The county now has 1510 residential properties for sale (down 14% from last year) and, even though the inventory is down, roughly 33% of the active listings for sale today will sell by December 31, 2012. Right now we have under contract activity that is running about the same as last year for July, August, and into September – the county today is up 5 under contracts for that timeframe over 2011. If we remain the same as we have the past few months and combine the same with the residual that is currently under contract plus what has closed already (a plus 15%) and the year should end up at a plus 11%. Learn more here Http://WeeklyREActivity.com .
Interesting that if we end the year with an 11% gain the county will be roughly 50% below the peak and the county has moved upward for three years now absorbing 13 percentage points of the loss from the peak in 2006. At that rate the county will revisit the peak number of sales in 12 years. Of course, if history repeats itself and the market starts to gain momentum with double digit increases that 12 year time period could easily drop to 5 years or 2006 numbers may be around again by 2018.
That may be a long time, but in either situation, as long as the economy holds steady, the real estate market in Summit County has a long period of positive growth potential ahead to the tune of that 5 to 12 years!
Activity this past week was down as compared to last year for the same week – down in the number of new listings, down in the number of new under contracts and down in the number of sold listings. Showings for August and into September are virtually the same as last year for the same time period.
Source: Summit Association of Realtors’ MLS Data for Residential (Condos, Townhome, Homes, Duplexes) in Summit County, Colorado only. Summit County consists of various Colorado resort towns such as; Breckenridge, Frisco, Copper Mountain, Keystone, Silverthorne including Wildernest and Dillon. * 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.