Sunday, March 24, 2019

Summit County Market Stats February 2019


February 2019

Although a shorter month, there were eight more residential transactions in February versus January of 2019, totaling over $76.5 million in sales. This is a 17% increase in residential volume compared to February of last year. Twenty-one of those transactions were over $1 million - a 50% increase from a year ago - the highest of which sold for $3,995,000 in Breckenridge.

The residential market continues to experience a healthy growth in price. The average price of a residential property in Summit County increased 13% since last February’s three-month average to $836,960. The average sold price-per-square-foot is up 6% from 12 months ago at $496/square foot.

The average cumulative days on market for residential properties has increased by 16% compared to last year; however this is 53% less than the average DOM over the past five years. As February has come to a close, Summit County continues its record-high sold vs list price percentage of 98% - a percentage it has averaged since February of 2017.

February was an active month with 228 new residential and land listings. Of those new listings, 73 are already under contract, while 41 have sold as of February 28th. The current inventory as of March 1st is 534 properties, 389 accounting for residential properties and 145 homesites. Inventory is up 8% from one year ago, and is more than half of what it was five years ago.
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.