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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.

Real estate in Summit County might be off a bit in May

by Joanne Hanson

May is beginning to look as if we might have a hiccup in our upward trend line of year-to-date  real estate sales in Summit County, Colorado.    As of today, May 23rd, only 50 sales have closed so far, and we have 89 to do to equal the statistics for May, 2010. While a higher proportion of sales close at the end of the month,  doing  almost as many in the next week as we did in the last three weeks might be unlikley.  Any decrease will probably  be in the 10-15% range, and it will take our year-to-date increase from 22% to about 14 or 15%, still a good number. 

The weather, with frequent snow all month, did not help, as it probably kept people out of the county.  Those that were here, were skiing at Arapahoe Basin, where  they have had huge crowds.

 The sales figures to match or beat for the next couple of months are 89  in June but only 57 in July.  Last year in early summer, there was talk of a possible double dip in the recession which is what probably impacted the sales closed in July.  Looking at the statistics for the closed sales so far this month, the average list to sales price ratio averaged 92.5%.  For a property with a $500,000 list price, that means that it would have sold for $462,500, a pretty good reduction in price.   The range of sales was all the way from 100% of list price to only 75%. 

Inventory numbers are moving up, which is typical for this time of year.  April May and June are the listing season months, and more sales close in September, October and November than any other month.  Our inventory numbers cycle with the seasons as unsold properties come off the market in winter to generate rental income, and come back on the market in the spring.  We still are below last year’s inventory numbers by about 200 units, which is a good thing.  The combination of fewer properties to sell and more Buyers in the market will help to stabilize prices.


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