Thursday, May 10, 2018

April Market Stats


April 2018

As Summit County transitions into spring, residential real estate transactions are on the rise after a comparatively slow start to 2018. There were 131 residential transactions this month, up 7% since the previous April and up 27% from just last month. The residential sales volume represents a corresponding 4% increase from April 2017 and 29% rise since March 31. Residential dollar volume year-to-date totals $304,212,400 as of April 30.

Of the 131 residential transactions this month, over 15% have been luxury homes of $1 million or more and 3 properties closed over $3 million. We are beginning to see sales prices rise in the luxury market, with the highest sale this month at $3,999,000 illustrating a 34% increase compared to 12 months ago. Growth in this market segment is pushing average property values higher.

With climbing values coupled with low inventory, we are also seeing a significant jump in the land market. There were 19 land transactions this month, demonstrating a 90% increase compared to last April. Year- to-date land sales are up 62% from the previous year.

However, for both residential and land, inventory is beginning to rise in anticipation of the summer sales season. As of May 1, there were 553 residential and land properties on the market, up 11% since April 1. With the uptick in inventory and the days on market 3-month moving average still low, we will hope to see both transactions and sales volume continue to grow in the summer months ahead.

Morning Trail Run in the Frisco Peninsula

Trail run on the Frisco Peninsula.  The ice is off the lake early this year!

Thursday, April 5, 2018

Summit County Market Stats March 2018


March 2018

March signals the end of the first quarter of 2018. To date, the Summit County real estate market is experiencing a decrease in sales transactions and volume of approximately 12% compared to last year. While January and February sales were on pace with the prior year the market experienced a significant slowdown in March where there were 95 residential transactions totaling $66.2 million in sales volume. Although March sales transactions increased over February (from 87 to 95), compared to March of 2017 transactions and dollar volume are down 32% and 40% respectively.

While March of 2017 was a record-setting month, this year over year drop in sales indicates that low inventory is influencing the pace of sales as supply is unable to meet buyer demand. As of April 1st, the inventory in Summit County consists of 521 active listings which accounts for 349 residential properties and 172 homesites. Broken out by area this reflects 231 listings in Breckenridge, 36 in Copper, 11 in Dillion, 27 in Frisco, 87 in Keystone and 129 in Silverthorne.

Despite low sales volume, buyer demand is affecting other factors in the market including price per square foot, days on market and sold vs. list price percentage. The three month average of residential price per square foot is $467, up 7% from 12 months ago. Days on market are down 33% to 59 average days to sell, and average sold price vs. list price remains steady at 98%. This demonstrates that residential properties are still commanding higher prices and moving quickly.

Sunday, March 11, 2018

Backcountry Ski on Lake Dillon Today

Happy girl and a happy lab on a backcountry ski today on Lake Dillon.

Thursday, February 22, 2018