In 2026, River Run Village 1-bedroom condos have closed at $468,000 in August and $450,000 in October. In 2025, the same units were selling for about $595,000.
That's roughly $135,000, or about 23%, in a single year. Over the same stretch, 2-bedrooms in the very same buildings have barely moved. Since September they closed at $784,000, $805,000 and $890,000, close to last year's levels.
Same buildings. Same pool, same gondola walk, same village. The only real difference is the size of the unit. I think that tells you something important about how Summit County's condo market works, and why Keystone's small ski condos are taking the hardest hit in this cycle.
Small ski condos change hands more often
I matched every Summit County MLS sale since 2015 to the same property's next sale. Then I asked a simple question: how many properties came back on the market and sold again within five years?
The answer depends heavily on size.
| Unit size | Resold within 5 years |
|---|---|
| Under 800 sq ft | 24% |
| 800 to 1,200 sq ft | 22% |
| 1,200 to 1,800 sq ft | 19% |
| 1,800 sq ft and up | 17% to 19% |
The effect lives in condos and townhomes. For single family homes, size makes no difference at all.
The classic small ski condo turns over faster than anything else. Across the county, about 24% of them resold within five years, against 21% for other condos. In Keystone it was 27%, the highest of any meaningful segment in the county.
That tracks with how these units actually get used. A 550-square-foot 1-bedroom is a great base for a ski weekend. It gets tight for a week, and a lot tighter for a month. Owners outgrow it, trade up, or decide they'd rather rent a place for their two trips a year. So these units come back to market more often than anything else in the county.
Why it matters when buyers pull back
A product that turns over often always has more units for sale relative to how many exist. In a strong market that's fine, because buyers absorb them. When buyers pull back, those listings pile up first.
That's exactly what happened in Keystone this year.
| Active listings on Sept. 1 | 2024 | 2025 | 2026 | Change, 2025 to 2026 |
|---|---|---|---|---|
| Keystone small ski condos | 35 | 33 | 52 | +58% |
| Other Keystone condos | 53 | 64 | 92 | +44% |
| Small ski condos elsewhere in Summit | 57 | 64 | 69 | +8% |
| All other Summit condos | 210 | 262 | 298 | +14% |
That jump wasn't driven by a wave of new sellers. New listings of Keystone's small ski condos rose about 15% this year, and they're still below 2019 levels. Through the first nine months of 2026, only 15 sold, down from 29 over the same stretch of 2025.
At this year's pace, that's roughly 31 months of supply. Most condo segments in the county sit around 11 to 12 months.
Prices followed. Comparing like units in the same buildings, Keystone's small ski condos are selling about 9% lower in 2026 than they did in 2024 and 2025. Other Keystone condos are essentially flat. The River Run 1-bedrooms at the top of this post are the sharpest version of it, down about 23% on the two most recent sales.
One likely factor is new construction at the base. More than 100 new condos at Kindred and Brightwood closed in Keystone this year, at a median around $1.475 million. Those are a different price point, but they are pulling attention and dollars toward Keystone's newest product. I'd treat that as a working explanation, not a proven one.
Copper Mountain is the exception
If small ski condos were simply out of favor, Copper Mountain should be struggling too. It has the same kind of product, a lot of compact units at the base of a major resort. It isn't struggling.
- Copper's condo listings peak at about 20 every summer, and that peak hasn't grown in three years. Keystone's peak went from 102 to 144.
- Copper has sold between 42 and 50 resale condos a year since 2022. No collapse.
- Comparing like units, Copper condo prices in 2026 are about 4% above 2023.
Plenty of buyers assume every resort-base condo market moves in sync. It doesn't. I'm still working out exactly why Copper holds so steady. Whatever the reason, it's the clearest proof that this is a Keystone story, not a story about small condos in general.
Where both sides get it wrong
Right now, plenty of sellers are still pricing a small River Run condo off last year's sales. Those 2025 comps were real. They just aren't the market anymore. More than a dozen 1-bedrooms in the village are asking $549,000 to $628,000 and not selling, some after nine months or more. The two that did sell went for $450,000 and $468,000.
Buyers make the opposite mistake. They see a 23% drop and assume every Keystone condo is on sale. It isn't. The 2-bedrooms in the same buildings are holding close to last year's prices, and Keystone condos outside this small-unit segment are roughly flat. The discount is concentrated in one specific product.
What to do with this
If you own a small Keystone ski condo and want to sell, price against what has closed in the last few months, not what your neighbor got in 2025. With roughly 31 months of supply, the listing that gets the attention is the one priced at the market, not above it. If you don't need to sell, holding is a legitimate choice. Just make that decision on purpose, not because your listing sat.
If you're buying, this is one of the most negotiable products in Summit County right now. A small River Run condo is a great ski base, and you can buy one in 2026 for about $135,000 less than in 2025. Go in knowing the trade-off: these units come back to market more often, so plan to own it for the use it's good at, and plan for a longer hold if you want prices to recover.
If you want more space for longer stays, compare the 1-bedroom discount against what a 2-bedroom costs in the same building. The gap is wider right now than it's been in years.
If you own one of these condos or you're thinking about buying one, I'm happy to pull the exact recent sales in your building and talk through the numbers. Call or text me at 303-907-9129.
FAQ
Are Keystone condo prices dropping?
Yes, for small ski condos. In 2026 they are selling about 9% below 2024 and 2025, comparing like units. Other Keystone condos are roughly flat.
How much have River Run 1-bedroom condos dropped?
About 23%. 2026 sales closed at $468,000 and $450,000, against about $595,000 in 2025.
Are River Run 2-bedroom condos down too?
Not much. Recent 2-bedroom sales in the same buildings closed at $784,000 to $890,000, close to 2025 levels.
Do small condos sell more often than larger ones?
Yes. About 24% of Summit County condos under 800 square feet resold within five years, against about 17% to 19% for units over 1,800 square feet.
Why is Keystone condo inventory so high?
Sales of small Keystone ski condos fell by nearly half in 2026 while new listings rose about 15%. That left roughly 31 months of supply.
Is Copper Mountain seeing the same drop?
No. Copper's condo inventory, sales and prices have held steady for three years.
Is now a good time to buy a small Keystone condo?
2026 prices are well below 2025 and buyers have negotiating room. These units also resell more often, so buy for the use, not a quick rebound.
Tucker Zimmerman
Associate Broker, Slifer Smith & Frampton
303-907-9129 (call or text) · TZimmerman@SliferSummit.com
If you own a small Keystone condo or you are weighing one, I can pull the exact recent sales in your building and walk through the numbers with you.
Data: Summit County MLS, resale only, new construction excluded, pulled October 18, 2026. "Small ski condo" means complexes with 20 or more sales since 2015, a median unit of 900 sq ft or less, and mostly 1-bedrooms. Price changes compare like units in the same buildings, January through September each year.