Spring & The Spring Market Have Arrived

Spring...what a great week of spring like weather!

Of course, with the spring like weather comes our mud season or shoulder season and along with that a short term lull in our local real estate business that will turn around towards the end of June (historically). In fact, last week the county had 12 properties go under contract and 33 new listings for a dramatic reduction in activity from just the week prior and that prior week was a slower week than the week before...in other words a slow progression into the shoulder season.

Yet, business still goes on and now is a tremendous time for sellers as there are fewer competing properties for sale and a great time for buyers to buy as there are fewer competing buyers. Besides interest rates are still at record lows and buying power at record highs!

Last week the market was slower then the previous weeks and -42% slower then the same week last year for new listing activity and -48% slower for new under contract activity! The number of active properties for sale is now down -13%. Also, interesting to note, the average list price of the residential properties for sale in Summit County this year is currently -2.5% lower as compared to the same average this time last year.

The number of under contract properties today is now up 10.6% over last year at this time and, another interesting tidbit, last year at this time the number of under contract properties were up 27%. The number of sold properties are up 11.4% and the average sold price is down (countywide) -4.4%. The North Side of the county is up 5.5% in the number of sales and down -9% in average sold price and the South Side of the county is up 21% in the number of sales and down -2.5% in average sold price.

Countywide the percent of list price to sold price is 95% and applying that to the average list price of the properties that are currently under contract results in the same sold price that we have today for the near future- actually the average sold price will improve by 0.08 percent. Splitting the county in half shows the North Side with a potential to offset their current -9% average sold price change by a percentage point or two...with the South Side remaining about the same.

Year to date our market sales are surging in the under $500,000 price point where the county has witnessed a 21.5% increase in closed residential properties this year! The mid range, $500k to $1m, is witnessing a decrease of -10%. Interesting if we take out the project sales that were reduced in price to facilitate sales earlier this year that -10% in the mid range changes to -15%. The upper end or over $1m is witnessing a slight gain but if one removed the upper end market that consisted of the project sales mentioned previously then the upper end is also witnessing a negative. In simple terms our county's increase in sales so far has been driven strongly, if not completely, by the under $500,000 sales.

As always, a very interesting real estate market.

Learn More at 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.

Sales Up. Prices Down. Summit County Colorado Real Estate.

The local market: Sales are up countywide by 7% - 17% on the South Side and 1% on the North Side - and inventory is down -12.5%.

The under contract sales activity over the past week is pretty much the same as last year and if trends remain as last year the activity will drop for a bit and start to pick up the end of June. Although,  the county is poised to have more than normal properties selling over the next two months as our current number of properties that are under contract is up 21%.

Average Sold Prices: Countywide down -4.3%. The South Side down -3.4% and the North Side down -8%.

What has sold so far in the county has sold at a ratio of 95% (List Price to Sold Price) and on the North Side that ratio is 95.5% and the South Side that ratio is 94.5%. Countywide this ratio is up about 1 percentage point.

Glancing at the sales by price range show that the $0 to $500,000 sold price range is up in the number of sales and flat for price. In the $500,000 to $1,000,000 range the sales are down and price is also generally flat. The sales in the over $1,000,000 range are showing a general decline in average sold price countywide and yet with the properties that are under contract today that are listed over $1,000,000 their average sold price on the South Side is on track to go up to 2012 levels and the North Side is on track to go up about 3% or about -12% below 2012 levels.

Interesting that what is under contract in the 0 to $500,000 and the $500,000 to $1,000,000 ranges are currently under contract at an average list price that is less than the average sold price so far this year. Thus, those price ranges are on track to go down a tad or generally remain flat.

Learn More at 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.

Summit County Real Estate: Sales up. Prices Down.

2013 Summit County Residential Sales: The number of sales are up (11.6%) and the average sold price is down (-4.4%).

 

If you take out the project sales that were reduced in price to facilitate a quicker sale that occurred earlier this year in Breckenridge the number of sales remain up (6.6%) and the average sold price drops a bit more (-8.6%).

 

The South Side of the County (Breckenridge Market): Up about 10% in the number of sales and double that if you include the project sales. The average sold price is down about -9.5% and only -2.6% if you include the project sales.

 

The North Side of the County (Frisco, Copper, Dillon, Silverthorne, Keystone): Up about 5% in the number of sales and down -8.7% in average sold price.

 

The number of properties that are under contract are up about 16% and taking the average ratio of list price to sold price what is under contract today should up the average sold price tomorrow by about 3%. Or almost to where we were this time last year.

 

What will drive that improvement? Today the single family home pending sales in the South Side of the county coupled with the condominium pending sales in the North Side of the county.

 

Interesting: The North Side has half as many single family homes under contract as what has closed this year. While the South Side has more under contract than what has closed this year. The average sold price potential for condominium sales on the North Side is strong enough to bring it up to the average sold condominium price as of the end of 2012. While the South Side has less of a potential increase and more of a potential decrease as their under contract condominium prices should come in about the same as the non-project sales so far this year. In addition, the average sold price will come in much less if one includes the project sales. 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.

1st Quarter Momentum Continues

As the threat of, yet, another reminder of winter is upon us this week so is the tremendous activity of the first quarter. Last week there were 40 Summit County Residential properties that went under contract - these are peak summer time numbers! Of the 40 5 were listed over a million. There were also 59 new listings and 22 sales.

 

Sales so far are up 5%. And, although I do not have last weeks numbers from last year (I think I was in Tucson, AZ today last year), the total under contract properties are still running about 11% ahead of last year. 

 

If we remove the project sales that were reduced to facilitate quicker sales our market is about even for the number of properties sold so far. In fact, the number of sales on the North Side of the County so far are the exact same as last year and on the South Side the number of sales without that project’s quick sales is the same as last year (actually 1 more sale this year).

 

Average sold price is down -4% countywide - remove the project sales and it is down even more. The North Side’s average sold price is down -10% and the South Side is down (without the project sale mentioned) -8%.

 

The average sold price ratio as compared to list price is at 95% this year. The average list price of the properties that are currently under contract, coupled with the 95% of sold to list price ratio, should result in an improvement in the up and coming average sold price in the County. Still, what is under contract today will probably sell for less than what the average sold price was last year at this time.

 

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.

 

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

1st Quarter Update. Summit County Real Estate.

The market today is up 6% for the number of sales and down -6% for the average sold price for Summit County Residential Properties. An interesting twist or thought is that if we take out the recent sale of a project in Breckenridge, where the prices were adjusted downward in order to facilitate a quick sale (One Ski Hill Place), the results are quite different with sales up 1% and average sold price down -11% in Summit County!

Okay, how about for the North Side of the County (Frisco, Copper, Keystone, Silverthorne and Dillon)? Sales for the first quarter are up 5% with the average sold price down -11%. And for the South Side of the County (basically the Breckenridge area), sales are up 8% and average sold price is down -0.5% and without One Ski Hill Place the South Side sales are down -5% and average sold price is down -9%.Interesting Stuff. Inventory today is down -11% and at this time last year the inventory was down -12%. The total number of properties that are under contract is up 16.5% and last year at this time they were up 15%.Last week the activity came in almost identical to the same week last year. 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.