Summit County Real Estate Statistics – Average Sales Prices, Inventory Levels, Number of Homes Sold
“How’s the Summit County real estate market?”
October 11, 2017
It’s a well-kept secret, but October is extremely pleasant in Summit County. We’ve already had a pretty decent winter storm, which whet our appetite for the ski season, but warm temperatures are back for at least another week or so, and town is relatively quiet. That means it’s a great time to look at real estate… Many of the strong rentals are finally available to view on a consistent basis.
Remember that, if you find a property now, you’ll still have time to close and get settled in before the holidays – or get your home on a rental program before the lucrative winter season.
While we don’t typically see a large number of properties coming on the market this time of year, we are seeing some gems, and there continues to be strong investor interest and activity as well.
Our Market at a Glance:
* Average Sold Price for Residential Real Estate in Summit County is up 18.5%
* The number of sales has increased by 3.5%, year over year.
* The Average Home Sold Price in Summit County is $1,172,550
* The Average Condo Sold Price in Summit County is $420,128
* 54% of all 2017 sales have been over $500,000
* The Average Sold Price in Summit County for all residential properties is $689,744
Homes: So, what does a single family home cost today in Summit County? The average sold price for a single family home is just under $1.2 Million. Three-bedroom single family homes are averaging $840,000 and if you need 5 or more bedrooms, these are averaging $1,750,000. For a newer home (built 2010 and later), the average sold price is $1.6 Million – and for a single family home built 2009 and before, the average sold price is $1 Million.
Condos: The average purchase price for a condo in Summit County is $420,000. A one-bedroom is at an average of $300,000, two-bedrooms average $450,000 and three-bedrooms average $600,000. Condos built 2000 and newer are averaging $687,000 and those built 1999 and after are averaging $380,000.
Townhomes: A townhome costs an average of $670,000 in Summit County. You can get into a two- bedroom for an average of $445,000, a 3-bedroom for an average of $720,000 and a 4-bedroom for an average of $900,000. Townhomes built prior to 2000 are averaging a sold price at $600,000 and those built 2000 and after are averaging $835,000.
Interesting: The peak selling year for residential sales from 1/1-9/30 was 2006. Today the county is witnessing strong sales, yet those sales would have to increase by 28% to equal 2006’s. And, yet, the 2006 average sold price would have to increase 52% to equal the average sold price today.
All the above prices are average sold prices for sales this year between 1/1 – 9/30.
Here’s the Average Sold Price data by town:
To date, a full 54% of 2017 residential sales have sold above $500,000.
Percent of List Price to Sold Price
The percent of List Price to Sold Price on Summit County residential properties is currently at 98.2%, leaving a small 1.8% 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
Of the current number of under-contract residential properties, about one-third are new construction. 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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