Market Update Q1 2025
Key Takeaways from 2024
As we reflect on the roller coaster that was 2024, what were the key takeaways?
1. Prices continued to rise overall, up 14% year-over-year, but the increase wasn’t uniform across all markets. The trend varied significantly depending on factors such as location, property type, age of the home, short-term rental potential, and updates or renovations. For instance, condos that faced large special assessments or increased HOA dues due to rising insurance costs saw a notable slowdown in sales, with prices falling behind the broader market. This highlights how the market can differ greatly from one property to another—there’s no one-size-fits-all trend.
In Silverthorne the increase in sales and price is driven by the new construction sales. The 2024 numbers for Silverthorne show prices up 8% and sales up 21%. Without the new construction sales, Silverthorne’s prices would be down 10% for ‘24 versus ‘23 and the number of sales down 23%.
Single-Family Home Sales: The average sold price change ranges from -4% to +21%, depending on which town the home is located in. The number of sales changed from 2023 to 2024, ranging from -33% to flat- to +14%. This stat is interesting, too. The percentage of the list-to-sold price ranges from 94% to 98%, with some locations going from 100% in 2023 to 96% in 2024. There is a wide range of wiggle room for buyers. Below, I have summarized the average sold price, number of sales, and the percent of list to sold price coupled with the percent change ‘24 versus ‘23.
Breckenridge: $2,885,810 - +21%, 180 - +11%, 96% down 1% point.
Frisco: $2,140,932 - +4%, 25 - +14%, 98% up 2% points.
Silverthorne: $2,109,887 - +4%, 93 - -13%, 96% down 4% points.
Dillon: $1,476,076 - +3%, 46 - FLAT, 98% up 1% point.
Keystone: $2,444,125 - -4%, 16 - -33%, 94% down 1% point.
Summit County: $2,452,503 - +14%, 362 - -0.3%, 96% down 1% point.
Buyer preferences continue to lean toward fully remodeled properties or new construction, which consistently command higher list-to-sales-price ratios. (cont. on next page)
2. Interest rates are stabilizing… for now. Buyers are adjusting to the reality that rates are unlikely to return to the 3% or even 4% range anytime soon and are planning their purchases accordingly. It’s important to remember that even if the Fed cuts rates, it doesn’t directly translate into lower mortgage rates for home buyers.
3. The wealth transfer is happening—and it’s driving investment. Regardless of market conditions, families are actively putting their money to work. Many are making long-term decisions that balance lifestyle goals with investment potential.
4. In 2025, new property valuations will be issued by the Summit County Tax Assessor. If you have questions about your new valuation or need help filing a protest if you believe the assessment is inaccurate, please don’t hesitate to reach out. We’re here to assist!
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