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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.



My Summit County real estate July sales forecast was way too high!

by Joanne Hanson

In my last post, I knew that July was not going to be a good month, and estimated that perhaps we would have 60 sales of Summit County residential real estate.   We were going against 79 sales in July 2009, which, compared to our “usual” months of between 100 and 200 units, was low anyway.   This is, for sure, our new normal. 

July WildflowersJuly 2010 the number of transactions was only 50!  The only month with fewer sales this year was January, always a slow time, and before that, a year ago, in June 2009.   The economic news was not good in May and June, with talk of a double dip, and it affected July closings.   That seems to have eased off now, and the good news is that we already have had 100 properties go under contract since July 1, so sales for August should be much better.  When I called to set up showings of  six properties yesterday, I found that two of them had just gone under contract.  That felt like the old days!   To match last year, we need 85 sales, but in September and October we have 133 and 110 to do.  We are seeing good activity, as Buyers realize that with prices down to 2006 levels in most areas, and interest rates at all time lows, now might be a good time to buy that second home they have always wanted.  Sellers are much more cooperative in adjusting prices, given the number of properties on the market. Buyers  have lots of choices and will not buy today if they don’t get a good value. 

So July was down 37% and year to date we are up by only 24%.  I am now revising my hoped for sales for this year from 1200 to 1100, which would be an increase of only 20% for the year, and still below 2008 levels when we had sales of 1210.

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Jason & Meredith Adams
Mountain Living Real Estate
101 E. Main Street, #109 / PO Box 4115
Frisco CO 80443