Summit County Real Estate Statistics – Average Sales Prices, Inventory Levels, Number of Homes Sold
“How’s the Summit County real estate market?”
February 15, 2018
It is early in the year so not a lot of sales to report yet. The above stats video will show just where the real estate sales are today, as compared to the same time period in 2017. To put the January sales in to perspective, last January of 2017 represented 6% of the total annual sales in 2017.
With that in mind, prices are up with the average sold price coming in at an increase of +6%. The percentage of list price to sold price is moving upwards as well and is at 98.5%. In other words, properties are selling at 98.5% of their list price on average. In addition the average number of days on the market is now at 45.
It’s interesting to note that – of all the properties that are under contract today – their average list price is around $930,000. If those sales come in at that 98.5% of list price, that will push the average sold price in the county up even higher.
Another interesting point is that 49% of what is under contract today is brand new construction. Of what has sold so far this year 19% of those sales were new construction.
Inventory is still extremely low and demand is high. The local Summit County real estate market is starting 2018 very similar as it did in 2017.
You can view the above stats video in PDF Format.
Request Specific Information & Reports: Of course, 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.
More Real Estate Stats – Videos & PDFs
Historical Stats, 1994-2017: Full Screen
Residential prices are up in every town in Summit County. Inventory is still extremely low and demand is high. The luxury market ($1,000,000 plus sales) is reaping the benefit of the prices moving upward with an increase in sales of +49%.
Our Market at a Glance, through 12/31/2017:
* In 2017, the Average Sold Price for all Residential Real Estate in Summit County went up 17%, year over year, to $700,889.
* The number of sales increased by 6%, year over year.
* The Average Sold Price for Single Family Homes increased 15% to $1,166,171.
* The Average Sold Price for Condos increased 15% to $426,871.
* Average Days on Market for all residential real estate is 62 days (Single Family Homes: 96 days; Condos: 45 days).
* Properties are selling very close to list price, with an average list-price-to-sold-price ratio of 98%.
* To compare to our previous year, in 2016, the Summit County residential market experienced a 3.9% decrease in the number of residential sales and a 5.8% increase in average sold price, compared to 2015.
The following chart shows how strong our real estate market in Summit County is. This includes residential, commercial and land sales: Sales volume is unprecedented across the County.
The average price per sale (residential, land, and commercial properties), from 1980 to 2017:
On the residential side:
The Summit County Residential Real Estate Market is UP!
Average Sales Price
The Average Sold Price of Summit County residential sales through December 31, 2017, as compared to the same time period in 2016, is up 17%.
2017 Average Sold Prices were up significantly in each of our Summit County towns:
Copper Mountain: +30%
Number of Sales
Residential sales are up 6% overall.
Keystone’s market led the way: +18% increase in number of 2017 sales over 2016.
Copper Mountain: +15%
The Summit County Home & Condo Market: By the end of 2017, sales of Single Family homes experienced substantial gains, while also experiencing large gains in Average Sold Price in every town in Summit County.
Average Single Family Home prices in:
Copper Mountain: $2,231,250
Keystone: $1,321,714 (an increase of 8%). Note that Keystone and Copper Mountain have fewer single family homes – and proportionally more condos – than many of the other Summit County communities.
Breckenridge: $1,287,506 (an increase of 15%)
Frisco: $1,074,545 (an increase of 25%)
Silverthorne: $991,727 (an increase of 13%)
Dillon: $761,988 (an incrase of 12%).
Condo sales were strong, as well, with a strong seller’s market at the lower price points.
Condo average sold prices by town:
Breckenridge: $542,209 (+17%)
Frisco: $487,469 (1%)
Keystone: $416,294 (+22%)
Copper Mountain: $385,552 (+10%)
Silverthorne: $356,768 (25%)
Dillon: $269,943 (+11%)
Summit County New Construction:
By the first week of December 2017, 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 98.4%, leaving a small 1.6% 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.
Here’s where the price gains of residential properties $1M+ were largest:
Copper Mountain: +34%: Largely due to properties in Lewis Ranch and The Masters at Copper Creek.
Dillon: +14%: Several sales in Whispering Pines Ranch and The Pinnacle at Summerwood.
Frisco: +11%: Frisco has a number of luxury neighborhoods. 2017 was especially strong for sales in The Reserve at Frisco, Wiborg Park and the Frisco Duck.
Breckenridge: +2%: Breckenridge also has a number of luxury homes and luxury condos, with a total of 215 sales over $1M in 2017. Sales were particularly strong in Shock Hill, One Ski Hill Place, Highlands at Breckenridge, Boulder Ridge, Woodmoor, Warrior’s Mark West, Weisshorn, Timber Trail, Tyra, Summit Estates, Spruce Valley Ranch, and the in-town subdivisions, including Abbetts Addition. Of course, sales were quite robust in the new construction luxury developments, especially Shores at Breckenridge, Shock Hill Overlook, River’s Edge, and Peak Ten Bluffs.
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
Many properties saw increases in year over year short-term rental income. I look through rental numbers on a daily basis, and it is not uncommon to see double digit gains in average annual gross incomes. The largest gains I’ve seen were in Breckenridge and Keystone condos.
In Breckenridge, 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.
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- 12/31/2017 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.
Compare to my 2016 Real Estate Recap. In 2016, the Summit County residential market experienced a 3.9% decrease in the number of residential sales and a 5.8% increase in average sold price, compared to 2015.
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
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