The Low Down On the High Country | January 2023

Happy New Year!

Welcome back to the scoop! I hope you had a great holiday season, and your new year is off to a great start. If you were on the list for calendars, you should have them by now! We left 2022 with news of snow and it has continued into 2023. We had a snow storm this week that has dumped around a foot of snow throughout the county and has led to great snow conditions for this MLK weekend. It looks like we should see some sun this weekend, so as always, it's a great time to be up in the mountains!

With the snow flying, resorts and town activities are in full swing. We've got tubing hills, skating ponds, nordic skiing and more open now through the rest of the winter (end of March/mid-April) to go along with the great skiing we're famous for. For those with family members looking for a day a little more restful, our shops and restaurants are fully open as well. If your itch is fun and involves snow and outdoor activities, we've got your scratch!

For those of you who plan ahead and love barbeque, be aware that the Barbeque Challenge is moving from Frisco to Copper this year. I know I've run into a number of you on Main Street in the past, you'll have to look for me in a new location.

On a business related note, Silverthorne just passed their short-term rental rule update. They're going to cap permits at 10% for the non-core areas of town and 50% for core areas. Summit County proper has a 9 month moratorium that should expire mid February. I'm not sure what direction they're going to go once that sun has set, but I will keep you up to date as info comes out.

Take care,

Ray



Photo from the Summit Daily

For those of you who have been reading the scoop for a while now you'll remember there was a ~ 2 year stint where all we talked about was zero inventory and raising prices. That pattern broke with the increase in interest rates, but we've begun a new pattern. Now we have relatively stable prices and inventory that's below average, but above the bottom. Days on market have increased and are getting back to the 45 day average we used to see in a "typical" market.

It also looks like inflation is slowing and the fed may continue to back off on interest rate hikes and while there may be more, that number looks like it will be more like the .25% we saw in December vs the .75% we saw over the summer.

There are some good deals to be had right now, I've been on both sides of a few of them, but they're rare. It's usually been a low offer hitting a motivated seller. I know there are some out there who feel the market is going to tank, and I don't see that in the cards right now. We still have decent buyer demand, and current owners in at low interest rates are not motivated to move.



I'll continue to keep you posted on the market and its changes but as always, individual goals over-ride trying to time the market. If you have any questions I can help with, please reach out and I'll do my best to guide you in the right direction.

There were a total of 134 transactions  

and $175,638,348 in monetary volume in November 2022. Year-to-date monetary volume is down 26% from 2021 and transactions are down 38% from YTD 2021. The most active price point for November 2022 was between $1mil to $1.5mil with 20 transactions. There were 56 transactions above $1M. In November the average residential price was $1,383,446 and the average residential price per SF was $731. 

Summit County Real Estate Transactions

Average Sales Price

For 2022, the average sales price by property changed as follows: 21.2% increase in Single-Family Homes, 20.3% increase in Multi-Family Homes, and 31.8% increase in Vacant Land.

Single Family Homes 

2006 - $737,253

2007 - $798,889

2008 - $835,803

2009 - $905,030

2010 - $770,797

2011 - $734,262

2012 - $764,445

2013 - $751,240

2014 - $784,779

2015 - $855,925 

2016 - $934,163 

2017 - $1,087,893 

2018 - $1,142,905

2019 - $1,262,929

2020 - $1,386,525

2021 - $1,717,028

2022 - $2,080,591 YTD

(21.2% increase)

Multi Family Homes 

2006 - $333,501

2007 - $406,529

2008 - $463,633

2009 - $398,051

2010 - $425,080

2011 - $367,280

2012 - $353,339

2013 - $344,578

2014 - $357,612

2015 - $399,232 

2016 - $409,673  

2017 - $473,862 

2018 - $523,519

2019 - $559,776

2020 - $606,487

2021 - $750,022

2022 - $902,497 YTD

(20.3% increase)

Vacant Land

2006 - $311,951

2007 - $391,587

2008 - $470,260

2009 - $399,025

2010 - $336,625

2011 - $246,478

2012 - $309,512

2013 - $324,137

2014 - $318,230

2015 - $372,794 

2016 - $353,500  

2017 - $323,692 

2018 - $366,814

2019 - $344,945

2020 - $368,859

2021 - $504,480

2022 - $664,941 YTD

(31.8% increase)

As of January 10th, 2023, there were 250 active residential listings in Summit County and 42 land listings. Inventory is down 16.81% since last month which puts us at 1.12%.

