Summit County Sales Activity Up, Up, Up

Today, Summit County has -9% fewer residential properties for sale and, yet, more residential properties are under contract than this time last year - 13.5% more! The number of properties that have sold is also up by 7%! 2013 is coming on strong for the number of residential sales in Summit County.

Inventory is down. Sales are up. Pending sales are up. What about price? As of today, the average sold price is down -4.6%. In fact, if we take the properties that are currently under contract and apply the same list price to sold price percentage that has occurred so far this year for residential sales in Summit County the average sold price in the near term will go down even more.

What is happening with this market? Well, sales under $500,000 are up 20%, sales above $1,000,000 are up 12% (only two transactions) and sales in the mid range are down almost 16%. The current market improvement is being strongly swayed by the under $500,000 property sales. Perhaps driving the average sold price down that 4.6%.

Interesting that the average sold price of the residential properties in Summit County that sold under $500,000 is down -1.2% or basically the same as last year at this time. The same average sold price for the above $1,000,000 sales is showing a reduction of -6% and the mid range is down -1.5% or, again, virtually the same.

With that said, it appears that prices this year are generally the same as last year with the exception of a little bit of downward fluctuation in the upper end market. And, it appears that the number of sales in the lower end are surging. Last year the percent of list to sold price was about 94% and this year it is almost 95% with the Days on the Market dropping this year by about 17% - takes an average of 73 fewer days to get a property sold!

Last week's activity is up, up, up. New properties for sale up 25%, new properties going under contract up 82% and properties sold up 38%. Terrific spring surge of activity. It will be very interesting to see how next week winds down the first quarter.

Learn more here http://www.ecoloradohomes.com 

Source: SAR Data for Residential (Condos, Townhome, Homes, Duplexes) in Summit County, Colorado only. * The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.