Summit County Real Estate Market Update – December 2015
Real estate sales are up, average sold price is up, and inventory is low. Learn the details, by town and property type – plus what it all means for buyers and sellers – in this market update for December 2015.
As we approach the year’s end, we are seeing both the number of residential sales and the average sold prices continue their upward trend throughout Summit County…
The average sold price, Summit-County-wide has increased about $5000 since November’s market update. Summit County’s average sold price for all properties is now right around $550,000 and the average percent of sold price to list price is hovering at 97%.
As you know if you’ve been looking to buy, inventory is way down (by about 36%.) Even with this decreased inventory, our pending sales activity is still far above last year at this time.
Sales are up, Prices are Up, Sales Price to List Ratio is Up…
The number of residential sales, countywide, is up 15%. Breckenridge is up 13% year-over-year with 698 properties sold. The biggest year-over-year increase was in Copper Mountain, with a 30% increase, followed by Frisco, with a 24% increase.
Average Sold Prices are up countywide, as well, with a 9% increase in the price of homes and a 13% increase in Condos. Breckenridge saw an 11% gain in average sold price, year over year. The average price of single family homes in Breck is now at $1,073,646.
The chart below tells the story, for each town – both homes and condos.
What does this market data mean for buyers?
Interest rates remain low, but with average sales prices on the way up, if you are in the market for a new home, it’s important to contact me as soon as possible to let me know what you’re looking for.
With inventory levels this low, 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 ow housing inventory for more tips.
What does this market data mean for sellers?
Average sales prices are on the rise. 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. Is it yours?
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.
SAR MLS data consists of Summit County residential data only. SAR MLS on 12/10/2015
YTD 12/10/2015. Year over year is 2015 YTD vs 2014 YTD. YTD is Nov 9. Sales comparisons are for dates 1/1 to 12/10.
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.**
%Change is 2015vs2014 YTD or Week.
*Does not include sales numbers or average sold prices for sales at One Ski Hill Place for years 2010, 2013, 2014, 2015