Summit County is a Hot Market for Real Estate, With Significant Increases in Performance for July 2019LIV Sotheby's
With sought-after areas such as Breckenridge, Copper Mountain, Keystone, Frisco, Dillon, Silverthorne, etc. – Summit County is continuing to draw in buyers from the Denver Metro area and outside of the state. With a still reasonable landscape for buyers to invest in and sellers benefiting from an influx of buyers, the desired Summit County is becoming increasingly popular.
This summer, the Summit County real estate market has clearly been active with increases in performance especially occurring last month, in July. According to LIV Sotheby’s International Realty’s monthly report, the luxury market, defined as $2,000,000 and above, witnessed some astounding increases including a 36% increase in sales volume in just one month, comparing July to June of this year. While the number of listings sold and average sold price showed a decrease between the two months, it’s evident that notable closed transactions happened during the month of July due to the increase in sales volume as well as a 49% increase in average price per square foot.
Continuing to look at the luxury sector for Summit County, the year-to-date performances are striking. Total sales volume year-to-date is up 49%, listings sold increased by 10%, and both average sold price and average list price increased by 24%. The average sold price in the luxury sector rounded out this year so far to $3,334,565.
“The luxury market of Summit County is really drawing in an increase of buyers,” said Aaron Shriner, vice president and managing broker of LIV Sotheby’s International Realty’s Summit County offices. “However, in general, we have seen such an influx of activity this summer – really proving the value for real estate in Summit County. The LIV SIR brokers that specialize in this area have represented numerous notable sales this year, many of which happened last month.”
Looking at all price points, some metrics reported fairly flat with little to no change, but average sold price did report an increase of 15% and the number of listings sold showed a decrease of 16%.
All of these statistics demonstrate that Summit County is very active for both buyers and sellers. Sellers are seeing benefits especially in the luxury price-points with more sales happening and generally at increased prices. Buyers are also benefiting, especially while looking at all price points as there were fewer listings sold at basically the same days on market as year-to-date last year (81 days). The fewer sales and no increase in average days on market translates to slightly less competition for potential buyers.
Visit ColoradoMarketReports.com to view LIV SIR’s monthly, quarterly, and year-end reports.
To discuss buying or selling a Summit County residence, contact a real estate professional today by visiting resorts.livsothebysrealty.com or calling 970.453.0550.
For more information contact Kelli Williams, director of public relations, at 303.486.3738.