Summit County Real Estate Statistics – Average Sales Prices, Inventory Levels, Number of Homes Sold
“How’s the Summit County real estate market?”
December 7, 2017
Our Market at a Glance:
* Average Sold Price for all Residential Real Estate in Summit County is up 18%
* The number of sales has increased by 5%, year over year.
* The Average Sold Price for Single Family Homes is up 17%.
* The Average Home Sold Price in Summit County is now $1,169,460 – an increase of $167,000, year over year.
* The Average Condo Sold Price is now $423,744.
* Average Sold Price for Residential Properties in Summit County is now $695,293
The Market is UP!
Prices are up 18%. The Average Sold Price of Summit County residential sales through December 4, 2017, as compared to the same time period in 2016, is up 18%.
This increase represents a rise of approximately $105,000 in Average Sold Price so far this year.
Residential sales are up 5%, which translates to 86 more properties sold.
The Summit County Home & Condo Market: Sales of Single Family homes are leading with a double digit increase in sales of 12%, while also experiencing a 17% gain in Average Sold Price – translating to an increase of $167,000 over last year’s average.
Condo sales enjoyed an average sold price increase of 15% – an increase of $56,000 over last year’s average.
The biggest activity in home sales is taking place in Silverthorne and Breckenridge. Sales of Single Family Homes in Silverthorne are up 26%, followed by Breckenridge with a 12% increase in sales. The number of sales in Frisco, Dillon, and Keystone have all decreased slightly.
Summit County New Construction:
In Summit County as a whole, 52% of the properties under contract (aka “pending”) are new construction. So just 48% of the under contract residential properties are resales (not brand new construction).
The average list price of all pending properties is $964,728, and a full 33% are in the Breckenridge area, leaving 67% in Frisco, Copper, Dillon, Silverthorne and Keystone. Thirty percent of the pending properties are single family homes, 30% are condos, 20% are duplex homes and 20% are townhomes.
New construction projects in Summit County include single family homes and duplexes as well as new condo developments. Of particular note: Peak Ten Bluffs, River’s Edge, Muggins Gulch, The Highlands, and Shock Hill in Breckenridge. In Silverthorne, River’s Edge condos, Angler Mountain Ranch, and new custom homes in Eagles Nest.
Percent of List Price to Sold Price
The percent of List Price to Sold Price on Summit County residential properties is currently at 98.3%, leaving a small 1.87% of negotiation room on the average transaction today.
Luxury Sales in Summit County
Luxury sales are strong in Summit County:
Browse Breckenridge luxury homes or Breckenridge luxury condos. Or read my article Buying a Luxury Mountain Home: 11 Questions to Ask Before You Make an Offer.
There are some good deals out there for sunny view lots. Search available vacant land for sale in Summit County. Or read my article: Land for Sale: 16 Questions to Ask Before You Make an Offer
New construction projects continue in Summit County, especially in Breckenridge and Silverthorne, both single family homes and duplexes as well as new condo developments. Of particular note: Peak Ten Bluffs, River’s Edge, Muggins Gulch, The Highlands, and Shock Hill in Breckenridge. In Silverthorne, River’s Edge condos, Angler Mountain Ranch, and new custom homes in Eagles Nest.
Properties with Strong Short Term Rental Income
Breckenridge and Keystone, in particular, have been seeing very strong rental income already in 2017. One Ski Hill Place, Bluesky Breckenridge, Beaver Run Resort, The Village at Breckenridge, and ski in, ski out homes in Breckenridge seem to be doing particularly well in the rental market and occupancy rates are high. In Keystone, we are seeing strong short term rental income in many complexes, especially the condos in the River Run area, including The Timbers, Lone Eagle, and The Springs. See individual properties with impressive short term rental income or read more about Summit County Real Estate and Vacation Rentals.
REQUEST SPECIFIC DATA & TRENDS
This is just a sample of the data we can analyze for your particular wants and needs. Each area, subdivision and subset of the market tells a slightly different story. Whether you are considering buying or selling, I’m always happy to provide a detailed analytical perspective on any specific complex or subdivision you are interested in. Just email me to request a customized market report. This report will feature properties currently for sale, properties under contract and sold properties, along with year-to-date and historic sales and trends.
CREATE YOUR OWN MLS PORTAL
As you look for potential properties, I can create a personal MLS portal for you so you can have instant and direct access. That way, you can see the same information that we Realtors see, and we can both make sure you are seeing the properties that are interesting to you as soon as they come on the market. Just email me to set it up.
