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.
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