#Summit County #Colorado
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| Eli Pace / epace@summitdaily.com |A luxury home at 53 Boulder Ridge Drive in Breckenridge is shown here on Wednesday. The house sold last month for $3.17 million, making it Summit County’s most expensive real estate transaction in January. |
The New Year picked up where 2017 left off with historically low inventory continuing to drive up prices and push down the average time a home spends on the market in Summit County.
Offering his advice, Jeff Moore, vice president of Slifer Smith & Frampton Real Estate, said local sellers should refrain from "overshooting the market," even though it's a great time to sell a property.
At the same time, he hopes buyers aren't being scared away because Summit's real estate remains "a great investment."
"For whatever reason, the first quarter over the last three years has proven to be a very strong quarter for sure," Moore said of January's numbers, explaining that what's typically been the slowest time of the year for housing sales in Summit County has certainly picked up compared to previous years.
“Summit County is still an absolute value when it comes to mountain properties in resort markets. ... It’s a piece of paradise that everyone wants.”Jeff MooreVP of Slifer Smith & Frampton Real Estate
According to the most recent figures provided by the company, the total volume of residential real estate transactions ($79 million), the number of land transactions (22), the average sale price ($750,772) and the average price per square foot ($449) all hit their highest levels for a January in Summit County since at least 2009.
Because the housing market fluctuates dramatically from one season to the next, especially in Colorado's High Country, it's best to look at the same months in different years to get keep tabs on what's happening locally.
Furthermore, the average number of days a home spent on the market was down 39 percent last month at 47 days, which is less than one-quarter what it was between 2011-2014, when the average home spent more than 200 days on the market.
"Of course, what drives the market is supply and demand," Moore said, echoing previous statements from other industry experts. "It's economics 101, and that's exactly what Summit is experiencing at this time."
With 23 years of experience selling real estate in Summit, Moore said the 313 residential properties and 162 vacant land properties currently up for sale put the inventory at a 10-year low.
Furthermore, he's seeing homes priced under $700,000 — whether they're single-family residences, townhomes or duplexes — come off the market quick.
"Buyers in the market place have less to select from, and you're seeing that bear out," he said, noting that the inventory for homes under $700,000 is "very, very low" at only 131 properties.
That can make finding the right house tough for a buyer, Moore cautioned. However, he thinks people looking to purchase should realize that owning a home in Summit County remains a strong investment, both financially and from a standpoint of personal enjoyment.
Also, baby boomers continue to play a major role in the real estate market here, Moore said. But he's also noticing the emergence of Generation X, as individuals age 37 to 49 are starting to buy up second homes with the intent that, perhaps down the road, they could become retirement properties.
"That's what's being born out of all that Denver growth," he said. "There's just remarkable wealth coming out of the Front Range, and these buyers are well-paid professionals who want to buy into the mountain communities."
According to LIV Sotheby's International Realty, another local real estate firm that's based in Breckenridge, they've analyzed a number of resort markets across multiple Western states — including Vail Valley, Breckenridge, Aspen, Telluride, Crested Butte and Steamboat Springs in Colorado, Park City, Utah, and resorts in California, Wyoming, Montana and Idaho.
All of those saw increases in the average price and average price per square foot of a home, according to LIV Sotheby's latest resort report.
The report explains it as "a clear indicator of consumers' continued desire for lifestyle-inspired home purchases and willingness to spend more for homes they truly desire."
Moore doesn't disagree, but he thinks Summit offers something most other resort locations don't.
"What's interesting to me is even through we're seeing these numbers, if you look across ski areas statewide, Summit County is still an absolute value when it comes to mountain properties in resort markets," he said. "It's a piece of paradise that everyone wants, and we're only an hour to two away from the boom on the Front Range."
JANUARY BY THE NUMBERS 2018
135: Total real estate sales
136: Total real estate sales (2017)
$79.9: Total value of sales
$86 million: Total value of sales (2017)
$3.17: Most expensive sale
$4.06 million: Most expensive sale (2017)
18: Sales at or above $1 million
25: Sales at or above $1 million
JANUARY BY THE NUMBERS 2018
January’s Top 5 Real Estate Sales
1. $3.17 million — Breckenridge, Lot 5, Boulder Ridge at 53 Boulder Ridge Drive (single-family home)
2. $2.5 million — Keystone, Lot 3, North Fork Subdivision at 483 Montezuma Road (single-family home)
3. $2.3 million — Breckenridge, Lot A, Dianne’s House Subdivision at 309 S. French St. (single-family home)
4. $2.29 million — Breckenridge, Lot 1, Fuller Place Subdivision at 97 Marys Ridge Lane (single-family home)
5. $2.2 million — Breckenridge, Lot 135, Highland at Breckenridge at 14 Fletcher Court (single-family home)
Source: Summit County Assessor’s Office
