Wednesday, January 23, 2019

2018 brought fewer sales, rising volume to Summit County’s real estate market

#Summit County #Colorado
Summit Daily

Summit County's real estate market finished 2018 with the same record low number of listings and rising housing prices that persisted throughout the year.
The Colorado Association of Realtors has pegged 2018 as a year of "tremendous contrasts" across the state. Down to the zip code, location mattered as much as anything else. While some experts and economists have predicted a downturn in 2019, evidence of softening real estate markets was not universal across the state, according to the association.
In Summit County, the total residential sales volume eclipsed $1.3 billion last year. That's up 1.1 percent compared to 2017, but the actual number of properties sold fell 5.4 percent.
Of that total, single-family homes accounted for $657 million worth of sales across the county while the condos, townhomes and duplexes sold went for $723 million combined. As much as anything, the low inventory of available listings continues to fuel the local real estate market.
 We saw a 30.4 percent increase in the average price for homes in Dillon and Summit Cove. At the same time, residential properties at Copper Mountain also performed extremely well with the average price of a single-family home there going from $2.2 million in 2017 to $3.5 million last year.
Housing in the Breckenridge, Blue River, Frisco, Keystone and the Silverthorne areas also saw increased prices, but a wealth of buyers continued to show their willingness to pay these prices, making the year especially good for those who decided to sell.
I see an uptick in housing prices. However, with buyers still wanting to own property in the Rocky Mountains, the county's strong reputation as a highly desirable resort community and a growing number of real estate agents getting licensed, she said the market is still a "healthy" one.
The biggest thing is Summit County as a whole continues to attract buyers. We're fortunately still a very popular resort market so we get the people trying to take advantage and enjoy the mountain lifestyle in close proximity to major markets like Denver and Colorado Springs.
Courtesy of the Summit Daily.