Sales Up. Prices Flat. Summit County, Colorado Real Estate

The Market: Sales Up. Prices Flat.

Plus 14%: the increase in the number of residential properties that have sold in Summit County. Minus 14%: the decrease in available inventory of properties to purchase. Minus 1%: the change in average sold price. Plus 5.5%: the improvement in the number of properties that are under contract and getting ready to close!

 

Right now the county is in the midst of a very strong market which is improving over last year and last year improved over the year before as did the year before...the market seems to be on a positive track of even more sales, yet again, in 2013; which is very evident today with a 14% improvement.
 

The North Side of the county (Copper, Frisco, Keystone, Dillon and Silverthorne) has an increase in sales of plus 4% with a minus 8% change in average sold price. The South Side (which consists of the town of Breckenridge and surrounding areas - think Hoosier Pass to Farmers Corner [the high school]) has an increase in sales of plus 30% and an average sold price that is flat.
 

Price Ranges: Earlier in the year the driving force of the improved market just happened to be the sales occurring under $500,000 and that driving force is still there with a slight change as there has recently been a number of higher end sales (above $1m).

By price range & side of the county (North or South): Sales by sold price range of 0 to $500k are up plus 11% in the North and up plus 41% in the South with prices down in both areas (-3.5% & -2.5%). The $500 to $1m sales are down minus 11.5% in the North and up plus 11.5% in the South with prices flat in the North and down (-3%) in the South. The higher end sales have improved recently in the $1m plus range in the South Side of the County only. Sales over $1m are down (-27%) in the North and up (+66%) in the South with prices up a tad in the North and down a tad in the South.
 

Last week's sales activity ended on a high note with plus 16% in new inventory, plus 28% in new properties going under contract and plus 39% in properties that sold.

Source: SAR Data for Residential (Condo, Townhome, Home, Duplexes) in Summit County, Colorado. Unless otherwise specified. **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 Sales Up 19% YTD: Resort Real Estate.

The Market: The big news is that sales are up 19%! The flip-side is that the number of pending properties getting ready to sell dropped about 11 percentage points to a negative -6% as compared to this time last year.

 

Right now the market has about -13% fewer properties for sale than this time last year and those properties for sale have an average list price that is a little less than what the average was last year. Another interesting point is that the average sold prices year to date have dropped over the past week. In fact, here is a graph of the Single Family Home sales comparing the average sold price and average sold price per square foot for each year from 2001 through 2013 YTD.

Thus, so far as compared to the year end average last year the single family home average sold price is showing a downward trend of -7.6% - interesting as well is that the YTD average sold price for homes is down -8% from the same time last year (Jan 1 through May 12). Here is the graph representing the same for condo sales where there is a -4.7% downward change from 2012 year end and, not on the graph, the condo average sold price change as compared to the same time last year (Jan 1 - May 12) shows a downward change of -11% (again, this is removing the project sales earlier in the year).

What's driving the increase in sales? If we take all the residential sales in Summit County (again without the project sales mentioned) and separate the sales into price ranges of sold prices from 0 to $500,000 and $500,001 to $1m and $1m plus here is what we get: $1m plus is a flat market, $500,001 to $1m is a down market and the 0 to $500,000 sold price range is an up market. In fact the under $500,000 sold market is up 31% in the number of sales and down -2.5% in average sold price. By the way, all price segements are down or flat in sold prices.

What type of property is selling in that under $500,000 sold price point? Well Single Family Home sales are down countywide by -8%. The number of Single Family Home Sales are down in all price segments. Okay, how about condo sales then? Condo sales over $500,000 are down. But, condo sales in the under $500,000 sold price segment are up 58.5%.

What is interesting is that the improvement in the number of sales in Summit County is completely in the under $500,000 sold price points and all driven by condominium sales in that price segment. Very interesting.

In general a tremendous increase in sales activity, prices still down and the driving force so far this year have been condo sales.

PS: Ahh, but what about the townhome sales? Townhome sales are about a quarter of the condo sales so far this year, so not a big number in the overall numbers - but, here is what is interesting, the number of townhome sales is flat (down by 1 sales this year) and, yet, the average sold price for townhomes is up 14%.

Learn more online 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. 

Home Sales - Summit County, Colorado

Here is a graph representing the average sold price for Single Family Homes in Summit County. The year to date for 2013 runs through May 5, 2013 and the other years are averages for the entire year of sales. Interesting.

 

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. 

Condo Sales - Summit County, Colorado

Here is a graph representing the average sold price for Condos in Summit County. The year to date for 2013 runs through May 5, 2013 and the other years are averages for the entire year of sales. Interesting.

 

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, Way Up! Summit County Real Estate Sales...

 The Market: Sales are up 15.5% and average sold prices are down -3.5%. Pending (properties under contract) activity is up 5%. Last year at this time sales were up 3%, average sold prices were down -2.5% and the pending activity was up 30%.

Sales: Through May 5th sales are up 15.5% countywide. The properties are selling after being on the market for an average of 323 days and last year at this time it took an average of 403 days. The North Side of the county is up 8% for the number of sales and the South Side is up 27% (wow).

Price: Countywide the average sold price is down -3.5% and properties are selling at 95% of their list price and 91% of their original list price; which shows that a little bit of a price adjustment is still needed to help a property sell today. The South Side of the county is down -1% for their average sold price. Interesting though is that if we remove the project sales, that had their prices adjusted downward substantially earlier this year and yet where still very high priced, the average sold price in the South Side of the county would be down -7%. The North Side is witnessing the largest downward movement with their average sold price down -9%.

Weekly Activity: Last week was a tremendous week for closings with a surge of 83% over the same week last year! The under contract activity is up 5 properties for a 22% improvement and the new properties coming on the market is up 33%. Check out the detail on all of this at http://www.eColoradohomes.com/ .

What's out there now? Well the county has -13% fewer properties to choose from and those properties are listed about -2% less than the properties for sale last year at this time. Interesting to note that the average list price of the properties that are currently under contract is -20% below the average list price of the properties for sale that are not under contract.

Fewer properties for sale. More properties selling. Prices lower and interest rates at record lows...what more can one ask for?

By the way, as of the end of April RE/MAX Properties of the Summit is number one in Summit County as well as in most all the local towns. See all the towns where we are number one on a slide show online here http://www.haikudeck.com/p/FW9yKi01Rb .

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.