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Fast Facts - August 2018 Real Estate Sales

by The Mountain Living Team

Residential Sales August 2018

  • Number of sales is down 12.6% vs August 2017
  • Dollar volume for sales is up 7.8% vs August 2017
  • Average sale price is up 23.3% vs August 2017
  • August 2018 average sale price was $862,340
  • There were 37.5% more sales over $1,000,000 in August 2018 vs August 2017
  • 55 sales, or 27.4%, were for $1,000,000 or more
  • 11 sales, or 5.5%, were for $2,000,000 or more
  • 78.6% of sales sold in the first 60 days
  • 77.4% of sales sold in the first 60 days in August 2017
  • 35% of sales were cash
  • 4.5% of sales were 1031 Exchanges

 

Land Sales August 2018

  • Number of sales down 10% vs August 2017
  • Dollar volume for sales is up 62% vs August 2017
  • Average sale price is up 80% vs August 2017
  • August 2018 average sale price was $424,458
  • There were no sales over $900,000 or below $150,000
  • There were no sales over $600,000 and seven sales below $150,000 in August 2017
  • 44.4% of sales sold in 60 days or less
  • 20% of sales sold in 60 days or less in August 2017
  • 83.3% of sales were cash

So far in 2018 sales are pretty flat when compared to 2017.  More higher priced properties are selling which is pushing the average sales price higher.  A 23.3% increase in average sales price doesn't mean homes have appreciated 23.3% in the last year.  While prices are up, every neighborhood is different.  If you're wondering about the price of your home in today's market, contact us for a free home valuation.

July real estate sales are up but...

by The Mountain Living Team

Rolling along Residential real estate sales have been rolling along at a pretty similar clip to 2017.  Some months better than last year, some months not.  July happened to be one of the up months. 

There were 182 residential sales in Summit County in July.  That's up 11% over July 2017 when there were 164 sales.  That gain didn't erase the year to date decline. Through July, residential sales are down 4.6% , or 45 sales, vs 2017. 

Monetary volume was up slightly for the first seven months of the year with a 3.9% increase.  That means people are spending more money on each purchase.  Average sales price of a home is up to $751,589 so far in 2018.  Compare that to $690,555 in 2017.  That's an 8.8% increase.  However, more properties over $1,000,000 have sold in 2018.  There have been 181 sales over $1,000,000 or 19.3% of all residential sales this year.  In 2018, $1,000,000+ sales made up 16.8% of the market with 165 sales.  

Sales under $300,000 have declined dramatically this year.  Those properties made up only 8.8% of the market, or 83 sales this year vs 17.9% or 176 sales in 2017.  That is because of the lack of properties available in that price range.  There is still plenty of demand for lower priced properties.

Cash sales have declined slightly this year too.  Only 27.9% of all residential sales were cash transactions.  In 2017, cash sales made up 30.9% of the sales.

Selling quicklyProperties are selling even faster this year than last.  So far this year, 67.2% of all listings sell within 30 days of going on the market.  It jumps to 77% when you include those that sold before 60 days.  In 2017 those numbers were 63.7% and 74.3% respectively.

So far this year, prices are higher and sales are quicker.  Buyers need to be aggressive to get in the market today, especially at the lower price points.  Cash sales are still king but if you are a cash buyer you may not be the only one.  Just over one out of four buyers are cash.  Keep that in mind especially when competing for a property.

Sellers still have the upper hand but price reductions are common in our market.  That means even though the market is hot, the property needs to be priced competitively for buyers to take notice.  Updates and maintenance make a huge difference in desirability.  Even furniture can make a difference.

Mountain Living Real Estate is here to inform you and help to decipher the numbers into facts that help you make the best decision for you and your family.  Contact us and let us help you with your Summit County real estate needs.

 

 

Nominating the Best of Summit 2018

by The Mountain Living Team

Every year the Summit Daily, Summit County's free local paper, has a contest called the Best of Summit.  It gives their readers an opportunity to nominate & then vote for their favorite local businesses, activities, events & more.  

