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Summit County 2017 - Year in Review

by The Mountain Living Team

Another year is behind us.  That means it's time to look back and reflect on the previous year and then think about what the next year will look like.  In the Summit County real estate market 2017 was an active year and my initial thoughts are 2018 will continue with more of the same.  Let's take a deeper look into the 2017 numbers and see how we came to those conclusions.

2017 residential sales were up 5.4% over 2016 with 1984 sales in Summit County.  Monthly sales fluctuated with some months better than 2016 and others falling short.  Overall the increases won out.

2017 had $1,385,947,000 in residential sales.  That's up 23% from 2016's sales volume of $1,124,067,000. Some of that increase came from a 46.6% bump in the number of sales over $1million.  In 2016, sales at $1million or more only made up 11.8% of the total sales.  In 2017 that number jumped to 16.5%.  In fact, the 70 sales at $2million or more nearly doubled the 38 sales in 2016.  

Average residential sales price in 2017 was $698,562 That is a 17% increase from $596,006 in 2016.  The increase in higher end sales certainly impacted the average sales price but values increased across the board.

The number of cash buyers in the market is about the same year over year at just under one third of all buyers.  The low interest rates continue to make borrowing more attractive, even to those that have the means to pay cash.

59.8% of homes sold in the first 30 days in 2017.  Homes were still selling quickly in 2016 with 54.8% under contract within 30 days.

Summit County has been suffering with low inventory for a couple of years now.  We currently have just 319 homes on the market in the entire county.  That's only a 2 month supply on average.  A balanced market would see about a six month supply.  We are definitely in a strong Seller's Market.

Condos and townhomes made up 63.8% of the residential sales in the county.  Currently, they only make up 41.3% of the inventory.

Low inventory is going to be the strongest force driving the 2018 market.  If inventory levels continue in similar fashion in 2018, we can expect prices to continue to increase.  There is still demand, even now during a typically slower time of year.  There is no indication that demand will slow into the coming year.

Race of the Santas and more weekend fun in Summit County

by The Mountain Living Team

​​Running of the SantasAre you in need of some holiday spirit this season? If so, Breckenridge has the cure this Saturday. Join in a sea of Santas as they run down Main Street Saturday, December 3rd.  There are young Santas, old Santas, female Santas, thin Santas. You have never seen so many Santas!  The race starts at 4:30 but you'll find them roaming the streets at the holiday market that begins at noon, or maybe walking the dog that is dressed as a reindeer during the dog parade.

After the Race of the Santas, stick around for the Lighting of Breckenridge when the holiday lights are turned on and the town tree in Blue River Plaza lights up.
If you're still feeling festive, head to Frisco's Main Street for a taste of Wassail from local merchants during Wassail Days.  Wassail is a mulled cider that dates back to midieval times. Two traditions are connected with it.  One awakes the apple trees and ensures a good harvest next season, the other offers blessings in exchange for food and drink.  Recipes vary, some with alcohol, some without but It is typically served warm during the holidays.  Stroll along Main Street and try them all and then vote for your favorite.  Wassail Days runs from December 1 thru 10 so get out there and try this historic drink.



$20 will get you a Parade in Summit County the next 2 weekends!

by The Mountain Living Team

Parade of Homes 2017 in Summit County ColoradoThe Summit County Parade of Homes runs this weekend, September 23rd & 24th, and next weekend, September 30th & October 1st.  For just $20 you can tour 17 amazing homes across the county.  I’m sure the homes will impress but if they don’t you certainly won’t be disappointed by the changing aspen leaves. 

The county is a glistening gold with a little orange and red scattered in right now.  Many trees are still green but they will be changing in time for the Parade.  It will be a fantastic time to visit 4 homes in Silverthorne, 1 in Dillon, 2 in Keystone, 2 in Copper and 8 more in Breckenridge.

