In 2013 the Summit County real estate market continued to show signs of growth with a gain in the number of residential sales and closed volume. The total amount of Summit County sales volume in 2013 was $783,229,390. This an increase of +14.62% over 2012’s sales volume of $683,348,526. As confidence in the Summit County real estate market continues to grow, the overall sales volume and number of sales will do so as well.
While the overall year end sales volume was up, the average sold price per transaction went down marginally (-3.96%) from $514,063 in 2012 to $494,499 in 2013. However, the average sold price per square foot went up slightly (+5.5%) from $293/square foot in 2012 up to $309/square foot in 2013. The list to sales price percentage stayed the same from 2012 to 2013 with both years coming in at an average of 95%. The biggest change in the Summit County Colorado market has been how long properties are staying on the market before selling. This is down -31.85% from 327 days in 2012 to only 248 days in 2013. What this means is that if you are looking to purchase or sell property in Summit County, Colorado, the market has overall leveled out. Prices remain steady, more properties are selling faster at prices still very close to list price. The overall residential inventory also continues to be at lower levels than previous years creating increased demand in the market.
The number of Summit County real estate sales continued to show signs of improvement with a +15.70% increase in 2013 over 2012. In general, the Summit County real estate market appears to be primed for purchase prices to start elevating in 2014. If you are considering purchasing a property or selling your Summit County property and getting into something different, now might be a great time to find that new property before prices start increasing.
If you are considering buying or selling Summit County real estate, contact Krystal Knott with LIV Sotheby’s International Realty. I am happy to provide a more in-depth analysis of your subdivision or condo complex or provide you with properties to consider or market data on a specific area or subdivision for the type of property you are considering within Summit County. Call today at 970.333.0116 to discuss your search or your property. You can also view the entire Summit County MLS online.