Interesting statistics for Summit County, CO real estate
2009 sales compared to 2008 were down 24.5%. Frisco real estate was only down 8.4%
2009 Summit County residential sales were nearly 1/3 single family homes (32.5%)
297 single family homes sold in 2009 vs only 319 in 2008. Only 22 fewer single family homes with a nearly 25% decrease in total sales. Breckenridge actually sold 1 more single family home in 2009 than in 2008. 182 vs 181 respectively
Over 50% of Breckenridge residential sales were single family homes
Frisco sold more single family homes and duplexes in 2009 than in 2008. 33 compared to 24
Keystone sold 66.7% more single family homes in 2009 than 2008 (15 compared to 9)
County wide 80 duplexes sold in 2008 and 77 sold in 2009 (down only 3.8%)
Summit County condo sales are down 35.8% from 2008
In 2009 condos made up 45% of all sales. That’s down from 52-56% since 2006
Just over 4% of all Summit County sales were in Copper (thanks to the Cache at Union Creek this year for bumping the sales up)
4th Quarter 2009 vs 4th Qtr 2008 is up 27.5%
All towns had at least double digit increases quarter to quarter (4th quarter) except Copper. It was down 30.8%
Condo sales in Breckenridge quarter to quarter (4th quarter) were down 23.1%. Down 44.3% for the year
Breckenridge continues to make up nearly 40% of the Summit County residential real estate market
Over 90% of Copper Mountain sales are condos
Over 75% of Keystone sales are condos.
All numbers are based on residential sales in Summit County, Colorado as reported in the multiple listing service.
January 6th, 2010 at 4:19 pm
Is it harder to get a loan for a condo than a house?
January 6th, 2010 at 4:28 pm
Much harder. When the lending guidelines tightened up it got tougher to get loans on complexes with short term rentals, time shares or commercial space in them. If you are able to get financing, it will probably be an ARM rather than a fixed rate loan. Local lenders familiar with the complexes can typically let you know up front if the complex will be difficult for them to finance.
January 8th, 2010 at 3:34 pm
Just to be sure we are clear, the majority of condos still qualify for traditional loans with 20% down (sometimes less), but if there is commercial space or only one or two timeshares in the complex, your only option is an adjustable rate loan. Short term rentals, even though it is not a condotel, will keep some lenders like Bank America away. Others, like Wells Fargo or Colorado State Bank and Trust (and more) are still able to lend on the complex and give a 30 year fixed loan.
January 10th, 2010 at 5:48 pm
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