The Summit County CO Real Estate market is heating up! As of June 2014 the number of sold residential properties in the Summit County Real Estate market YTD has increased +2.5% over the same period in 2013. While that is not a drastic increase, what is really starting to move is prices. Summit County as a whole realized an increase in the average sold price per square foot from $305/SF for the same period in 2013 to $330/SF in 2014, which is an increase of +8.2%. The average sold price has also jumped +7.1% from $514,024 in 2013 to $550,614 for January through May in 2014. While the list price to sales price percentage has remained the same at 95% we are now seeing Sellers not moving off their list price as much as in previous years.
So far in 2014 the Breckenridge Real Estate market has increased +8.5% for the average sold price per square foot and +10.0% for the average sold price. For 2013 YTD, Breckenridge Real Estate sales have accounted for 45% of all the Summit County sales which is typical. Because of this it is no surprise that the Breckenridge Real Estate prices are starting to climb. While the Breckenridge market is moving upwards other towns in Summit County, Colorado are still on the road to recovery. Keystone Real Estate remains fairly flat but is showing a slight increase in the number of sales this year compared to 2013. Keystone real estate prices will most likely start to increase as we get further into our summer selling season.
In general, the Summit County Real Estate market is on the mend with continuing lower inventory levels compared to recent years and many areas, subdivisions and complexes starting to gain appreciation once again. As the local real estate market continues to improve, Sellers are becoming less motivated to move off their list price compared to previous years. Sellers are also listing their properties “in the market” meaning they are pricing them in line with recent comparable sales.
Each town, subdivision, area, & complex are unique which creates certain micro real estate markets within Summit County. Furthermore, many important factors in pricing & value vary based on property type, location, size, finish levels, views, etc. If you have a specific area or complex/subdivision you are looking to buy or sell a property in contact us for a more in-depth analysis – we’re also happy to answer general questions about the real estate market within Summit County. Krystal Knott with LIV Sotheby’s International Realty are full time Summit County Realtors® & proud local resident who look forward to assisting you in your next purchase or sale of mountain property.