You can see in this chart how median pricing with a trailing 6-month analysis shows slight signs of softening for the entire Summit Market.
Note in Silverthorne, with the same analysis, there are more dramatic signs of price softening. This is due to Wildernest (no STR licenses available) experiencing price softening.
And here is Breckenridge. The Breckenridge market covers the most properties but includes MANY properties that have lost the ability to get a STR license. This, along with interest rates, are pushing down prices.
Days on Market
This chart shows median days on the market as 9 for April 2023 in all of Summit. That number is low because we have more new listings bringing down the median number. Remember a few months ago we were around 40 DOM.
If we look at the data using a rolling 6-month analysis, the median days on market is 19.
While there are many ways to look at days on market, what we can see from this data is that days on market is increasing over the crazy days of 2020 and 2021, but as more new properties hit the market, the DOM will be reduced (i.e., there are more listings with low DOM). As the summer progresses and we see how the market absorbs the inventory, this is a key metric I will be watching.
For more in depth analysis, see these reports for all of Summit County.