Real Estate Update

 

Nancy Yearout's Real Estate News Breckenridge  Frisco  Silverthorne  Dillon  Keystone  Copper   ​ Hi all!  Here's a bonus mid-month September sales stats update that tells a very different 'story' than the August sales stats that follow.  Stay tuned for the full results of September in the next week or so...It's not enough to say that the market is good; it's HOT.  Low Inventory It's should come as no surprise that the inventory of properties for sale is dropping!  The above chart shows how much the drop is by town and area. Summit County as a whole has 51% fewer available properties for buyers to pick and choose from 9/14/2020 than last September 14, 2019. The inventory in the south side (Breckenridge Market) is down 33% and the North Side (Frisco, Copper, Keystone, Dillon & Silverthorne combined) is down 61%! View a PDF of the above chart here. High Sale A low inventory typically equals higher prices or rising prices. Right now that is exactly what is happening. For September sales so far; The number of sales is up 67%. The average sold price is up 33%. The AVG Percent of List to Sold Price is the same at 98%. Of course, half a month's sales typically do not reflect what happens throughout the year, but no doubt, the recent sales are helping to increase the average sold price year to date. Year to date, the average sold prices are up and, more importantly, the number of sales are up over 2019's. Here's what the year to date is looking like for sales from 1/1 - 9/14; The number of sales is up 1.2%. The average sold price is up 6%. The AVG Percent of List to Sold Price is the same at 98%. Lots of closings in the books for September and October should continue to push the number of sales upward to even more positive gains and the average sold price. ie: The average list price of what is under contract right now is $964,000, and at 98% of that, the average sold price could very well be in the mid 900's; that will push the average sold prices in 2020 up higher yet! It continues to be a hot market. Now check out how August 2020 played out! August Sales Soared Now is the peak selling season of the year, and August sales proved that in closings and new under contracts! August closed properties outpaced August of 2019 by 33%. Pending transactions (properties going under contract) have surged, and currently, over 750 properties are pending in Summit County. With that many properties pending, September is going to be another BIG month of sales. PricesAugust's average sold price is about the same as August of 2019, with about a 3% increase this year. Year to date, the average sold price in Summit County is plus 3%. Or on average, one can buy a residential property for about $867,313. Interestingly, the properties under contract have an average list price of $986,000; because of the higher average list price of what is pending, one would expect the current average sold price to move upward over the next couple of months. Number of Sales Year to date, the total number of properties that have sold is still recovering from being shut down in March and April, with total sales down about -3% (August sales helped boost the local annual sales). With the number of pending being so high, one would expect September sales to increase the yearly sales, perhaps, even into a positive increase. How much is that Home? Prices are about the same as last year. Up just a tad. The average sold price so far in 2020 is up 3% over the same period in 2019. On average residential property will sell for $867,313. Single Family Homes are at an average sold price of $1,367,484, and condominiums are at an average sold price of $519,809. Inventory It's dropping! September 1, 2020, vs. September 1, 2019, the inventory of properties for sale is down 45%. 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 ​ RE/MAX Properties of the Summit - 2 Offices in Summit County, CO: Frisco & Breckenridge.  Source: Sold Data from SAR MLS.  Stats pulled on 9/2/20. *SAR MLS Data  Annual sales 1/1 through 8/31. *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.  ​Each office is independently owned and operated.