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Friday, October 12, 2012
Third Quarter 2012 Update from Breckenridge & Summit County Colorado
Monday, October 08, 2012
Sold Prices are at 2006 Levels
The local sold market in Summit County for residential
sales is holding firm at plus 13%! Last week’s number of properties selling
and going under contract both came in strong with a 54% sold improvement and a
27% under contract improvement over the same week in 2011. Strong fourth
quarter activity. Learn more at Http://WeeklyREActivity.com .
A little more detail: Active properties for sale
are down 16%, properties under contract to close are up 15%. There is one
project that is getting ready to close and removing that project from the
overall numbers shows the local resale market of under contract properties up 7%
or up 15% with the project sales and up 7% without. However one looks at it the
market is up.
Third Quarter Results: Many like to associate a
year in the past that is similar to sales today and interesting enough that
year is 2006 for both Condominiums and Single Family Homes. Here is a tid bit,
there is only a 3% difference between sold home prices today as compared to
2006. Learn more at Http://AllMarketStats.com .
View online:
Homes - Slide Show: 'Condo Sales Summit County, http://www.haikudeck.com/p/8ANVnH5LvL or View Full Detailed Stats. Condos - Slide Show: 'Home Sales
Summit County, Colorado' http://www.haikudeck.com/p/aUfg9oPfb4 or View Full Detailed Stats .
Monday, October 01, 2012
Market Holding Strong at +13 Percent
History & Future. The nationwide housing market
basically stopped in 2007 dropping the average home price in the US downward by
about a third by the start of 2012. Future predictions on when the housing
market will return to historic highs range from the near future of 2016 to 2018
all the way out to CNN’s recent 2023 prediction. A quote from CNN’s article,
“Fiserv forecasts prices will bounce back an average of 3.7% a year for the
next five years -- a rate that would still leave prices 20% below the peak”.
Locally the number of sales dropped in 2007 a bit
(down 14%) and plummeted downward an additional 43% in 2008 to finally bottom
out in 2009 with another drop of 25% - total drop from 06 to 09 was 63%.
Interesting though is that Summit County had a peak in average sold price while
the number of sales plummeted and that average sold price has been in a
downward movement ever sense. Although 2012 is starting to show signs of change
and the next three months of sales will be the deciding factor on average sold
price for the year.
What is, almost, for sure today is that 2012 will be
the third year of improving number of properties sold and with a gain of 13% as
of today (if the market retains that gain through the end of the year) the
number of sold properties by the end of 2012 will show a year ending at -49%
below the peak in 2006. The market is improving and still has a ways to go to
get back to or even near the peak.
Locally again, Vail was quoted as estimating the 2013
year as being “the continuation of a challenging, but stable economic
environment”. What will our local real estate market do in 2013? Will it move
forward for another year of positive gain in the number of sales? Will it stall
during the first quarter as buyers adapt to changing times? The management group
at RE/MAX met the other day and discussed this briefly and had varied resulting
crystal balls from a high of plugging along as we have been with an 8 to 12%
gain in 2013 in the number of sold properties to a definite stall resulting a
declining year and a more challenging market.
The reality is that we have been in a changing and
challenging market now for 5 (almost 6) years and anyone that has endured knows
that what is needed to succeed is a strong plan, consistent execution of that
plan and business skills. Those producing today are the same individuals that
are seen in the office frequently working in a definite direction with a set of
skills that have resurfaced from the 90’s, recently learned and or relearned.
The market is what the market is and you can’t change the market, but you can
change how you react to the market in order to achieve any level of success –
but, heck this is nothing new and in three months our market will be what it
has been for 6 years.
Interesting.
Today sales are up 13%, average sold price is up 1% and
the average sold price per square foot is down about 3%. The average sold price
is up countywide that 1%, up a whole lot more on the North Side of the County
and flat in the South Side and yet the average sold price per square foot is
down across the board or county. This past week the number of properties that
went under contract is up again over last year by 64% this time…another great
week!
To review all the current market statistics click the link below:
Thursday, September 27, 2012
Two Very Positive Signs
Two quick positive points to review or ponder over your
Friday afternoon beaverage of choice.