As of January 10th there were 384 pending sales in the County. 26 went pending in the past 2 weeks.

There were 313 loans in November 2022. 84 were related to sales, there were 59 REFIs and 170 loans were timeshare-related. The percentage of cash transactions for November was 37%. 

Demographics: In November 2022, Front Range buyers were 43% of our market, 27% were 'locals' and 29% were out-of-state buyers. 1% of buyers were International.

At Cornerstone Real Estate Company, LLC, we maintain all of this data in Excel spreadsheets. Thanks to Land Title Guarantee for providing the monthly statistics. Please let us know if you would like a copy of the full set of data and it would be our pleasure to email it to you."

Whether you are looking to buy or you need help selling your current property, we can give you the local knowledge and expertise you need to make the best decision.  

With our MLS I can create a personal website just for you that gives you direct access to the Summit County MLS without having to log in.  Searching the MLS allows you to see the most up to date and accurate information possible, since that is the same database that the Summit Realtors use. You will also be able to Save your favorite listings, and I can set it up to send you emails immediately when new listings come on the market that match your criteria.

Cornerstone Real Estate Listing Updates

As of January 13th, 2022

Active Listings: (price drops in red)

$400 per month - Office Space Lease at 22869 US HWY 6 in Keystone

$1,800 per month - Commercial Space Lease at 23024 US HWY 6 in Keystone

$2,800 per month - Commercial Space Lease at 23024 US HWY 6 in Keystone

$300,000 - 3BD/2BA 1/4 Share Condo at Wild Irishman in Keystone

$500,000 - 3BD/2BA 1/2 Share Condo at Wild Irishman in Keystone

$649,000 - .63 acres at 494 Lake View Circle in Breckenridge

$689,000 - 3BD/3BA Villamont Condo in Silverthorne

$1,050,000 - 2BD/2BA Windwood Condo in Frisco

$975,000 - 3BD/3.5BA Miners Run Duplex in Silverthorne

$1,995,000 - 4BD/3BA Townhome at Settlers Creek in Keystone

$2,700,000 - 5BD/5.5BA Single Family Home at 45 Forget Me Not in Keystone

Click here to see the active listings

Sold Listings:

$380,000 - 0BD/1BA Slopeside Condo in Keystone

$408,000 - 2BD/2\1.5BA Single Family Home at 1543 County Rd 19 in Kremmling

$725,000 - 2BD/2BA Townhome in Willowgrove Sub in Silverthorne

Click here to see the sold listings

Arapahoe Events:

January 13th - Supper Club: Prime Rib

January 24th - Rise and Shine Rando Series #6

January 27th - Mile High Spirits Pairing Dinner

Breckenridge Events:

January 23rd - Feb 1st - International Snow Sculpture Championships

Copper Events:

January 23rd - 27th - U.S. Revolution Tour

January 28th - Uphill Race Series

January 28th-29th - Safety Fest

Frisco Events:

January 18th-22nd - Up and at 'Em Nordic Ski Races

January 28th - Eat, Ski and Be Merry

Keystone Events:

January 20th - Winter Comedy Series

January 27th-28th16th - Winter Bluegrass Weekend

Developer Unveils 24 Multi-million Dollar Keystone Townhomes

Silverthorne Moves Towards Capping Short Term Rentals

Colorado BBQ Challenge Revival Planned for Copper Mountain in Summer 2023

Tired of lift lines? Here’s how to pedal through packed powder on a fat-tire bike in Summit County

You’ll find all those retro candies and many more at

The Footes Rest Sweet Shop.



Re-live those sweet memories of the good old days by enjoying our huge selection of classic candy and nostalgia candy that you’ll remember from when you were a kid. The Footes Rest Sweet Shop is an old-fashioned candy shop featuring a huge variety of vintage candies.