Signs of Increased real estate market stability in Summit County
A recent real estate market report of Summit County, Colorado shows the market is on the rise nearing stability. Strong signs of market velocity in the first two quarters of 2014 was prevalent in years prior to 2009.
As of 9/1/2014, 959 residential transactions occurred, compared to 892 in 9/2013, demostrating a 7.5% overall increase. The Summit County real estate continues to build momentum. The average residentual overall sales price improved 3.3% from 2013. Average days on market have decreased 13.2% because of low inventories and Buyers are looking to purchase before the ski season.
The average purchase price in 2014 for Breckenridge is up 10.65% from 2013. The largest increase was in single family homes up 17.6% over 2013. Sales prices of condos in Breckenridge is up only 2.8%. The average list to sales price in Breckenridge is almost 95% and the overall average for Summit County is 96%.
Year to date, Frisco and Silverthorne list to sales price percentage is on average 97%. The average sold price per square foot in Frisco jumped 10.24% from $293 per square foot in 2013 to $323 per square foot in 2014. Silverthorne's price per square foot is up only 3.35%. The average time a property in Silverthorne is on the market is 183 days, lower than the average for Summit County, at 237 days.
Average days on market in Keystone is 277 and Copper Mountain is 461 days. Sales in Keystone are up 21.5 % compared to last year; however the average sales price is down 13.4%.
Copper Mountain sales are stable with 35 sales in 2013 compared to 40 sales in 2014. The average purchase price has increased by 14.6% from 2013 in the Dillon and Summit Cove neighborhoods.