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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.

Cost to build a home in Summit County

by Jason Adams

I’ll start with the cost of land. You can expect to pay anywhere from $100,000-$1,500,000 for a lot to build on in Summit County. Most lots in the county are in the half acre to 1 acre size range. You can find larger lots but will pay a premium for them. In the higher price range you can also be paying for convenience, whether it’s ski in/ski out or within walking distance to other amenities like shops and restaurants. In 2013 the average sales price for a piece of land in Summit County was $324,000. It’s worth mentioning to buyers that lots that are really steep or in or near wetlands may need special attention. Even if the lot price is low, the location and potential excavation, water, sewer or well and septic installation costs may run the price up. You may think you’re getting a reasonably priced lot just to find out you are spending a lot more money to develop it.

Once you have a lot picked out you can start with the design of your new home. This will include architectural and design cost that can range in the ballpark of $10,000 - $45,000 depending on the home. A Structural Engineer could add another $2000 - $10,000. You’ll have building permits to pay for, either through the county or the town depending on the location of your lot. If you buy a lot with city water and city sewer you can expect to pay in the range of $5000 - $15,000 or more for each to connect. If your lot needs to be on well and septic starting costs can be in the $10,000 - $20,000 range for each but can easily go up from there depending on your lot.

When you get to the actual construction current costs are in the $200 square foot range for more basic finishes and can certainly go up depending on the additional high end features you would like to add to the home. This is meant to give you a basic idea of the expenses you can expect to build a new home in Summit County. If this is something you are interested in it’s a good idea to have an actual lot or location in mind, then we can put you in contact with some local builders to talk to about the type of home you would like to build. They can then provide you more detailed information about the costs

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Photo of Jason & Meredith Adams Real Estate
Jason & Meredith Adams
Mountain Living Real Estate
PO Box 4115
Frisco CO 80443
888-666-0844