Predicting trends in the real estate market in Summit County is a bit trickier in the 2020s compared to the 2010s, according to experts. Events in the late 2010s and early 2020s, namely a global COVID-19 pandemic, skewed the real estate market across all property types. It also had lasting impacts that cause unpredictability in certain markets.
Even though the luxury market has variable trends, there’s one that real estate agents have been able to count on. Prices are continuously skyrocketing for single-family luxury homes even when there’s plenty of competition. Summit Real Estate owner Allison Simson said the onset of the COVID-19 pandemic resulted in what she called the “unicorn years” for luxury real estate.
The unicorn years kicked off at the end of 2020 and lasted until 2022. Simson said this time frame created some unrealistic expectations for brokers. Following the height of the pandemic, she said the demand for luxury homes in Summit was unlike ever before.
People were looking to leave cities and were more than willing to pay to do so. It was the epitome of a perfect seller’s market. With limited inventory on the market and unprecedented demand, prices could reach a new high.
Simson said while the unicorn years have passed, their impacts can still be felt on the luxury market. “Prices shot up 15 to 20 to 25% a year. .
.. Properties appreciated at an unrealistically high rate,” Simson said.
She said the appreciation rates have created situations where a .