Source: Summit Daily —
The number of homes sold in Summit County is continuing to decrease each month, a trend that has held since last year. But home prices are remaining record high, according to February real estate data.
The findings come as brokers have been predicting a slight shift in the housing market, eyeing a tilt toward buyers who they say may be more empowered to negotiate home prices amid a post-COVID market boom. But sellers are still nearly reaping their full asking price.
“There were 19.3% fewer sales than a year prior, but that number is about 18% better than we did last month,” stated Dana Cottrell, a Summit County broker and spokesperson for the Colorado Association of Realtors, in a recent report. “The median sales price is up 20.4% over the same time last year. Another federal reserve rate hike could flatten our market again, but as for now, even with this upward trend, sellers are receiving about 97% of their list price.”
The average home transaction in February for both single- and multi-family housing, not including deed-restricted homes, was $1,484,891, according to Cottrell, who called it “our highest average ever.”
Recently released February data from Land Title, a Colorado-based real estate group, shows similar figures. The organization reported an average transaction of $1,320,990, though that includes deed-restricted homes, which are price-capped and aimed at the community’s workforce.
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