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Q3 2023 Real Estate Market Update for Summit County, Breckenridge, & Surrounding Areas


Q3 2023 Real Estate Market Update for Summit County, Breckenridge, & Surrounding Areas

Video Transcript Below

This is your Q3 Mountain market update for the mountains of Colorado. My name is Betsy Repaske, and I serve the mountain markets of Summit County, Chaffe, Lake, and Park County.

The beginning of this report is going to go over Summit County but I will touch on the other three Counties later in the video. Here are the highlights. Q3 saw a rebound from the sleepy start that we had of the year in Q1 and Q2. Some markets rebounded more than others such as Dylan and Frisco which saw a nearly doubled number of sales in Q3 compared to Q1 and Q2. Overall across these Mountain markets, we saw about 10 appreciation year over year compared to Q3 of 2022. There are some outliers like I mentioned. Keystone actually was down sales significantly compared to Q3 of 2022 with only 46 sales compared to 70, but the median home value in Keystone still went up about 10%.

What this means overall is that we’ve seen a bit more balancing in the market and the numbers that we’re looking at are pretty comparable to historical averages. This includes the months on market that we’ve seen. So we’re back to a range about three to five months of inventory on market. Months of inventory on market is how we talk about how demand compares to the amount of inventory we have. The outlier for this is the area south of Breckenridge, which actually has tips just slightly into a buyer’s market with just over seven months of inventory. Once we get into Park County they’re still looking at about 9% appreciation year over year, but they are solidly in a buyer’s market with 8.2 months of inventory.

When we look at Chaffey county is when things get a little bit interesting. The county is a whole saw a median home price bump about 2% but that all came from Buena Vista. Salida is the only area that I’ll talk about in this video that saw a significant correction with home values with Excuse me with median home values dropping by about 15%. Lake county is pretty boring to talk about but boring’s not bad. The numbers in Lake County for Q3 of this year look about the same like almost identical to Q3 of 2022 and home values there as well went up about 10%.

What this means for you as a buyer or seller is that it’s still a great time to buy because there are areas where it is a buyer’s market and even in the parts of these counties where it’s not technically a buyer’s market by the numbers you can still find some pretty motivated sellers. If you’re a seller who’s looking to sell soon now could be a good time excuse me depending on where you are in these counties. So if you’re looking to buy or sell please reach out to myself at Betsy Repaske on any social media platform or my contact information is linked below and reach out to our team by going to Thank You

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