Summit County’s runaway real estate pricing has shifted buying trends, & added extra challenges for locals
The explosive escalation of real estate sales in Summit County – and all of Colorado’s Central Rockies – has continued to astound and amaze both real estate experts and longtime locals. Prices and transactions are at an all-time high and show few signs of slowing, even as last year’s pandemic-inspired buying spree shifts gears.
Debbie Nelson, owner/broker at Nelson Walley Real Estate, said the momentum generated in 2020 has certainly carried over into the spring of this year, with year-to-date transactions once again setting records. Inventory is also low, as huge demand has dovetailed with skyrocketing prices.
“Right now, 139 residential properties are on the market in Summit County, and only 42 of those are under $1 million,” she said. “And as of April, we only had 2.1 months of supply – whereas six months is a balanced market.”