An Inside Look at the 2016 Summit County Real Estate Market
As we make our way into the New Year, it’s time once again to take a look at local real estate and give it a once over! Information from the Summit County Market Analysis always serves as a strong indicator of whether or not it’s a good time to buy or sell. Let’s take a look:
The Summit County real estate market is following up the success of 2015 with a great start to the 2016 year. In fact, the February 2016 market was up 33% from the February market the previous year, with 13 more transactions and an additional $30 billion in gross volume. Residential sales this February grossed nearly $60 billion with 105 transactions, and of the 493 loans issued in February, 67% were related to sales.
In terms of Summit County luxury real estate, there were 10 high-end sales in February this year. In terms of buyer demographics, the pool remains split with Front Rangers making up 37% of the buyer market, Summit County locals making up 31% (which, according to the report also accounts for retires moving to the County), out-of-state buyers make up 32%, while international buyers only account for 1%.
According to the Summit County Market Analysis, the year-to-date monetary volume of the market is over $130 billion with 250 transactions. The average price for single-family homes in the county falls around $850,000 while multi-family homes hover around $402,000 and vacant land at $343,967. These average prices demonstrate the Summit County market’s stability over the years.
As the numbers from the Summit County Market Analysis show, the local real estate market continues to remain strong and bring a good return-on-investment. Now is the best time to sell or buy Breckenridge or Summit County real estate.