Summit County – Market Stability

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Summit County – Market Stability

The first two quarters of 2014 show strong signs of market velocity that was prevalent in years prior to 2009. If the remainder of the year continues at its current pace, Summit County’s market could approach one billion dollars in total sales for 2014.

As of September 1, 2014 there were 959 residential transactions, compared to 892, in September 2013, demonstrating a +7.5% overall increase.

Average Sold Price Jan-Aug 2013-2014The average sold price in Summit County improved +3.3% from $505,390 in 2013 to $522,148 in 2014, indicating that the Summit County real estate market continues to build momentum.

Average days on market have decreased -13.2%, incentivizing buyers to purchase in a timely fashion.

The average purchase price in Breckenridge has increased from $622,693 in 2013 to $689,048 in 2014, up +10.65%. Single family homes are showing the largest increase, +17.6%, over 2013. Breckenridge condo sales prices are moving at a slower pace with only a +2.8% increase.

Many buyers wonder if it is possible to get 10% or more off regarding list to sales price. Unfortunately for Buyers, the average list to sales price percentage in Breckenridge is nearing 95%, just shy of Summit County’s overall average of 96%.

To date in 2014, Frisco and Silverthorne are Summit County’s leaders in list to sales price percentage with an average of 97%. With 99 residential sales in Frisco, half have been condo purchases with single family homes making up 19.2%. More notable is the average sold price per square foot in Frisco jumping +10.24% from $293/SF in 2013 to $323/SF in 2014. Silverthorne’s sold price per square foot has not increased as drastically, up only +3.35%. However, the average time a property in Silverthorne is on the market is down -32.9% at 183 days, which is lower than the average for all of Summit County, at 237 days.

Keystone and Copper Mountain properties are moving off market slower at 277 days and 461 days respectively. More Buyers are coming into the Keystone market compared to last year with 147 sales this year compared to 121 sales making for an increase of +21.5%. The average sold price in Keystone is down -13.4% indicating an increased percentage of buyers purchasing lower priced properties.

Copper Mountain is stable with 40 sales in 2014 compared to 35 in 2013. While property sales in Dillon/Summit Cove are about even with 102 in 2014 and 99 in 2013 – the average purchase price has increased +14.6% from $328,952 up to $377,039.

Fall buyer season trends upward with buyers looking to purchase before the ski areas open which is less than 45 days away. Average offer to close time is 30-45 days incentivizing buyers to purchase in time for ski season and rental season.
Contact 970-453-0550 for more information or visit Fuller Sotheby’s International Realty Breckenridge Office.

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