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Summit County Real Estate Update -November 2018

The Market:
With two months left of 2018 the average sold price remains strong, but dropped a point over the last month, and is now up about 10%. Sales remain down a little by -8%. Properties are still selling fast at an average days on the market of 50 (in 2012 it was 180 days). The average percentage of list price to sold price is representative of a continued strong market at 98% (in 2012 it was 95%).

Condominium Sales:
Condo sales are down about minus 14%. That’s an additional two point drop over the last month. In fact, Condominium sales are down in every town – with Dillon being down the most (minus 25%). The average sold price for a condo in Summit County is up +15% and that average sold price is $482,000 (in 2012 that average sold price was $309,000).

Home Sales:
The number of homes sold in Summit County has slowed and, in fact, dropped an additional 4.5 points over the last month (home sales are now down -3%). The average sold price for a home is up almost 3%. The average sold price for a home in Summit County is about $1.2 million (in 2012 it was $815,000).

Interesting that of the current residential properties for sale 31% have had a price reduction and 3% have increased their listing price. Also, the average days on the market for properties sold is 50, for properties under contract it is 58 and for the average days on the market for properties still for sale is 115. Today of the of the properties that are under contract about 45% are new construction and last year about this time about 45% of the properties under contract were new construction.

Supply:
Our local supply of properties for sale is still at record lows. But, the other thing to understand is this is typically the time when our supply of properties for sale starts to dwindle as most home owners prepare for the up and coming ski season. The supply of properties for sale will start to increase during the 1st quarter of 2019, or it historically does.

Introducing Our Partner in Breckenridge Colorado

Brian Donovan

Remax

970-390-9775

bdonovan@gmail.com

“Working with both Buyers and Sellers has given me the opportunity to meet and become friends with some great and interesting people.I feel extremely fortunate to be a part of the Breckenridge communty!”