If you have been to Summit County and had a great experience somewhere, take this opportunity to express your appreciation to that business by nominating them for the Best of Summit.  It gives the businesses some free publicity and let's others know where they can find a high quality experience.

It's our goal to give all our clients and, really, everyone we come in contact with a high quality experience that they simply can't imagine how it could be better.  If we have achieved that for you, please take the time to nominate Mountain Living Real Estate or Jason & Meredith Adams under Real Estate in the Service section of the Best of Summit.  Nominations are only accepted until August 1, 2018 so don't delay.

Here's the link: 

http://summitdaily.secondstreetapp.com/Best-of-Summit-2018/

The year is half over but Summit County real estate sales aren’t

by The Mountain Living Team

Six months into 2018 and we have had 753 residential sales in Summit County.  That’s 8.1% below the first six months of last year when we had 819 residential sales.  The first six months of the year typically sees fewer real estate sales than the second half of the year so it’s possible we’ll make up that 8% deficit in the coming months.

In 2017, the first six months only made up 41% of the year’s sales.  The highest numbers of closings in any given year generally take place in September or October.  A typical sale takes about 45 days from going under contract to closing which means we are just beginning to get into our busy time for buyers.   

If you are considering selling your Summit County home, you should be putting it on the market soon.  The next two months are our most active of the selling season.  Get some tips on how to make your home show its best.

If you are considering buying in Summit County, you need to be ready to act quickly, 66% of homes are going under contract in the first 30 days they are on the market.  If you are one of the 74.5% of buyers getting a loan, make sure you have spoken to a good local lender and are pre-qualified.  When you are ready to submit an offer, we can have the lender write a pre-qualification letter to present with your offer.  That will reassure the seller that you are a quality buyer that is serious about buying.

May real estate sales lag slightly

by The Mountain Living Team

Land and residential property closings in May were lagging a little but pricing and days on the market are still strong.  Inventory is beginning to build.  This summer’s sales will help to paint a picture of what’s to come in 2019 for the Summit County real estate market. 

This May there were 147 residential sales in Summit County.  The average sales price was $763,018. 17.7% of the sales were priced at $1,000,000 or higher and 23% were at $400,000 or less.  The highest sale was a single family home in Breckenridge that sold for $3,400,000 and the lowest a studio condo in Silverthorne for $179,900.  In May, residential properties sold for 98.4% of list price. The highest sales price per square foot was a 415 square foot condo by the Snowflake lift in Breckenridge that sold for a whopping $1,084 per square foot.  At the other extreme was both sides of a duplex that sold for almost $217 per square foot.  Properties sold quickly with 68.7% going under contract within the first 30 days on the market.  17% did hang around a while, taking 90 days or more to sell.  Of the 147 sales in May, 23% were cash purchases. 

May 2018 had 13.5% fewer residential sales than May 2017, however, the average sale price went up 6% from $719,584 in May of 2017.  One reason for both stats may be the inventory.  There are 14.1% fewer residential properties on the market compared to the same time in 2017.  Summit County has had a limited supply of inventory all year long.  Inventory has been climbing gradually since March with more significant strides coming in the last month.  We expect the inventory to continue to grow throughout the summer, as will sales, and probably prices.

There were 10 land sales in Summit County in May.  7 of those were in Breckenridge.  All were single family home lots and, with the exception of one, all under 1 acre of land. The average sale price was $309,850.  Half of the sales were on the market for 60 days or less, the other half for more than 6 months.  80% were cash purchases and on average, sold for 92.2% of list price.  Land sales were down compared to May 2017 when there were 14 sales.  Even with a slower May, year to date land sales are still up 40%.  

So far this year, the number of land sales is rising, and the number of residential sales is declining slightly.  An increase in land sales is a typical trend in a strong housing market when homes are tough to find and building your own becomes more appealing.  The decline in residential sales is likely a result of low inventory.  A couple of months of summer sales should give us a better picture to determine if buyer demand is still as strong as it has been.