Source: YTD: Year to date 1/1- YTD. SAR Data for Residential (Condo, Townhome, Home, Duplexes) in Summit County, Colorado. Unless otherwise specified. **The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.
Historic Summit County Real Estate Stats, by town and property type
Residential Average Sold Price 2005 – 2016
Single Family Homes Average Sold Price ALL Areas 2005 – 2016
Condo Average Sold Price ALL Areas 2005 – 2016
Duplex Average Sold Price 2005 – 2016
Townhome Average Sold Price 2005 – 2016
Vacant Land Average Sold Price 2005 – 2016
Summit County Residential Sales: 2016 versus 2015
This table shows the 2016 Summit County sales (residential, land, and commercial), broken down by sold price.
Properties under $500K are going under contract quickly. New construction continues in Summit County, especially in Breckenridge and Silverthorne, both single family homes and duplexes as well as new condo developments. Of particular note: Peak Ten Bluffs, River’s Edge, Muggins Gulch, The Highlands, and Shock Hill in Breckenridge. In Silverthorne, River’s Edge condos, Angler Mountain Ranch, and new custom homes in Eagles Nest.
Rental Income is Strong. As someone who studies rental income from various listed properties, I have seen a number of increases in year-over-year rental gross rental figures. One Ski Hill Place and ski in, ski out homes in Breckenridge seem to be doing particularly well in the rental market and occupancy rates are high. See properties with impressive short term rental income. (You might want to bookmark this page as I add to it frequently.)
As Denver and its surrounding communities continue to grow, many of these people are spending extended weekends and longer vacations in the high country. This time of year, especially, we see visitors from across the United States along with international travelers.
Sales Volume. In terms of sold volume, many of our towns around Summit County have been fairly flat, 2016 versus 2015. Breckenridge’s sold volume was just 1.3% higher than 2015. But Dillon, Silverthorne, Summit Cove, and Wildernest has seen 10.4% gains. Again, there is some nice new construction happening here, especially in the Silverthorne area. In Frisco and Copper Mountain, the sales volume decreased by 5.5% while the average price increased 9.1%.
At the beginning of this year, industry experts agreed that we would see mortgage interest rates starting to rise. But instead of higher rates as we move into the middle of 2017, Freddie Mac is reporting the lowest rates of the year.
That said, four major entities (Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors) are still projecting that rates will increase by the fourth quarter of the year.
No one knows for sure where interest rates will be in six months. But getting a mortgage while rates are low means you can get more house for your money.
What does this Summit County market data mean for buyers?
Interest rates remain low but are trending upwards, and our average sales prices are rising, too. If you are in the market for a new home or condo, it’s important to contact me as soon as possible to let me know what you’re looking for. Together, we can look at the inventory levels and pricing data of that particular market segment and I can help you devise a strategy.
Inventory in Summit County is low, and interest remains high. That means there are a few things we need to do together right away. First, I’ll get you signed up for automatic notification of homes that match your criteria, so you can be ahead of the game. I’ll also be asking around and keeping my ears open for new properties that are set to come on the market.
Second, in a market like this, it’s important to be prepared. For example, it’s helpful to talk about financing early in the game, especially in a tight market. I can refer you to a good local lender if you need one. A pre-approval letter from a lender will strengthen your purchase offer when the right property comes along. And you’ll want to make sure your down payment is in order. Read my blog post on how to cope with low housing inventory for more tips.
Read my analysis: “Is Now a Good Time to Buy in Summit County?”
What does this Summit County market data mean for sellers?
Again, average sales prices are on the rise and inventory levels are at record lows. There is a demand for your property. Contact me to get an idea of what your home could potentially sell for in today’s market or read my blog post with insider tips for listing and selling your mountain home.
There are a number of prospective buyers looking for that just right property to come on the market. With relatively few properties available, you could potentially be a bit more aggressive in your pricing right now. Let’s sit down together and talk about the possibilities for your property.
Read my analysis: “Is Now a Good Time to Sell in Summit County?”
Of course, don’t hesitate to contact me if you have any questions about the market, a particular property, or life in Summit County. I’d love to hear from you.
Search Summit County Real Estate for Sale
Unless otherwise stated, SAR MLS data consists of Summit County real estate statistics, residential data only for 2016.
Source: SAR Data for Residential (Condo, Townhome, Home, Duplexes) in Summit County, Colorado. Unless otherwise specified.
**The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.*
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