As of the end of October 2014, the Summit County real estate market is outpacing the same period in 2013. The number of closed residential transactions is up +7.9% with 1,393 sales in 2014 compared to 1,291 sales in 2013. Overall sales volume has also improved +13.8% with over $720 million in sales in 2014 while only $634 million in sales occurred in 2013. While this is the overall picture of the Summit County real estate market, the data that is important to both Buyers and Sellers is whether or not the average sales price and average sales price per square foot has also improved, which they have. The average sold price so far this year is up +5.6% at $517,829 versus $490,410 in 2013. Summit County’s average sold price per square foot is also up at +3.9% from $309.30 in 2013 to $321.30 so far this year.
In 2013 the Summit County real estate market leveled off, as appreciation was scarce and foreclosures/extremely motivated Sellers were rare. So far in 2014, the real estate market is proving to have started the recovery process with an increase in sales prices in various areas throughout the County. While Buyers and Sellers are always interested in the overall picture of the market, another question we receive quite frequently is “Where are all the transactions occurring?” or “Which town is the most popular to purchase real estate?”. The graph depicts the by town percentage where all the residential transactions occurred in Summit County from January 1 – October 31, 2014. As you can see, the majority of the sales in Summit County occur in Breckenridge with 39% followed by Silverthorne with 20%. Of course, each area, town and subdivision brings unique micromarket characteristics which we can help you understand more in depth based on where you plan to buy or sell real estate within the County.
Call or email Krystal Knott with Fuller Sotheby’s International Realty today to discuss purchasing or selling Summit County real estate – we look forward to assisting you.