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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.

 

 

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.

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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