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.

 

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