August Real Estate Update

 

Nancy Yearout's Real Estate Update  Breckenridge  Frisco  Silverthorne  Dillon  Keystone  Copper   Summer Selling Season is Now June's real estate activity increased as the County went from being shut down in March till opening up a bit in late May and early June.  Now in the past month of July, the activity has soared!  August  and September have always had robust sales and looking at the early August activity, robust sales look to be continuing this year. Percent of List Price to Sold Price The percent of list price to sold price in the initial stages of COVID-19 was heading lower and was at about 96%. June and now July has turned that back around to normal levels. The percent of list to the sold price in July is again close to 98%. Number of Sales Year to date, the number of properties that have sold is still recovering from our shut down in March through May, with total sales down about 15%.  The months of June and July though have started to correct this downward trend as the above graph shows.  The July sales in particular are up 22% over July 2​019. How much is that Home? County-wide prices are about the same as last year...up just a bit up at 2% so far in 2020 over the same period in 2019.  Presently the average sale price for residential property is $838,000, for Single Family Home sales is $1,328,000 and for condominiums is $517,000. Inventory It's dropping big time! Typically this time of year, the inventory continues to increase. But so far this year, it is not following that trend because the number of properties listed for sale started declining in June and has continued to decline through July.  And, this is a bit of a stunner...the inventory of available properties for sale in Summit County on Friday, the 15th of August 2020 is down 32% compared to the day in 2019! Why the drop in number of listings on the market? Well a big part soaring demand and...The great urban exodus, one Colorado ski town increases 18% Nancy Yearout Broker Associate RE/MAX Properties of the Summit 970-485-0293 nyearout@colorado.net https://www.realestate-breckenridge.net Get my Mobile App: getmobile.remax.com/nancyyearout ​Source: Sold Data from Summit Realtors Association MLS Data  Annual sales 1/1 through 7/31.  *Residential Sales (home, Condo, Townhome & Duplex),  Change is Year over Year or 2020 vs 2019. **The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.