SUMMIT COUNTY MARKET STATS August 2020
August was another record setting month for Summit County real estate with 207 residential transactions totaling $272.1M in volume. This is a 38% increase in volume compared to August of 2019. Additionally, we saw 93 transactions over $1M, an increase of 60% compared to July 2019 and a 72% increase compared to last month. The highest sale was for $5,350,000, located in the Timber Trail subdivision in Breckenridge.
The average sales price for the month was $922,313, a 9% increase from last month and up 4% compared to August 2019. The average price/square foot for the month of August increased to $512/sq.ft., up 4% compared to July and even with August of 2019. The 3-month average for days on market for residential properties continues to decrease since the beginning to the year and now sits at 57. The residential list vs. sold price 3-month average has remained consistent for the last 6 months at 98%.
Land sales were at an all-time high for the month of August with 39 transactions, an increase of 290% compared to August 2019. Year-to-date, land transactions for 2020 are up 26% compared to 2019.
As of September 3rd, there were 536 active listings in Summit County of which 429 were residential and 107 were land. This is a decrease in inventory of 20% compared to the beginning of August and a decrease of 33% compared to the peak inventory we saw at the beginning of June. For all of Summit County, the month of August has already produced 19 closed transactions and 41 new pending transactions.
Data used in this write-up were collected from the MLS on 9/3/2020