We completed our Mountain Trends report for 2Q2023 with data through June 30, 2023. I have included a FULL copy of the trends packet that covers not only Summit County, but also Grand County, Vail/Beaver Creek, and Durango. You will see that there is a slight decline in overall pricing in Summit County and an increase in the number of transactions! But this report compares year over year, so the data is comparing July 1, 2021 to June 30, 2022 and July 1, 2022 to June 30, 2023. This doesn’t capture the changes we are seeing right now. Use this packet for looking at long-term trends.

For more detailed statistics, I pulled numbers from our MLS for August 2023. In August there were 141 closings in Summit County. This number is trending up from otherwise low numbers of 83 in June and 124 in July. The usual numbers for August should be around 200. Here are the numbers for August closings:

August 2022 – 157
August 2021 – 209
August 2020 – 297
August 2019 – 223
August 2018 – 211

In terms of pricing, we are seeing a very interesting trend. Average pricing for trailing 6 months shows a decrease of 4.2%.

However, trailing 3 months shows an increase of 4.5% showing prices are holding steady.

As much as buyers would like to see more substantial price softening, it appears that we are going to be skipping along current pricing, and I predict prices will remain relatively flat until interest rates go down at which time there will be increased competition and probably a slight increase in pricing.

Average days on Market jumped to 43 in August from 26 in July. As the new listings from Spring either sell, or stay on the market, we will continue to see DOM increase.

Sales in August closed at an average of 97.4% of list price. I expect this number to trend down slightly more, but it is also balanced by price reductions so there won’t be a lot of change. In other words, motivated Sellers will price reduce, so we won’t see an overall trend of properties closing at 10% below list, for example.