Closing Dates for Summit County Resorts

by The Mountain Living Team

The days are getting longer and the temperatures getting warmer.  We are enjoying spring skiing here!  This time of year always lets us know that the snow won't last much longer.  Most resorts close around mid-April with Loveland and Arapahoe Basin staying open longer.  Here are the closing dates for our local resorts.  Remember these dates are subject to change based on snow conditions.

Breckenridge - April 22
Copper Mountain - April 15
Keystone - April 8
Arapahoe Basin - No date set yet.

Nearby Resorts:
Beaver Creek - April 15
Vail - April 15
Loveland - May 9

Time is short.  Get out there and enjoy the rest of this ski season!

The Winter Olympics is Summit County, Colorado and then some.

by Meredith Adams

Photo courtesy of https://www.bestvpnanalysis.com/watch-winter-olympics-2018-stream-live/The winter Olympics start today!  So many of the winter sports are some of the things we do every day here in Summit County.  Things like alpine and cross country skiing, snowboarding, & riding the rails & the half pipe.  We also have many of the past, present & future Olympians pass through town as they compete in their specific events hosted at our local ski resorts.  Many of us have had the opportunity to watch these amazing athletes compete in person.   

Sports are always more interesting to watch when you have an understanding of the game and can understand the strategies and skills involved.  Lindsey Vonn skis slalom at around 80 mph.  We don't generally clock ourselves skiing but with an app on his phone, my husband clocked his speed down one really fast run to see how fast he could ski.  He said he was going just over 50 mph.  There's no way I would have wanted to or could have kept up.  Based on that, I'm guessing, at my fastest ever I may hit 30 mph, maybe.  Lindsey Vonn goes 80.  Knowing what 30 feels like gives me so much more appreciation for not only what she does, but how fast she does it.  

I have a better appreciation for those athletes that ride the half pipe, getting amazing air and doing tricks.  I have skied the half pipe.  I don't get air and I don't even get close to the top of the pipe.  The momentum you get going from one side to the other is so amazing.  The steep and icy sides that are so high are absolutely crazy.  If you haven't taken a run down the half pipe, you should put it on your bucket list.  At Copper Mountain, if there isn't an event or practice happening, anyone can ride the pipe.  I urge you to go down it.  Go only as high up the sides as you feel comfortable.  Feel the speed you build as you slide from one side of the pipe to the other.  Notice how the sides tower over you.  Understand the control & skill these athletes must possess to fly beyond the top, spin around in the air, and land back on the steep sides without wiping out.  

Woodward at Copper MountainWhile you're at it, give some of the other Olympic sports a try.  If you've got the guts, check out Woodward at Copper Mountain.  There you can safely launch yourself off a ramp, do an in air trick, and land in a foam pit, all while strapped into your skis or board.  Or go a little milder and strap on the skinny skis and head out into the woods or to one of the local Nordic Centers.  There is one in Keystone, Frisco and Breckenridge.  You may be amazed how different it is from alpine skiing, and appreciate how much energy you exert just to go across a long, flat stretch.  

Summit County offers the opportunities to enjoy all these winter activities and so much more.  The fun to be had in both winter and summer is endless.  Get out and enjoy yourself in Summit County.  You'll be glad you did.

What's on the horizon for 2018's real estate market?

by The Mountain Living Team

2017 was a good year for real estate.  Both prices and demand were up and inventory down from 2016.  2018 will continue to be more of the same. With the potential for higher interest rates that will put added strain on affordability, 2018 may see a slight slowing in demand and pricing.  However, the seller's market will continue.

Unexpected events may curtail the real estate market's trajectory but I think odds are low.  Even though prices are high now, by this time next year I expect them to be even higher.  I'm not sure how long we will sustain the uphill climb but I think we have at least one more year of it.

CNN sees the same things for the national real estate market.

 

Displaying blog entries 1-8 of 8

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Photo of Jason & Meredith Adams Real Estate
Jason & Meredith Adams
Mountain Living Real Estate
101 E. Main Street, #109 / PO Box 4115
Frisco CO 80443
888-666-0844