Activity is on the upswing! Inventory… not so much.
Real Estate Market Update by RE/MAX
Sales Volume
Looking at Summit County overall, sales volume is UP, with our number of transactions Year To Date for 2014 up 11% when compared to the YTD numbers for this same week in 2013. Those countywide numbers can be broken down further into two groups – the South Side of Summit County (Breckenridge & Blue River) and the North Side of Summit County (Keystone, Dillon, Silverthorne, Frisco, Copper Mountain). The South Side’s sales volume is up 33% when comparing number of closings thru the first week of April in 2014 vs. closings thru the first week of April 2013. The North Side’s transactions have decreased just slightly, at -2% less deals this year compared to this same week last year.
Average Sold Price
Countywide, the Average Sold Price is up about 7.5% when comparing this year’s average so far to the average at this same point in 2013. Again, we can break down that average further into the two different sides of Summit. The South Side’s average price is up 10% when comparing 2014 to 2013. The Average Sale Price on the North Side of the county is down -4.5%
Inventory
Inventory is down -14% countywide, which follows the overall trend of inventory reduction that has been taking place for 4+ years straight in the high country. This consistent inventory reduction represents some good recovery that’s begun in our local market. However, the amount of supply varies greatly by area of the county and sector of the market.
A pretty “normal” example would be stand alone homes in Silverthorne. Currently, there’s about 9 months of inventory available, meaning if we were to stop getting new listings today (no additions to inventory), it would take us about three quarters of the year to sell thru the listings we currently have.
One area that stands out from the norm would be single family homes available in Dillon. Currently, there are just 14 houses to choose from in all of Dillon (Dillon Valley, Town of Dillon, Summit Cove, etc.), which means slim pickins! Currently, the majority of homes for sale in Dillon are selling in 3 months or less. That means, if we didn’t get any more new listings after today, we would only have 2 months of existing inventory in Dillon.
On the other end of the spectrum, buyers still have a slew of different condominiums to choose from when looking in Keystone, where there are over 150 condo listings alone! With 2013 closed transactions coming in at about that same number, that means there’s currently over 12 months of inventory available for condo buyers in Keystone. That’s one year’s worth of properties, if there were no new listings after today… let alone, we will likely see the seasonal influx of new listings being added in Keystone, like we do throughout the county, during May and June. If you’re a buyer in Keystone, boy, do you have options! If you’re a Seller in Keystone, and you’re one of the lucky ones who will get an offer this year… be sure to keep it all in perspective.
One area that’s in pretty good shape, with slightly lower than normal inventory levels, is the Wildernest area of Silverthorne. Condominiums in this area are showing about 4 months of Active inventory right now, which is good considering they will see many more come on throughout the spring as well.
Breckenridge overall varies widely by sector of the market and area of Breckenridge. Since the zip code for “Breck” ranges from Frisco to Park County, there’s almost too wide a range to lump properties all together. Generally speaking, the inventory level is healthy in Breck, with about a half a year (6-7) months of inventory currently listed.
However, once you delve into specific price points or neighborhoods, one may find some inconsistencies as far as availability, price trends and demand. For example, there are dozens and dozens of vacant lots listed for sale about 10 minutes outside of town at prices of $75,000 or less! The number of buyers for these lots are fewer and further between.
Looking at Breckenridge single family homes for under half a million, you can count your options on one hand… and just about every buyer out there would love to get into Breck at that price point. With the size of the overall “Breckenridge” areas and the amount of transactions that occur, it’s best to narrow down the scope before trying to identify trends with any sort of accuracy. If you are curious about a specific area of Breck, please contact me anytime.
Frisco is unique in that it’s a very small area of the county. With just 70 active listings, there’s not a whole lot to choose from right now. And that number is up from inventory levels in the 40s mid-winter. Frisco’s current inventory would likely last about a quarter of the year, if nothing new were to come available going forward. One notable detail regarding the 70 listings is that they range in price from $168,000 – $2.4 million. While 70 options doesn’t seem so bad, when you consider there may only be 4-5 choices in each $100,000 bracket, that makes things a bit tough. Imagine having to span a budget from $375,000 – $525,000 in order to see 6 different choices. If you’re looking exclusively in the $300,000s, you’d have 4 properties to see… roughly an hour’s worth of work and you’ve seen your segment of the market in its’ entirety. Of course, in Frisco, like everywhere else, we expect to see many more listings coming available between now and the 4th of July.
Curious about current prices in Summit County? Call me to chat anytime. Want to check out the local inventory on your own time? Visit my website at www.coloradobykate.com and set yourself up to receive listings that match your criteria automatically via email.