Summit County Real Estate News – Jan to mid-Nov 2016
What’s new in the Summit County real estate market? Since our update in the middle of October, over 140 pending sales have closed. There have been a robust number of sales, although the number remains flat.
Let’s compare the total number of sales in the Summit County real estate market between 2016 year to date and 2015 in the same time frame. In 2015, total sales in Breckenridge, Copper Mountain, Dillon, Frisco, Keystone, and Silverthorne totaled 1695. So far in 2016, 1661 properties have sold.
Nonetheless, prices of real estate increased in each of the local towns: Breckenridge, Copper Mountain, Frisco, Dillon, Silverthorne, and Keystone. Year over year, the average sold price increased. Silverthorne prices increased 11.0 percent whereas prices in Dillon increased only 0.4 percent. Prices in Frisco, Breckenridge, Keystone, and Copper Mountain increased between 3.5 percent and 5.2 percent.
What Price Ranges are Most Popular?
Fifty-five percent of residential sales this year fell into the lowest price range (under $500,000). Note: There is only a one-month inventory of condos and homes in this price range! And 33 percent of the sale came from the $500,000-$1 million categories leaving us with only two months of inventory. Only 10 percent of sales come from the $1 million plus category. These sales leave us with 8.5 months of $1-$2 million properties and 25 months of higher priced properties.
Why the Low Inventory?
In mid-November, the area real estate market offered only 399 properties for sale. There are good reasons for low inventory. One happens to be a scarcity of vacant land. Yes, Summit County includes vast national forests and wilderness areas. Our small communities are adjacent to these public lands, leaving us with limited private land. And affordable land is another part of the quest.
Housing Types: Breaking it Down
Condominiums: Extremely popular, condo sales TYD include some eye-popping numbers Condo sales are up 17.5 and 15.5 percent in Silverthorne and Dillon. And the average sold price for Frisco condos increased 24 percent.
Single Family Homes: Although the number of sales in Summit County, went down almost 1 percent, the average sold price for single family homes increased 6.2 percent. The average sold price in Silverthorne increased 18.7 percent.
Choose Your Lifestyle – We Make It Happen! Visit RE/MAX Properties of the Summit at our three Summit County offices:
220 South Main Street, Breckenridge, Colorado 80424; 970-453-7000
305 Main Street, Frisco, Colorado 80443; 970-668-5300
135 Dercum Drive #U6, Keystone, Colorado 80435; 970-513-0404