Summit County Resort Real Estate Update – September 2016
Let’s go over some of the noticeable trends in the Summit County resort real estate market. As of September 6, 2016, almost 500 condos and single-family homes are under contract. And about a quarter of them are new construction. How does this compare with 2015? Prices are up almost 4% but the number of sales are down about 2%.
When we study the trends in each separate community, we see variance. Let’s look year-over-year for the first eight months of 2015 compared to 2016. Sales are up considerably in Copper Mountain and Dillon (+9.6% and +13.2% respectively). Sales are down 3-4.5% in Breckenridge, Silverthorne, and Keystone. And sales are down 9% in Frisco.
Sales Update - $1 Million+ Market
Overall, Luxury Home Sales for 2016 are on a positive trajectory. Sales of $1 million+ homes increased 6% year over year. The Average Luxury Sold Price in Summit County has been pushing $1.64 million over the past couple of years. Nonetheless, the Average Sold Price is down slightly (-0.4%) from last year
Perhaps due to the sheer amount of open space, the number of sales on the north side of Summit County is up an amazing 41.4% year-over-year. The North Side includes Frisco, Copper Mountain, Dillon, Silverthorne, and Keystone.
In contrast, the number of luxury sales decreased 7% on the south side of Summit County, which is the Breckenridge area. Regardless, Breckenridge is responsible for the overwhelming number of luxury sales.
Sales Update - Under $1 Million Market
Now let’s look at residential properties priced under $1 million. In the first eight months of 2015, 1021 properties sold. During the same timeframe of 2016, 992 properties have sold. So sales are down 3%. This is true on both the north and south sides of the Summit County. Most of our Rocky Mountain towns experienced fewer sales in 2016 than in 2015. Dillon and Copper Mountain are the exceptions.
However, the Average Sold Price in Summit County is up 3.2% year to date, nonetheless, to approximately $450,000.
Summit County Realtor Jeff Angell of RE/MAX Properties of the Summit just posted a series of colorful graphs on his blog. Angell highlights several specific markets. For details, see Resort Real Estate Update.
- Residential Property Sales
- North Side of the County Sales
- South Side of the County Sales
- Number of Sales by Town
- Average Sold Price
- 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