Summit County real estate sales, February 2009
Condos and homes in Summit County sold at an all time slow pace in February. Of course, it wasn’t really a surprise, but I was hoping that we would have about 40 sales instead of the 23 we had. Sales were down by 73%! We thought January was slow at 37, but 23 was unbelievable!
Here is how they broke down: half the sales (12) were condominiums, four were townhomes and seven were single family homes.
The town with the most sales, and all the high end sales, was Breckenridge, with nine. Wildernest/Silverthorne, Keystone, Frisco and Dillon all had three each and there were two sales at Copper Mountain.
The average sale price to list price ratio was 93% while the median was 95%. Days on the market averaged 163 days while median days on the market were 148. Note that days on the market may not reflect the correct number if the properties were listed, withdrawn, and relisted at a later date, or with a different agent.
Prices broke down like this: four of the 23 properties were listed over $1,000,000 with the highest priced home in Christie Heights in Breckenridge selling for $1,840,000. The lowest priced one was a one bedroom, one bath Treehouse condo in Wildernest for $187,500. That was the only property under $200,000, and there was one more under $300,000. Five more were listed between $300,000 and $400,000, and an additional five were listed between $400,000 and $500,000. There were threee each in the $5-600,000 range, $6-700,000 range, and one between $700,000 and $800,000.
So what is my prediction for our market? Many Sellers are getting more realistic with prices, but many are also resistant to lower them. I suggest that those who don’t want to lower their prices take them off the market, although I must admit, they do make the homes that are priced right look like really good bargains! Buyers care a lot about getting a good bargain today. We currently are at 2007 prices, but edging down slightly from there at the moment. If our sales don’t pick up by June, I am afraid that by August and September we will be at 2006 levels. That isn’t all bad, as I know there are parts of California that are at 1999 prices! With interest rates as low as they are, second homes and vacation homes are much more affordable and perhaps this summer people will realize that and decide that now is a good opportunity to buy one.
November 9th, 2009 at 11:42 am
[…] to date. As of the first ten months of 2009, we now are down only 36% from the year prior. In February we were down 77%, so it has improved! It was so bad in February, with only 24 sales, that it could […]