Summit County Real Estate Market Report November 2012
The Summit County Real Estate market continues to improve as Buyers’ confidence grows in our local market. Looking back over the past five years comparing months, you can see the 2012 sales are rivaling those of 2008, when our market started its decline. With 171 residential sales in October 2012 compared to 147 sales in October 2008, the Summit County Colorado Real Estate market appears to be on the rebound (albeit slowly).
The great news for those currently looking to purchase property in Summit County Colorado is that the prices are still down compared to 2008!
Comparing January 1 – October 31 of 2012 to 2008 yields the following market data:
Sold Single Family Homes in Summit County:
Average Sold Price 2012 – $823,241
Average Sold Price 2008 – $923,074
Single Family Home Average Sold Prices are down -10.82% in 2012 compared to 2008
Sold Condos in Summit County:
Average Sold Price 2012 – $313,387
Average Sold Price 2008 – $449,572
Condos Average Sold Prices are down -30.29% in 2012 compared to 2008
Sold Townhomes in Summit County:
Average Sold Price 2012 – $458,453
Average Sold Price 2008 – $615,883
Townhomes Average Sold Prices are down -25.56% in 2012 compared to 2008
In general, prices for property for sale in Summit County Colorado are back to 2006 if not 2005. Although bank-owned and REO/foreclosure sales are becoming more scarce, such opportunities and deals from motivated sellers still exist. Many sellers have reduced previously inflated prices and are now priced to sell. There may be less room to move on list prices, but prices are low and sellers still want to sell!
To begin discussing your Summit County CO Real Estate search to find the perfect property in the Colorado Mountains, contact Krystal Knott with LIV Sotheby’s International Realty. I am your local experts for finding your ideal mountain getaway in Summit County CO Real Estate.