Tickets are available at some local merchants and at just 5 of the homes on the tour.  Be sure and get your wristband to give you access or make sure your first stop is one of the 5 homes selling tickets.  Those 5 homes are:

#1 260 High Park Ct in Silverthorne
#5 111 Centennial Ct in Dillon
#8 1062 Beeler Place at Copper
#10 181 Shores Lane in Breckenridge
#16 112 S Harris St in Breckenridge

This year’s Parade includes a couple of remodels, some newly constructed townhomes and, of course, some amazing single family homes.  Several of the properties on the tour are available for sale.  If you fall in love and don’t want to go home empty handed, we’re ready to emphatically represent you during your purchase.  If the homes on the Parade aren’t right for you, but you want a place in Summit County, we will still represent you with the same vigor.  Of course, there’s no obligation to buy anything.  You are welcome to steal decorating ideas, see what the latest trends are, find out about local builders and companies that can supply you with the products to make your home feel like a Parade home, or just simply look.

The 2017 Summit County Parade of Homes is a great opportunity to spend a weekend, or two, in the mountains and check out some fantastic scenery, both natural and man-made.

View the Parade of Homes Magazine online or pick one up when you buy your tickets.  More information is available on the Summit County Builders website.

First Quarter Summit County Real Estate Statistics

by The Mountain Living Team

Despite low inventory levels, it’s been a great first quarter for residential real estate sales.  Sales are up over 2016 and the highest we’ve seen in a decade.  Inventory is starting to build so hopefully we can sustain an even better second quarter.

Residential sales in January were great; up 29.9% over 2016 and the most January sales since 2007.  February was not as good.  We actually lost a little ground with a decline of 20.7%.  March pulled the quarter back up with another double digit gain; up 38.5%.  That brought the total quarterly residential sales to 330, up 16.6% over 2016. 

Inventory has been on the rise since mid March.

Inventory has been on the rise since mid March.  It’s still low for this time of year, ideally I’d love to have double the listings we have now.  The increase is starting early this year.  Because there is so little competition right now, properties are coming on the market hoping to find a buyer that has been waiting and get a premium price on their property.   

At the start of April, the type of activity we are seeing in a given week is about 50 new properties on the market, 43 going under contract, 19 price decreases & 7 that were under contract but fell apart and are back on the market. 

The second quarter always has more sales than the first quarter.  The third quarter will have more sales than the second quarter.  Typically the third quarter has the most sales but we have been mixing it up recently with some really good fourth quarters too.  Last year there were nearly 60% more sales in Q2 than in Q1.  We will need, and should get, a lot more properties on the market to sustain that type of activity.  The only question is if there will be enough listings to build up the inventory.  Last year’s summertime high was under 700 properties for sale; about a 3 month supply. We will probably have fewer properties than that this year.


The 2017 Budweiser International Snow Sculpture Champions have been chosen!

by The Mountain Living Team

Breckenridge Snow Sculptures

If you haven't been to Breckenridge during the snow sculpture championships you need to make it a point to get here soon.  It's amazing what these people can do with a block of snow.  I can barely build a snowman let alone sculpt some of the intricate designs these artists carve out.  The winner of the 2017 International Snow Sculpture Championships; China2017 is no exception.  This years sculptures are worth a visit!  Consider a night time viewing too.  Colored lights shine on the whittled snow creating beautiful displays and a completely different experience than you'll have during the day.  It's free to see the sculptures located in RiverWalk in Breckenridge.  These warm temperatures make it hard for the artwork to last the entire week so wait until the last day to visit.  Weather permitting, they will be around through Super Bowl Sunday, February 5th.  This year's winner was China although my personal favorite was created by the local Breckenridge team.Budweiser International Snow Sculpture Championships in Breckenridge Colorado

Another beautiful sculpture

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Photo of Jason & Meredith Adams Real Estate
Jason & Meredith Adams
Mountain Living Real Estate
PO Box 4115
Frisco CO 80443