Thursday, November 14, 2019

November Market Insider


October 2019
The Summit County real estate market for October included 202 residential and 20 land transactions. This is a 10% decrease from last year for residential and a 25% increase for land sales. The average sales price for residential properties is significantly lower compared to last month, at $719,969 - a $103k + decrease. Forty percent of residential transactions were under $500,000. However, 15 sales (7% of total residential sales) from this month came from deed restricted properties, mainly in the new local’s development at Smith Ranch. The 3-month-moving average shows the average sale price holding steady above $800k – a 7% increase from last year. The average sold price/square foot continues to hover around $500/sq.ft. The average for October is $483 (a 6% increase) and the average for the past 3 months is $496 (a 4% increase).
Transactions in the luxury segment have increased since last year by 5% and are 7% higher than last year’s YTD total for October. Once again, the highest sale was a Slifer Smith & Frampton listing. This property is from the Gold Flake subdivision in Breckenridge and sold for $3,300,000. It took 58 days to sell, which is right above this month’s average of 52 days. The overall residential sales volume is 15% less than that of last year at $145,433,799. However, the yearly total is ahead by 1%.
As of November 9th, Summit County has 764 active listings, which includes 598 residential and 166 land. Our real estate inventory is 18% higher than it was this time last year.