Thursday, January 17, 2019

Wednesday, January 9, 2019

Summit County Market Stats December 2018 Review


December 2018 Review

There were 123 closings of residential properties in December, amounting to $101.75 million in sales volume. Compared to last December, transactions are down 5% and residential sales volume is up 7%. Although the number of transactions year-to-date have decreased 9% compared to last year, Summit County residential sales volume is still up 1% year-to-date, totaling $1.4 billion at the close of 2018. The number of transactions in 2018 fell considerably (9%) to 1,778 residential transactions compared to a total of 1,950 transactions at the end of 2017. 

The increase in sales volume compared to transactions continues to push property values higher. Comparing the last 3 months of 2018, the average residential sales price is $783,262 increasing 5% compared to a year ago. Looking at residential average sales price per month, this December was $827,261, compared to $737,898 last December. This 12% increase may also be affected by the rising number of luxury home sales. The number of luxury homes sold for $1 million and above rose 13% in 2018, reaching 364 sales. The number of luxury home sales per year has nearly doubled since 2015.

Observing 3 month averages, the Residential price per square foot rose 7% since last year to $472 per foot. Residential sold price versus list price has remained consistent (averaging above 90%) for the last 7 years, currently averaging 98%. On average, residential properties are selling in 59 days.

Limited inventory is certainly a factor in these changes and availability of properties for sale has continued on a downward trend since 2011. However, as of January 2019 inventory is up 9% compared to last January. As of January 1st 2019 there are 523 active listings in Summit County versus 478 active listings in January of 2018. Breaking it down, there are 381 residential properties and 142 homesites for sale, totaling 523 active listings currently on the market.

Please note: This report is intended to give the reader a general overview of the Summit County area. Statistics can vary by neighborhood and price range, so buyers and sellers are advised to look to their Slifer Smith and Frampton broker for specific information on properties of particular interest. The source of real property information used for this report is the Summit Association of Realtors MLS.

Tuesday, December 11, 2018

Summit County Market Stats November 2018


November 2018

After a robust October, the Summit County real estate market experienced a slowdown in closings during November with 145 residential transactions totaling $117.9 Million. Compared to October, November transactions decreased from 224 to 145. Relating this November with November of 2017, transactions and dollar volume are down 20% and 10% respectively. Year-to-date, the Summit County real estate market is experiencing a 9% decrease in residential transactions with 1,655 total transactions so far.  Even with the slowdown in transactions, sales volume of $1.3 Billion is nearly the same.

Despite lower sales numbers, strong buyer demand is influencing other factors that indicate a healthy real estate market. The three month average of residential price per square foot ($476) is up 9% from 12 months ago. The average number of days on market remains low (53 days), and residential sold vs. list price has stayed at 98% for the last 3 years. Land sales are up 4% with 146 total transactions and sales of properties $1 Million and above are up 9%, totaling 261 transactions.
As of December 1st, the inventory in Summit County consists of 545 active listings which accounts for 394 residential properties and 151 homesites. Broken out by area (residential and land combined) this reflects 228 in Breckenridge, 27 in Copper, 28 in Dillon, 27 in Frisco, 76 in Keystone and 159 in Silverthorne. Summit County inventory fell by approximately 14% since the beginning of last month. This seasonal reduction in inventory may be influenced by sellers taking their home off the market to take advantage of rental income in the winter.

Sunday, August 12, 2018

Summit County Market Stats July 2018


July 2018

So far in 2018, the number of residential closings in Summit County has tracked slightly below last year. There were 178 residential closings in July bringing the year-to-date total to 913, which is 4% behind 2017. The dollar volume generated from these transactions was tracking similarly until robust sales volume in July brought the year-to-date total to $691 Million, surpassing last year by 5%.

July alone produced $147 Million in residential volume, an astounding 57% increase over last July. Attributing to this increase were 41 closings of luxury properties $1 million and above, the highest number seen in any given month in Summit County’s history. The total number of luxury transactions for the year is 177, a 7% increase over 2017.

Another factor influencing the increase in sales volume is rising property values. The three-month average price of a residential property is $738,603 which has jumped 19% compared to 12 months ago. July saw the highest sale of the year at $4,700,000.

As of August 1 available inventory in Summit County reached the highest point of the year so far, but at 740 residential and land listings there is still 11% less available inventory than there was 12 months ago. Broken out by area, this includes 363 listings in Breckenridge, 34 in Copper Mountain, 36 in Dillon, 29 in Frisco, 105 in Keystone and 173 in Silverthorne.

Saturday, July 14, 2018

Summit County Market Stats June 2018

June 2018

July 1 marks the end of the second quarter of 2018 and the start to what projects to be a busy selling season. During the month of June there were 171 residential real estate transactions in Summit County. This is 5% decrease compared with a flourishing market in 2017. While total transactions were down compared to twelve months ago, sales volume is up 9% totaling $127,480,397 this month and $543,856,420 year-to-date.

Also important to note of these 171 transactions, 39 closed in the luxury category of $1 Million and above. This is a 117% jump from just 18 luxury closings in June 2017. Sales in this price segment have more than doubled this month and have had steady growth since February.

The significant increase in sales volume compared to the number of transactions has pushed the average sales price higher. The three month average of residential sales price is approximately $738,608 compared to $700,000 in June 2017. On average, properties are selling for 98% of list price and in an average of just 39 days.

As of July 1, there are 723 properties for sale in Summit County including 527 residential properties and 196 homesites. With an uptick of inventory in each town coupled with a 10-year low days to sell, we should expect to see Summit County real estate continue to thrive in the summer months to come.

Wednesday, June 13, 2018