I get asked this question all the time. And, if I had a magic crystal ball, I’d be rich. However, I don’t, and we can never be sure what the market is going to do.
But I do have these thoughts to share. With the exception of the big market drop in 2008-2010, Summit County real estate has seen a steady increase in prices. Some years are more significant than others, and that is usually because of the number one reason for price increases – Demand is higher than the Supply. This is definitely what we have seen this year. A healthy inventory would mean that we have about 6 months worth of inventory. However, this year, for properties under $1M, we have had less than 3 months of inventory – which drives that price up.
Another factor you can watch is what is happening in the Denver market. Historically, the Summit County market follows the Denver market by 18 months – 2 years. While it isn’t an exact science, you can get a feel for what might happen in our market by studying the Denver Real Estate market.
Linked below is a very interesting report from Land Title Guarantee Company. It is a graph that shows the Average Residential Price over the past 29 years.
I wish I had all the answers, but my gut tells me this. I think we will see a leveling out of residential prices over the winter. Assuming no major market changes nationally, I anticipate a steady increase as we move into next summer, but probably not as steep as what we saw this year.
If you are waiting for that big price drop, you may be waiting a long time, or hoping for a stock market crash, because I don’t anticipate a fall in our real estate market unless we experience something like that again.
Be smart about your purchase. Don’t let emotions take over. And let us help you make a good investment.
Does your current house fit your needs? Does it seem like everyone else is moving up and moving on to more luxurious surroundings? Are you wondering what it would take to start living your dream life?
Market conditions in Summit County have presented an opportunity like no other for those who are looking to make the jump to a premium or luxury home.
Land Title Guarantee Company reports that in Summit County 948 residential properties sold in the first half of 2017. As of today, August 23, 2017, we only have 551 residential properties active on the market – that means we only have a 3.4 month supply.
The chart below shows the relationship between the inventory of homes for sale and prices.
According to Summit’s MLS, we only have 2.4 months of inventory for homes listed UNDER $1,000,000, yet we have 8.7 months of inventory for homes priced over $1,000,000.
This has created a seller’s market in the lower-priced markets where homes are on the market less than 38 days on average and a buyer’s market in the luxury market, where homes were on the market for an average of 169 days.
If you are even thinking of listing your home and moving up to a luxury home, let’s get together to evaluate your ability to do so. Homeowners in Summit county are upgrading their homes, why can’t you? Your dream home is waiting!
If you watch Summit County’s real estate market at all, you know that 2016 was a good year. Prices continued to increase caused by low inventory and high demand.
As you can see on the graphic below, the average Single Family home price increased by 9% over 2015. Multi-family home prices increased by 3%. Only Land values went down by 5%. Our overall volume increased by 3% however, due to lack of inventory, our number of transactions decreased by 2%.
For a complete 2016 report, please email me at [email protected] and I will send you the PDF with market details by area. This information is provided to me by Land Title Guarantee Company and includes all data, not just the sales reflected in the MLS.
Now is the time to consider selling. Prices are strong and inventory is low. If you would like to receive a market analysis of your home, please contact me at 970-389-3562 or email me at [email protected]
“Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017. Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country.”
As you consider Summit County Colorado real estate, this graph will give you an historic view of property values over the past 28 years.
Click on this link to see a full page view of this graph: 28YearResidentialAVGSummit
Below you will find the link to the September 2015 Market Report for Summit County. This is provided to me by Land Title Guarantee Company. This data comes from actual recorded transactions at the County Clerk & Recorder’s Office – not directly related to MLS data. To see the report in its entirety, please click this link:
- Market Snapshot for Years 2015 vs.2014: Values are still strong and are as follows: Average Indicators for $: Single Family +9%, Multi- Family +11% and Vacant Land +19%. Median Indicators for $: Single Family +5%, Multi- Family +19% and Vacant Land +13%.
- Market Analysis % Change showing years 2004-2015 : Monetary volume ($165,716,318) in September is up +13% compared to September 2014. Number of transactions (301) are up 5% in September 2015 compared to September 2014. YTD ( 9 months) Summit County real estate is up 32% in monetary volume and up 19% with number of transactions compared to YTD 2014.
- YTD 2015 Average Price History: Average residential pricing continues to increase for 2015- Single Family: $855,027 Multi- Family:$398,617 and Vacant Land: $379,041.
- Historical Cost Breakdown for 2015: There have been 1438 residential transactions YTD and $784,072,868 volume with 140 properties selling for a $1M and over-compared to 2014, there were 1189 transactions and $598,246,081 gross volume, 91 properties at $1M and over and in 2013, there were 1104 transactions with $548,737,300 gross volume, 89 properties at $1M and over.
- Top Lender Graph: There were 502 loans in September, 61% of the loans were related to sales, there were 129 REFI’s and 189 loans were timeshare related. 39% of the real estate closings were cash transactions.
So – what’s really happening with Summit County’s real estate market?
