Summit County Real Estate Statistics – Median Sales Prices, Inventory Levels Number of Homes Sold
“How’s the Summit County real estate market?”
May 5, 2017
After a very busy winter, Breckenridge and the surrounding mountain communities are enjoying some peace and quiet.
The little fox kits are enjoying the historic building near our RE/MAX Breckenridge parking lot.
Rental properties are getting deep cleaned, and – as promised – our inventory is finally increasing. Summit County residential properties for sale are up 15% over the past 30 days. The number of condos available is up 35%.
And it’s a great time to look at real estate. In addition to the fresh new inventory that’s coming on the market, we also have an easier time scheduling showings because there are fewer renters in those homes and condos, especially in the high-demand rental and investment properties.
Summit County Median Sales Prices
The graph below is interactive. Hover over various data points to view historic Summit County Real Estate Statistics
Buyer interest is very high, and well-priced properties are going under contract quickly, especially in particular price ranges and neighborhoods.
I take a very analytical approach to real estate. Each 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.
Note that the percent of List Price to Sold Price is currently at 98.1%, leaving a small 1.9% of negotiation room on the average transaction today. (Condos are closing at an average of 98.8% of list price.)
Inventory of Available Properties
The number of residential properties for sale improved by 15% over the past 30 days in Summit County. The number of condominiums for sale increased 35% and the number of homes for sale increased 7.3% over the past 30 days.
We’ll see even more properties coming on the market until our inventory peaks in late-July or early-August. Again, it’s a great time to get out and see some properties.
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Number of Sales
ALL RESIDENTIAL SALES BY TOWN
The number of residential sales is up 12%, year over year, Summit County wide. The number of sales is down only in Dillon.
Copper Mountain: +147%
Luxury Sales are Strong in Summit County
The number of residential property sales $1,000,000 and above is up 108.7% year to date. Breckenridge’s luxury sales are up 70% and Copper Mountain and Keystone’s numbers are way up, with a smaller data set.
The median price for vacant land sales in Summit County is up 10.8%, year over year. There are some good deals out there for sunny view lots, if you’re thinking about building.
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.
Summit County Property Values by Town
Average Sold Prices are up for homes, condos and basically all residential sales, resulting in the following 2017 YTD average sold prices:
Residential Sales Overall: $738,458
Breckenridge: $992,507 – Includes properties over $4,000,000 – Breckenridge luxury ski in, ski out homes.
Copper Mountain: $616,504
Source: YTD: Year to date 1/1- 4/30. 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
What’s Happening Around Summit County this Month
Mud Season is in Full Effect:
For updates on the conditions of hiking trails throughout Summit County:
Join Summit County Trail Conditions
May Events | Summit County
May 20th | Silverthorne’s Town Clean-up Day | More Information
May 20th | Frisco’s Town Clean-up Day | More Information
April 17th – June 15th | Save money with the Breckenridge Dining Passport, all proceeds benefit the BRA Scholarship | Click to Purchase
Arapahoe Basin Ski Resort:
May 6th, 13th, 20th & 27th | Shakin’ at the Basin Spring Concert Series
May 20th | Swimwear Day | Best Sweatsuit wins a Snowboard
May 28th 2017 | Spring Rail Jam | More Information
Resort Closing Dates:
Loveland Ski Resort: May 7th
Arapahoe Basin: TBA
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%.
Rising Interest Rates
Here are some predictions on where rates will be by the end of 2017:
HSH.com: “We think that conforming 30-year fixed rates probably make it into the 4.625 percent to 4.75 percent range at some point during 2017 as a peak.”
Svenja Gudell, Zillow’s Chief Economist: “I wouldn’t be surprised if the 30-year fixed mortgage rate hits 4.75 percent.”
Mark Fleming, the Chief Economist at First American: “[I see] mortgage rates getting much closer to 5 percent at the end of next year.”
Lawrence Yun, NAR Chief Economist: “By this time next year, expect the 30-year fixed rate to likely be in the 4.5 percent to 5 percent range.”
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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