Summit County Real Estate Statistics – Average Sold Price & Number of Homes Sold
“How’s the Summit County real estate market?”
March 21, 2017
It’s an exciting time for Summit County real estate. The end of the ski season is in sight, and we will soon start to see more properties coming on the market – especially those with strong rental numbers.
Even in the past week, we have seen some very special properties come and then go very quickly. Let’s make sure we have spoken and you are getting automatic notification of new listings.
Please know, too, that if you aren’t in town to look at a property, I’m always happy to do a video walkthrough for you. Well-priced properties can come and go within a day or two.
And if there’s a particular complex or subdivision you are interested in, whether buying or selling, I’m always happy to provide a custom market report for you. This report will feature properties currently for sale, properties under contract and sold properties, along with year-to-date and historic sales and trends. Just email me to request it.
Anything you can do to get prepared to make an offer when the right property comes along can be helpful. It’s great to know the neighborhood and complexes you like the most and to have a prequalification or preapproval from a lender. Read more tips on coping with a low inventory market.
Inventory of Available Properties
Inventory remains low…about the same as it was in last month’s update. Here are the number of residential properties for sale in each town:
Under Contract activity remains very strong and is running about the same as last month with just over 300 properties pending.
Number of Sales
ALL RESIDENTIAL SALES
Residential sales are up 16%, year over year, Summit County wide. The number of sales is down only in Dillon.
Copper Mountain: +175%
Residential properties currently on the market: 333
Under Contract: 319
Sold YTD: 265 (+16%)
Sales of Single Family Homes are up 3%
Active Single Family Homes on the Market: 148
Under Contract: 118
Sold: 64 (+3%)
Condominium Sales are up 31%
Condos currently active on the market: 113
Condos under-contract: 125
Sold: 148 (+31%)
Of the current number of under-contract residential properties, about 33% are new construction. 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.
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.
The average sold price is up for residential sales in Breckenridge, Frisco, Copper, Silverthorne, and Keystone. The average sold price is down only in Dillon.
We are looking only at the first few months of the year, but prices are up for homes, condos and basically all residential sales, resulting in the following 2017 YTD average sold prices:
Residential Sales Overall: $724,314
Single Family Homes: $1,390,455. This includes two properties over $4,000,000 – both Breckenridge luxury ski in, ski out homes.
Source: YTD: Year to date 1/1- 3/17. Data pulled on 3/19/2017. 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%.
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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