The Summit County real estate market is continuing to show signs of improvement with an increase in sales and average sales price. The first quarter of 2014 showed an +8.2% increase in the number of sales over the first quarter of 2013 with 248 sales compared to 229 in 2013. The average sales price in Summit County has also improved +6.87% from $518,287 in 2013 up to $553,938 in the first quarter of 2014. While the market is steadily improving, the average sales price is still lower than the height of the market in 2008 and 2009 when the average sales price in the first quarter was $587,714 and $602,160 respectively. Confidence in the Summit County real estate market continues to grow with increased transaction numbers and continued low inventory levels compared to recent years. This in turn is creating more demand and prices are starting to rise in specific micro markets within Summit County.
Breckenridge real estate continues to lead the way in sales with 46% of the first quarter transactions which equated to 113 of the 248 sales occurring in Breckenridge. Breckenridge was followed by Silverthorne with 17% and Keystone with 14% of Summit County sales. Frisco, Dillon and Copper all had between 18-20 sales in the first quarter giving those areas 7-8% each of the total number of transactions in the first quarter in Summit County, Colorado.
Keep in mind each town, type of property and of course “Location, Location, Location” will be a determining factor on price increases going forward. If you are looking in a specific area, we can assist you in determining how much, if any, that area or type of property has increased in price to ensure you are making an informed decision based on current market data when you make an offer. Call Krystal Knott with Christie’s International Real Estate at 970.333.0116 or email Krystal.Knott@sotehbysrealty.com to not only arrange a time to view properties, but to discuss your individual property search.