By mid-January 2014, statistics about the real estate market in Summit County Colorado so continuous improvement, especially the total dollar sales volume. Realtors along with buyers and sellers in the Summit County real estate market and gain confidence in property values and long-term stability.
The Summit County communities posting the highest number of sales are Breckenridge, which way outnumbers other communities, then Silverthorne, Keystone, Dillon, Frisco, and Copper Mountain. Breckenridge and Keystone account for 45 percent and 19 percent of the total number of transactions, respectively. Dollar volume goes to Breckenridge at 55 percent, Silverthorne at 16 percent, Keystone at 10 percent, then Frisco (eight percent), Dillon (seven percent), and Copper Mountain (four percent). Of course, Breckenridge is the largest community and the county seat and features more properties for sale than the other communities.
Over the past several years, the number of transactions for Summit County residential real estate has bounced from 1218 down to 919 before improving to 1011, 1028, 1331, and 1540 transactions in 2013. So far, we can surmise improvement leading into this year’s ski season. Last year posted improvement year-over-year during every single month except for December 2013. Buyers were obviously out ahead of the season.
Analysis presented for Gross Sales Volume in Summit County’s real estate market by Land Title Guarantee Company shows average sales per month per month over the last nine years. The chart shows highest sales during August, September, and October with sales over $100 million per month followed by December and May with sales over $80 million per month. The months of April, June, July, and November posted average total sales in the $60-million ranges. The winter months of January, February, and March posted a combined average of approximately $47 million per month. September 2006 is the month showing highest peak sales.
What this tells buyers is that winter months could be the time to negotiate good prices for Summit County homes and condominiums. During ski season, many sellers may want to or need to free up their assets to move along to new cycles. In addition, there may be a handful of properties available at good prices because of foreclosures. Ask about the possibilities. In September, Land Title showed about 125 deeded properties involved in the foreclosure process.
Prices for real estate in Summit County have been just about even over the past few years. Buyers are taking advantage of the situation. However, this leads to a short supply of properties for sale. There are currently fewer than 1000, or a seven-month supply available. The message here is to buy if you’re wanting to buy before interest rates and pent-up demand eat up the best opportunities for second homes and full-time residences.
Our RE/MAX Properties of the Summit offices are located in Keystone, Frisco, and Breckenridge. Click here for assistance buying land, homes, townhomes, and condominiums in Summit County, Colorado.