Aimee Straw | 970-445-8583 | [email protected] | Associate Broker, License #FA100067569 | Certified Negotiation Expert and Certified Listing Professional
Your Monthly Answer To: How’s The Market in Summit County? (January 2024)
Taken as an excerpt from Cornerstone Real Estate Rocky Mountains’ monthly Summit Scoop eNewsletter. Contact me today to get on the email list for the full low down! CONNNECT WITH ME HERE
As always in early January, we are still waiting for the final December stats to give us a full picture of how 2023 ended up. Next month we will be able to give a more detailed report on how 2023 compared to 2022.
For now, we do know that November continued the trend of slightly higher inventory and slightly lower number of transactions, yet still a increase in prices overall. At the end of November we saw a total increase of 5.7% for multi-family and 0% for singly family. The single family average price actually increased by about $9,250 to an all time high of $2.069M. Earlier in the year the single family average was 2% down from the previous year, so the second half of the year has shown a slight increase.
What are we expecting to see in 2024? Interest rates have of course been a major driver in all real estate markets for the last year and a half. They seem to have stabilized somewhat but are still very high relative to where they were just a couple of years ago. It will be very interesting to see what happens this coming year with inflation and interest rates, and how that will impact real estate sales. If rates do eventually start to go down, we may see more inventory due to sellers finally being willing to move. However we will surely also see higher demand from buyers who have been sitting on the sidelines waiting for those better rates and affordability. We may also see some investors who have been happy to sit on their cash and earn a high rate decide to jump back in to real estate. Even if rates do not go down, there is definitely some pent up potential movement in the market from both buyers and sellers.
Whether you are looking to buy or sell a property in Summit County I am here to help you navigate the process and reach your goals. Every buyer, seller and property are unique so let me know how I can help.
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