Even with record low inventory, Summit County real estate transactions have remained strong. During the month of February, we saw 114 residential transactions, totaling $121.1M in volume, a 28% increase in transactions and a 49% increase in volume compared to 2020. Land transactions were up 125%, with 18 closings during the past month.
The luxury market is also holding strong with 38 properties closing for over a million dollars, a 52% increase compared to a year ago. The highest sale was for a new construction single family home that sold for $4,999,000, located in the Shock Hill Subdivision in Breckenridge.
The average residential sales price has continued to climb and surpassed one million dollars in the month of February, now sitting at $1,061,863 for the month and $974,324 for the 3-month moving average. This is a 16% increase in average sales price compared to a year ago. The 3-month average price/square foot is now at $598, up 17% compared to last year. With limited inventory the average days on market continues to fall, now at 57 days for the 3-month average. The average residential list vs. sold price remained unchanged compared to January at 100%, this is an increase of 3% compared to a year ago.
As of March 3rd, there were 154 active listings in Summit County, of which 133 are residential and 21 are land. This is a decrease in inventory of 6% compared to a month ago and a 74% decrease compared to a year ago.
Data used in this write-up were collected from the MLS on 3/3/2021