Park County Market Update
One of the strongest real estate markets, and some of the most desireable property, in the Summit Area can be found just south of Breckenridge, in Park County, CO. Throughout Park County, you'll find increasing home values that still manage to be attainable, which is a rare thing to come across in 2023.
For those who aren't familiar with Summit's neighboring county, Park is home to rugged mountain views, vast prairies, gold medal fly-fishing waters, and the historic town of South Park City (yes, as in that South Park). 
Here, one can still find riverfront homesteads, remote log cabins, private fishing rights, forested acreage, boundless ranchland, and more for sale. Small towns like Fairplay and Alma keep the western spirit alive and make for a refreshing change of pace, while still boasting amazing proximity to the ski resorts and recreational opportunities across the county line in Summit.
Here, one can still find riverfront homesteads, remote log cabins, private fishing rights, forested acreage, boundless ranchland, and more for sale. Small towns like Fairplay and Alma keep the western spirit alive and make for a refreshing change of pace, while still boasting amazing proximity to the ski resorts and recreational opportunities across the county line in Summit.Park County is also one of the few regions in our market where home values are still increasing. There are a few factors behind that. Markets around the country have shown that demand in areas with below-average price points is not slowing down. Buyers acknowledge properties in these price ranges have more room for growth and are rewarding sellers accordingly. 
Short-term rental ability is also at play here. I've been talking a lot recently about how many sellers (and listing agents) in Summit have begun to overvalue the ability to short-term rent a property. Even though this is a big (or essential) asset to many Buyers, there comes a point where the market can no longer justify massive jumps in home value for the privilege. The gap between the cost of owning a property and the amount a homeowner can offset by renting becomes more of an overwhelming chasm. That trend hasn't, however, been the case in Park County. The average sales price, paired with an increasing demand for vacation rentals away from the 'hustle and bustle', allows Park County homeowners to offset their expenses with rental income in a more substantial way.
Short-term rental ability is also at play here. I've been talking a lot recently about how many sellers (and listing agents) in Summit have begun to overvalue the ability to short-term rent a property. Even though this is a big (or essential) asset to many Buyers, there comes a point where the market can no longer justify massive jumps in home value for the privilege. The gap between the cost of owning a property and the amount a homeowner can offset by renting becomes more of an overwhelming chasm. That trend hasn't, however, been the case in Park County. The average sales price, paired with an increasing demand for vacation rentals away from the 'hustle and bustle', allows Park County homeowners to offset their expenses with rental income in a more substantial way.While the towns of Fairplay and Alma have both instituted short-term rental caps in the last two years, the County has not. Vacation rental licenses are readily available in many popular unincorporated neighborhoods such as Placer Valley, Glacier Ridge, Valley of the Sun, and Warm Springs Ranch. It also doesn't hurt that Park has seen an influx of new services, amenities, and infrastructure in the past few years.
Many of our friends and clients call Park County home, and it's one of our team's favorite places to work in. If you're looking to purchase a mountain property, but want something a little different from ski resort living, or if you're looking to sell your Park County home, and want to ensure your property is priced and marketed right, give us a call!
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