The year 2022 was an unusual one for market conditions. It started off like a fighter jet and quickly switched to a horse and buggy. Or maybe even a turtle, climbing uphill, in the winter. The second half of the year brought annual statistics down 25% in dollar volume and down 37% in number of transactions. However, we are still seeing average pricing holding steady. Land Title statistics show that 2022 v 2021 had average pricing increase by 20% for single family, 20% for multi family, and 32% for vacant land.
Average pricing for residential property types in 2022 are:
- Single Family: $2,060,049
- Multi- Family: $899,464
- Vacant Land: $666,095
2022 Mountain Trends
We have our new 2022 Mountain Trends booklet done! Click here to link directly to this awesome report. Average appreciation from 1992-2022 is 8.42% per year. Average pricing per this report shows a 15% increase in all of Summit from 2021 to 2022.
Enjoy this report to see each market broken out individually.
I thought it would be interesting to see how much Summit County real estate appreciated since Covid. I chose the time frame of January 2020 (just before the covid weirdness entered the scene) to January 2023, the last full month I can pull data. Average appreciation went up 55.7%!
I included some interactive chart links below.
Three Year Appreciation all Summit County
January 2020 to January 2023 interactive charts:
Average Pricing: $770,000 to $1,191,482 +55.7%
Median Pricing: $590,000 to $897,500 +52%
Price Per Square Foot
I thought I would also look at price per square foot to see if anything stood out to me there. Like you would expect, average and median prices over the last three years are up 55% and 59%, respectively. What this statistic told me is that the median is being pulled up, and there are not many options for low PPSF properties.
Price per square foot interactive charts:
Average: 480-742 +55%
Median: 455 to 727 +59%
One thing we know for sure is that prices have gone up dramatically since Covid – but will it last?