted expert in the field.

http://skiingrealtors.com/
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