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.