The latest report of the Colorado Association of Realtors was released Jan. 12, and it confirmed what a lot of Summit County buyers and residents already know: The real estate market last year continued to be strong and appears to be holding steady into 2022.

In the report, which lumped Summit, Park and Lake counties together, Dana Cottrell, real estate agent for Summit Resort Group, said the average price for a single-family home has continued to rise and now hovers around $1.9 million. In the report, Cottrell states that in light of the county’s rising inflation, many investors decided to pull from the stock market and invest in Summit County real estate, a trend she predicted will continue into this year.

One unknown Cottrell noted was how new short-term rental regulations will impact the buying frenzy. Many investors purchase properties with the assumption that they will eventually turn them into short-term rentals, and now that many towns and Summit County government have enacted new measures on the industry, it’s unclear how that will affect the local real estate market.

Nevertheless, the markets in Summit, Park and Lake counties continue to remain strong. The report said the average price of single-family homes in Summit County increased 26% in 2021, while in Park County it increased 35%, and in Lake County it increased 55%.

For a townhouse or condo in Summit County, the average price rose about 18%.