The average home in Summit County is selling for 100% more than in 2019, from $1.4 million to $2.8 million, according to Altitude Realtors.
It is one of the wildest price hikes anywhere in Colorado.
But just about every market in every corner of the state is battling topsy turvy economics, where supply is not always following demand.
For most of the year home prices have slowly crept higher, while inventory is nearing its highest mark in a decade. More choice should mean lower prices, right?
Even experts are struggling to explain it, but there are some theories.
“Despite the increase in available listings, inventory levels are still low compared to pre-COVID times,” local Realtor Dana Cottrell says. “The rise in listings follows a record low in 2022, so even though more properties are hitting the market, supply remains below historical norms. The region continues adjusting to a ‘new normal’ post-pandemic.”
One more wild card can skew the average in Summit – sales over $10 million.