New Summit County Market Insider

Summit County Market Stats July 2018

SUMMIT COUNTY MARKET STATS

July 2018

So far in 2018, the number of residential closings in Summit County has tracked slightly below last year. There were 178 residential closings in July bringing the year-to-date total to 913, which is 4% behind 2017. The dollar volume generated from these transactions was tracking similarly until robust sales volume in July brought the year-to-date total to $691 Million, surpassing last year by 5%.

July alone produced $147 Million in residential volume, an astounding 57% increase over last July. Attributing to this increase were 41 closings of luxury properties $1 million and above, the highest number seen in any given month in Summit County’s history. The total number of luxury transactions for the year is 177, a 7% increase over 2017.

Another factor influencing the increase in sales volume is rising property values. The three-month average price of a residential property is $738,603 which has jumped 19% compared to 12 months ago. July saw the highest sale of the year at $4,700,000.

As of August 1 available inventory in Summit County reached the highest point of the year so far, but at 740 residential and land listings there is still 11% less available inventory than there was 12 months ago. Broken out by area, this includes 363 listings in Breckenridge, 34 in Copper Mountain, 36 in Dillon, 29 in Frisco, 105 in Keystone and 173 in Silverthorne.

Summit County Market Stats June 2018

SUMMIT COUNTY MARKET STATS

June 2018

July 1 marks the end of the second quarter of 2018 and the start to what projects to be a busy selling season. During the month of June there were 171 residential real estate transactions in Summit County. This is 5% decrease compared with a flourishing market in 2017. While total transactions were down compared to twelve months ago, sales volume is up 9% totaling $127,480,397 this month and $543,856,420 year-to-date.

Also important to note of these 171 transactions, 39 closed in the luxury category of $1 Million and above. This is a 117% jump from just 18 luxury closings in June 2017. Sales in this price segment have more than doubled this month and have had steady growth since February.

The significant increase in sales volume compared to the number of transactions has pushed the average sales price higher. The three month average of residential sales price is approximately $738,608 compared to $700,000 in June 2017. On average, properties are selling for 98% of list price and in an average of just 39 days.

As of July 1, there are 723 properties for sale in Summit County including 527 residential properties and 196 homesites. With an uptick of inventory in each town coupled with a 10-year low days to sell, we should expect to see Summit County real estate continue to thrive in the summer months to come.

June Market Insider

April Market Stats

SUMMIT COUNTY MARKET STATS

April 2018

As Summit County transitions into spring, residential real estate transactions are on the rise after a comparatively slow start to 2018. There were 131 residential transactions this month, up 7% since the previous April and up 27% from just last month. The residential sales volume represents a corresponding 4% increase from April 2017 and 29% rise since March 31. Residential dollar volume year-to-date totals $304,212,400 as of April 30.

Of the 131 residential transactions this month, over 15% have been luxury homes of $1 million or more and 3 properties closed over $3 million. We are beginning to see sales prices rise in the luxury market, with the highest sale this month at $3,999,000 illustrating a 34% increase compared to 12 months ago. Growth in this market segment is pushing average property values higher.

With climbing values coupled with low inventory, we are also seeing a significant jump in the land market. There were 19 land transactions this month, demonstrating a 90% increase compared to last April. Year- to-date land sales are up 62% from the previous year.

However, for both residential and land, inventory is beginning to rise in anticipation of the summer sales season. As of May 1, there were 553 residential and land properties on the market, up 11% since April 1. With the uptick in inventory and the days on market 3-month moving average still low, we will hope to see both transactions and sales volume continue to grow in the summer months ahead.

Morning Trail Run in the Frisco Peninsula

Trail run on the Frisco Peninsula.  The ice is off the lake early this year!

April Market Insider