Condos are king in Summit County property sales, if this summer’s numbers are any indication. Condominiums in Dillon Valley, a small, more affordable neighborhood tucked between Interstate 70 and Highway 6, has seen average price increases of 36 to 44 percent.
“They’re seeing a dramatic increase because they’re some of the last affordable listings,” Summit County Assessor Beverly Breakstone said. “Dillon Valley is the hot market. We think that is because those were inexpensive condos. If you wanted something in Summit, you could buy something there that is affordable.”
The concept also applies to a single condominium complex within Dillon Valley, an older property that dates back to the 1970s. During the same time period, from July 2014 to June 30, 2016, Orofino by Straight Creek saw a 17.25-percent price increase.
Breakstone said countywide, condominium sales are up 11 percent, with the average price jumping a whopping 39 percent. While townhomes went for a median price of $486,700, the median price of condos varies substantially depending on the location:
• Dillon/Silverthorne area: $261,000
• Dillon Valley Condos: $144,750
• Copper Mountain Condos: $317,450
• Frisco Condos: $390,750
• Breckenridge-area condos: $379,850
By region, Breckenridge and Blue River continued to lead in the total number of listings and price, with 76 listings at an average price of $612,160. Silverthorne and Dillon reported a total of 70 transactions for an average price of $358,483.
IF THE PRICE IS RIGHT…
Luxury condominiums also fared well in July, with a slopeside complex in Breckenridge bringing in one of the top sales for the month. A two-bedroom, two-bathroom condominium sold for $2.32 million last month, with access to Main Street Station in the front and the complex backing up to Peak 9.
The new development, titled Water House on Main Street, was completed in September 2015. Broker associate Troy Margelofsky, with Slifer, Smith and Frampton Real Estate, said of the 29 residences only three remain empty. He noted all of the condominiums sold at the listing price.
“We’re pretty proud of it,” he said. “It’s really the last place in Breckenridge where out your back door you can ski, hike and bike, and out your front door you’re on Main Street.”
Though Summit County has seen historically low inventory this year, Margelofsky noted he had seen some progress in certain price points this summer. Overall, Summit County saw a rapid turnaround in listings on the market. Breckenridge Associates Real Estate reported Breckenridge condominiums averaged just 85 days from list to close in July, less than half the time they spent on the market in July 2015.
“We’ve had a really busy winter and another busy summer; it seems like fall hasn’t really slowed yet either. It’s been a strong market,” Margelofsky said. “Things are priced right. Everything’s moving right now.”