1. If
you didn’t already see it, please click on the link below from the Denver Post
about the Resort Real Estate Market in Colorado. The real estate news is
continuing to trend positive and that’s good news for buyers and sellers….
http://www.denverpost.com/business/ci_21596305/rise-colorado-resort-real-estate-sales-2012-fueling-hope-rebound
http://www.denverpost.com/business/ci_21596305/rise-colorado-resort-real-estate-sales-2012-fueling-hope-rebound
2. The
current weekly NUCs for Summit County Residential properties has surpassed last
year’s weekly NUC of 36 – we are at 38 right now as we head into two days of
weekend selling!
Nancy
Monday, September 24, 2012
Where is the Market today as compared to last year at this time
Where is the market at today as compared to last year at
this time? Well, the number of residential sales in Summit County is up 13% and
the average sold price is down -1% - basically flat. Splitting the county in
half shows the North Side of the county with a strong 18% improvement and the
South Side of the County with a 7% improvement. Interesting that last year at
this time the percent change between 2011 and 2010 was flip flop as compared to
this year’s with the North Side last year holding an 8.5% improvement and the
South Side holding a strong 27% improvement.
Learn more at Http://WeeklyREActivity.com .
Over the past four weeks Summit County has had 167
residential properties go under contract. For the same 4 week period 2009 had
148, 2010 had 130 and 2011 had 146. Interesting that 2012 is up 13% over the
bottoming out year 2009 and up 14% over last year. Of the past four weeks 3
have had the highest new under contract count over any of the same weeks in the
prior three years (09, 10, and 11). Very positive growth.
The average price is flat countywide (-1%) and the North
Side of the county is showing a 6% improvement while the South Side is showing
a -4% reduction. Interesting that the South Side is down almost the same
percentage it was down last year (-3% without One Ski Hill Place Project Sales
in 2010) and the North Side was down -10% last year at this time. This time of
year is always interesting to see just how the market year ends up and sets
itself up for the following year.
The inventory is down to 1429 and with the same pace of
improvement about 1000 of those currently active listings will be active on January 1, 2013. Have a look at the
attached status report where the Frisco office is 24% up, Breckenridge is up
23% and Keystone is up 65%!
Sunday, September 23, 2012
Nancy L Yearout
@nancyyearout
@nancyyearout
Good News for the National Housing Market? Existing U.S. home sales jumped 7.8% in August to a two-year high. Is... http://fb.me/1JxO0yslT
Bloomberg News
Sunday, September 09, 2012
Late Summer Real Estate Update from Breckenridge and Summit County
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Monday, August 27, 2012
Mid-Summer Real Estate Up-date
This was the best week of 2012 for under contract
activity! Listings under contract are up 12%. Sold listings are up
15% and Active listings are down -13%. All for Summit County residential sales
and you can visualize it all here Http://WeeklyREActivity.com .
In 2011 there were two weeks with 50 residential Summit
County properties going under contract and one with 48 (the 48 is actually this
week last year!). This year the county already had one 40 under contract week
and this past week “best of 2012’s” 42 – this week could be another big one for
the county and perhaps another best!
Tracking of the number of residential properties in Summit
County that go under contract shows that last year from the 1st week
of July through now as compared to this year for the same timeframe and weeks
results in 299 properties going under contract in 2011 and 299 properties going
under contract in 2012 for that same time period. Amazingly interesting. August
is up a few deals this year and July is down a few deals this year and all in
all a wash and all in all exactly the same.
If we end the year at that 15% ahead point we are at now,
where will the county be as compared to the peak sold year of 2006 at 2012’s
year end?
Let’s see, our bottom was in 2009 and that was -63% down
from the peak in the number of sales and we started digging out of that bottom
in 2010 with a 10% improvement and in 2011 with a 11.5% improvement. As we
entered 2012 the local Summit County market was roughly -54% down from the peak
in 2006. If we hold that 15% gain we have right now the county will end the
year at -48% down from the peak and if we retain our July and August momentum
we may end the year at a -50% from the peak – however that winds down we
will end 2012 at about half that of 2006 or pretty darn close to the total
number sold in 2008.
