Summit County Real Estate Update – October 2016
Up 4.4% year-over-year, the average Sold Price for Summit County real estate continues to rise. That’s looking at the first nine months of all categories of sales. Let’s look more closely to the sales for single-family homes in the area. We track individual towns along the way.
Number of Sales Single Family Homes Summit County
How many homes sold? The number of sales in 2016 is down slightly (2%). The number of sales for single-family homes in Summit County hovers around the levels we saw about 12 years ago in 2004. Quantity remains at 2015 levels with a big footnote: 476 properties (all types) are under contract. Note that almost 20 percent of them are new construction. Even so, inventory is low enough to have an effect on the number of transactions. Some buyers may be holding out for a greater selection.
The number of single-family home sales by Town shows sales increasing 20% in Copper Mountain to 72. Sales in Dillon increased 5.6 percent to 150. Sales in Silverthorne increased a tad to 270. Breckenridge, Frisco, and Keystone experienced 5.0-6.4% decreases in number of sales (495, 144, and 206, respectively).
Average Sold Prices for Single Family Homes
How are the prices? For the first nine months of 2016, Average Sold Prices for single family homes in Summit County are up dramatically year over year. They shot up 7.9 percent to reach historic highs. The Average Sold Prices over $1 million surpassed the 2009 high mark for the first time.
Looking a little closer by town, prices for Keystone single family homes lead the competition. The Average Sold Price jumped 19.8 percent to over $1.2 million year over year for the first three quarters. Sold prices also increased substantially in Silverthorne. They passed the $800,000 mark—a level not experienced since 2009.
Breckenridge’s Average Sold Price continues an upward trajectory. It moved past the $1.1 million mark, the highest ever. On the other hand, Average Sold Prices for single family homes in Frisco took a dramatic downturn to under $800,000. Average Sold Prices in Dillon increased from $500,000 in 2011 to almost $700,000 in 2016.
Average Sold Prices for condominiums in Summit County are up in Frisco, Copper Mountain, Dillon, and Silverthorne, even in Keystone, and down more than 10 percent in Breckenridge. Keeping them at mid-2007 levels, the number of condo sales increased 3.3 year over year.
In Summit County, Average Sold Prices for condos decreased slightly in 2016. Nonetheless, Frisco condo prices increased dramatically (24.9 percent). Prices also increased in Copper and Silverthorne. Average Sold Prices for Breckenridge condominiums decreased 7.6 percent to 2014 ranges. Sold prices are down less than one percent in Dillon and Keystone.
Vacant Land Sales
The Average Sold Price for vacant land in Summit County has remained fairly level over the past five years. During the first nine months of 2016, 91 lots sold.
The offices of RE/MAX Properties of the Summit are located in Breckenridge, Frisco, and Keystone:
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
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