Monday, April 6, 2020

March 2020 Summit County Market Stats


March 2020

Summit County Residential Real Estate transactions have stayed steady through the month of March. The month concluded with 92 residential transactions, an increase of 7% compared to March of last year, and up 3% compared to February. The average sales price for the past 3 months has continued to climb since the New Year and is currently at $854,476; this is just 1% lower than the average at this time last year. The 3-month average price/square foot continues to rise as well and is currently $559/sq.ft, up 3% from last month and 16% higher than March 2019.  The 3-month average for days on market for residential properties is 73, down 4% compared to last month’s average.  Also notable with the downward trend in DOM, we also saw an uptick of 1% in the residential sold vs list price 3-month average, now sitting at 98%.

Land transactions stayed consistent from February to March, with a total of 8 sales. This is equal to the number of land transactions we saw in March of 2019.  The luxury market saw twenty-six $1 million+ transactions in March, an increase of 15% compared to this time last year and an increase of 37% compared to 5 years ago. The highest sale in the month of March was $3,965,000, located in the Cottages at Shock Hill in Breckenridge.
As of April 2nd, the month has already produced 7 residential sales. As of this write-up, there were 675 active listings – 547 residential and 128 lands – a 14% increase in inventory compared to last year and a 15% increase compared to last month.

*Data used in this write-up were collected from the MLS on 4/2/2020*