Real Estate Market Continues to Rise

After a slow August, the real estate market in Summit County proved bullish once again in the month of September, according to statistics collected by Land Title Guarantee Company.

In September, the Summit County real estate market increased 36 percent to $219,939,000 in monetary volume, as compared to $161,353,500 in 2005.

The number of transactions stayed relatively steady with 444 this month versus 445 a year ago - an encouraging upward trend after a slow August.

August 2006 sales decreased 12 percent over the prior year, and transactions were down 27 percent from 2005.

"Prices are significantly higher, but volume is the same as last year," said Brooke Valance, director of sales and marketing at Land Title Guarantee Company.

Breckenridge led all areas in the county with 94 transactions, which was 21.17 percent of overall Summit County transactions, and accounted for 37.16 percent of the total monetary volume in the county.

Keystone followed suit with 81 transactions at 14.01 percent of total monetary volume.

The Breckenridge Golf Course rounded out the top three areas with 54 transactions, accounting for 11.30 percent of overall monetary volume in the county.

With the winter season right around the corner, Copper Mountain and Keystone have both seen a significant increase in the number of transactions over the past two months.

Currently, listings are down about 25 percent over this time last year.

Valance attributes the increase in monetary volume to: baby boomers purchasing their dream vacation home, locals trying to get in to the market before the county reaches full build-out, affordability of properties when compared to places like Vail, and rental revenues increasing after a strong snow year - as in the record-setting winter of 2006.