Market Still Strong: Sales Up 13%. Pending Up 19%! Summit County, Colorado

With interest rates on the rise and the stock market doing the opposite our local real estate market, so far, hasn't skipped a beat.
 

Last Week's Summit County Residential Sales Activity: 60 new residential listings; which is about 10 fewer than last year for the same week. 34 went under contract (two more than last year) and 37 properties closed; which is more than double last year's number of closings.
 

Thus, even in the midst of turbulence, a good strong week of real estate activity.
 

Today we have 1300 properties for sale in Summit County (down -15% from last year) and over 200 properties under contract - the number of properties under contract today are up plus 19% over this time last year!
 

Looking back at 2013 the the county is up plus 13% in the number of residential properties sold and flat for average sold price (actually down -0.5%). The North Side of the county is up plus 5% in the number sold and down minus 8% in average sold price and the South Side is up plus 25% in sales and up plus 3% in price.
 

Where's the increase? Well, 77% of the improvement in sales today is in the under $500,000 range with 23% of the improvement in the over $1,000,000 range. The $500,001 to $1,000,000 range is down in sales. Note: In the over $1,000,000 improvement range, if we took out the project quick sale at OSHP the percent of the total improvement today would be 15%.
 

So, under $500,000 sales range is currently the reason our market is improving and that is entirely due to improved condominium sales in that price range. Home sales under $500,000 went down about 16%.
 

How are home sales doing in Summit County? The number sold is down a minus 4% while the average sold price is up plus 7%. The South Side of the county's SFH sales are up plus 17% with an average sold price improvement of plus 5% and the North Side's SFH sales are down minus 26% with an average sold price improvement of plus 2%.
 

Single Family Homes sales are down county wide. Up on the South Side and down substantially on the North Side. IE: Silverthorne home sales are down minus 30%. And, yet, the number of sales by town are not high enough to really make a 'trend statement' - but, so far this year the above is what is happening.

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.