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April Real Estate Market Update: Summit County, Colorado

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Properties of the Summit
Summit County
RE/MAX
April 10, 2015
Resort Real Estate Report

Pending Resort Sales Up, Up, Up, Up!

Pending Residential sales are up countywide a whopping 38%! What a huge ending to the first quarter and a great setup for potential improvement in the second quarter of 2015. Sales for the first quarter are up 7%. Pending sales are up BIG and sales are up a bit all while the current inventory of residential properties for Summit County is down 21%.

Check out the sales by price range to the right and notice the driving improvement can be found in the $500,000 to $1,000,000 sold price range with the second best improvement occurring in the over $1,000,000 sales. The improvement isn't across the board as is evident when one breaks the sales down by each side of the county; such as the North & South Side Sales to the right.

Sales by Price Range
Summit County Sales
Sold Price # YOY
$0-$500k 156 2%
$500k-$1m 82 17%
$1m & Up 29 7.4%
 
North & South Side Sales
Sold Price #NS YOY #SS YOY
$0-$500k 108 10% 48 -13%
$500k-$1m 41 28% 41 5%
$1m & Up 4 -20% 25 14%
 
*YOY is 2015vs2014, *NS is North Side, *SS is South Side. See definitions below.

Interesting: The Luxury market, sales over $1,000,000, is showing an improvement in the South Side of the county and, in fact, the South Side has enough pending in the over $1M range to potentially dramatically improve the over $1M sales in the next few months. The North Side is down 1 sale in the Luxury range, but also has enough pending to equal or improve the Luxury Sales in the North Side by a sale or two over the next couple months.

Another interesting point is that some properties are starting to see multiple offers very soon after being placed on the market as long as the condition, location and price are right. As the inventory potentially increases in the spring as it always does or has in years past it will be interesting to see just how these multiple offers on great properties continues.

Properties Sold/Closed

Overall sales are positive with some rather large gains in Frisco, Dillon, Keystone and Silverthorne and modest losses in Breckenridge to big changes in the Copper Mountain area.

This is, of course, only the first quarter and a lot can happen to continue the trends occurring during the first quarter or move in an upward or downward direction. With that said, the 1st quarter is done and with the sales that have occurred combined with the pending activity a trend could be starting.

Now we wait and see when, how many and where the 291 residential properties in Summit County that are currently pending close over the next couple months.

By Town & %Change
Town # YOY
Breckenridge 114 -1%
Frisco 25 39%
Copper Mtn 7 -65%
Dillon 30 58%
Silverthorne 48 14%
Keystone 43 19%
Summit County 267 7%
*YOY is 2015vs2014

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Average Sold Prices (Residential Sales)
Town AVG. Sold Price YOY
Breckenridge $748,106 3.6%
Frisco $499,655 -6.8%
Copper Mtn $305,786 -17.6%
Dillon $387,836 17%
Silverthorne $422,782 -6.5%
Keystone $430,830 22%
Summit County $564,576 2.1%
YOY is 2015vs2014
Stats & Info
Condo Sales
Home Sales
Vacant Land Sales
Duplex Sales
Townhome Sales
2014 Year End Stats
2014 Luxury Sales
 
RE/MAX Presentation
 

RE/MAX Properties of the Summit - 3 Offices in Summit County: Frisco, Keystone & Breckenridge

Source: SAR Data for Residential (Condo, Townhome, Home, Duplexes) in Summit County, Colorado. Unless otherwise specified. **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. %Change is 2015v s 2014 YTD or Week.

North Side consists of the combined sales data from Frisco, Copper Mountain, Silverthorne, Dillon and Keystone and the South Side consists of all sales data from Breckenridge.

Each office is independently owned and operated.

 

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