Land Title Guarantee Company has provided me with a report that contains valuable information on the real estate market in seven Colorado Mountain communities. Here’s what we are seeing from Summit County’s real estate market comparing 2015 first quarter to 2014 first quarter:
The Median Residential Price is up 3.29% from last year’s numbers
The Average Residential Price is up 4.46% from last year’s numbers
Gross Sales Volume is up 8.29% from last year’s numbers
The number of Real Estate Transactions is up 7% from last year’s numbers
And – who is buying Summit County Real Estate? In the first quarter of this year the breakdown of buyers looks like this:
- 29.06% are local homeowners
- 41.62% are from the front range
- 28.53% are Out-of-State buyers
- .79% are International buyers
The Summit County Real Estate Market continues to improve.
Below you will find the link to the March 2015 Market Report for Summit County. This is provided to me by Land Title Guarantee Company. This data comes from actual recorded transactions at the County Clerk & Recorder’s Office – not directly related to MLS data. To see the report in its entirety, please click this link:
Some key factors from this report include:
- Market Analysis by Area for March: March was a great spring month for real estate with $83,058500 in monetary volume and 149 transactions. The average transaction price for all reported 18 areas: $565,315, average residential price: $544,761 and median residential price: $389,000.The average PPSF was $343. Silverthorne and the Wildernest areas were active in March with a total of 32 transactions.
- Market Analysis by Area YTD 2015 ( 3 months-first quarter of 2015): YTD- monetary volume was $199,921,300 with 382 transactions. Average transaction price: $528,047, Average residential price: $536,768 and Average PPSF: $345.
- Market Snapshot for Years 2015 vs.2014: Values continue to be strong for the first quarter of 2015 and are as follows: Average Indicators for $: Single Family +8%, Multi- Family +10% and Vacant Land +18%. Median Indicators for $: Single Family +9%, Multi- Family +12% and Vacant Land +20%.
We are starting to see a good up-tick in the real estate market here in Summit County. As you will see in the report below, we saw a lot of activity in the $200,000 – $400,000 range. I expect that the trend will continue upward and as we move through 2015, we will see a higher demand for properties in the $500,000 – $750,000 range as well.
Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate.
To view this report in its entirety, please click on this link: Summit County 2014 Year End Real Estate Market Analysis
December & 2014 Year End Highlights:
- Market Analysis by Area for December: December was a positive month with $79,465,900 in monetary volume and 174 transactions. The average transaction price for all reported 18 areas was $462,958, average residential price was $489,388 and median residential price was $380,000.The average PPSF was $322.
- Full Year 2014 Transaction Summary: There have been a total of 2042 transactions with just short of a Billion in Sales at $962,569,581 in monetary volume. 2014 was comparable with the numbers in 2008. It seems that the Summit County real estate market is continuing our momentum. The average transaction price for all 18 reported areas was $472,722. The average residential price was $496,053. The median residential price was $392,500. The average PPSF was $314.
- Market Snapshot for Full Year 2014 vs. 2013: Values remain stable and are as follows: Average Indicators for $: Single Family +4%, Multi- Family +4% and Vacant Land -2%. Median Indicators for $: Single Family +4%, Multi- Family -5% and Vacant Land +16%.
- Market Analysis % Change showing years 2004-2014 (Year End for 2014): Monetary volume ($79,465,900) is up 14% from December 2013, transaction volume (174) is up 32% from December 2013. Full Year 2014 monetary volume is up 8% from 2013. 2014 transaction volume is up by 7% from 2013.
- Residential Market Sales by Price Point: Residential volume in December had 143 transactions with $69,982,500 gross volume. There were 10 properties that sold for $1M and above in December. The most active price point in December was between the ranges of $200K to $400K. There were 39 Single family, 104 Multi-family and 13 Vacant land transactions in December. In 2014, there were 561 Single family, 1170 Multi- Family and 126 Vacant Land Residential sales.
- 2014 Average Price History: Average residential pricing continues to be consistent for 2014: Single Family- $751,240, Multi- Family-$344,578 and Vacant Land-$324,137. This graph on page 7 is a great piece to view how our market has held it’s value over all these years.
- Historical Cost Breakdown for 2014: There have been 1731 residential transactions in 2014 and $858,667,681 gross volume with 126 properties selling for a $1M and over- Compared to 2013 there were 1563 transactions and $769,965,955 gross volume, 122 properties at $1M and over and in 2012, there were 1314 transactions with $673,545,600 gross volume, 106 properties at $1M and over.
- Top Lender Graph: There were 401 loans in December, 59% loans were related to sales, there were 174 REFI’s and 124 loans were timeshare related. 41% of the real estate closings were cash transactions. There were 1238 loans related to Sales ( 22%), 1361 REFI’s ( 24%) and 3070 Timeshare loans ( 54%) with the average of 43% being all cash real estate transactions in 2014.
- Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in December with the 5th month in 2014 with no bank sales.
- Foreclosures: There were only 12 Foreclosure actions in December, compared to 22 in December 2013. Check out page 13- there were only 65 Public Trustee’s Deeds in 2014 compared to 2013 with 92 and 2012 at 165. Foreclosures are no longer a trend in Summit County, happy to say!
- Land Title Purchaser Highlights ( Page 15): There were 11 higher end sales in December to note- you can see the details on this report. In December, the majority of our buyers for real estate transactions continue to be the Front Range demographic at 49% of our market, only 19% are local and 32% are out of state buyers. In 2014, the final demographics of our buyers are: 44% Front Range, 31% out of state, 24% local and 1% International.