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.