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.