Very interesting that it took a couple and a half years for
the local market to bottom out and yet three years into the local recovery the
market has only etched out 13 percentage points from the minus 63% to minus
50%. Or another way is that our market still has to climb back up 79% of the
decline to get back to the peak years. Even with that long way to go the
county’s market is moving steadily in the right direction with three years of
consistent double digit improvement – a market picking up steam.
Very interesting and even more so when you look to your left and your right
there are plenty of associates doing extremely well in this market and they are
following that steady improvement each year that the market has under gone for
the past three years.
One either sees tremendous opportunity or one sees the
obstacles blocking opportunity. I see plenty of opportunity! The county
has a declining associate base (down to 480 now) and an improving transaction
environment; coupled with very high average sold prices – which translates into
very high average commissions earned and all that combined equals great
opportunities. Actually tremendous opportunities to earn big now and build a
big business into the next 3, 5, and ten years….and associates are doing
exactly that right now.
Currently the county has 1563 active residential properties
for sale and of those 38% will sell by year end if the county retains that 15%
lead over last year. Plenty of properties for buyers to pick and choose
their resort homes and, interesting enough, 62% of the properties ‘for
sale’ today will be on the market the first quarter of 2013. Be sure to check
out all the updates and the attached Status Report where you will notice the
Breckenridge office is up 61% for UC’s, the Keystone office is up 31% and the
Frisco office is up 12%.
By the way, a new format for the following Http://HowsTheMarketUpdate.com and
http://WeeklyREActivity.com .
And a whole lot of information at http://AllMarketStats.com .
Tuesday, August 14, 2012
Check out my brand new listing at the Lift Condos that is just a "stones throw" from the Quick Silver lift as well as, Downtown Breckenridge shopping and dining. Huge Views, stainless appliances and granite kitchen counters. Two bedroom/loft, 3 bathrooms, 1361 SF & priced to sell, only $565,000! Contact me today!
http://
Monday, July 30, 2012
Breckenridge and Summit County Colorado
How's The Market YTD
2012?
Now that we
have reached the mid-way point of 2012:
The current number of residential
properties for sale in Summit County is 1600 which is down 15%, compared to the
first half of 2011.
508 properties have sold so
far which is an increase of 16%. Further, 214
properties are pending/under contract, a 33%
increase.
Of particular interest in
the present market...The average listing price of those properties that are
under contract right now, is less than the average sold price of properties so
far this year.
The average sold price in
the county is down 4% and once the current inventory that is under contract
today start to close, one would expect the average sold price to adjust downward
as well.
Another tid bit, the
average sold price this year would have to go up 35% to equal the average list
price of the properties listed for sale today. So, obviously, we still have a
whole lot of overpriced properties still on the market.
So what does this
mean?
I think you know the
answer...properties priced to the present market are the ones selling. And, we
have really nice selection of great ones still out there to buy. Now is the time to buy.
Click the link below to
view all the market statistics year-to-date:
Saturday, May 19, 2012
Summit County wins bronze level recognition for cycling
Summit County joined Breckenridge on an elite list
of bike-friendly communities, winning a bronze level recognition this year for
its efforts to make the community safe and enjoyable for bikers.
The League of American Bicyclists selected Summit County for the first time, determining that the local government had demonstrated the early stages of a strong commitment to cycling and had “room to grow,” according to a statement from county officials.
Bronze is the first of the organization's four levels — below silver, gold and platinum — of recognition of municipalities' efforts to accommodate cycling.
“This designation confirms Summit County's commitment to serve the bicycling community and to promote our recreation pathway system,” County Commissioner Karn Stiegelmeier stated in a recent release. “The recpaths are an important county asset enjoyed by locals while serving as an attraction for our summer visitors.”
Fifteen percent of county roads also accommodate bicycles, and two thirds of side streets have bike lanes or paved shoulders.
A dedicated bike page on the county website along with safety education and training efforts for everyone from Summit Middle and High School students to law enforcement officers and bus drivers also helped score Summit County the designation.
Events like the Pro Cycling Challenge, Copper Triangle Triple By-Pass, Children's Hospital Courage Classic and the Circle the Summit/Bob Guthrie Memorial Ride helped secure the bike-friendly community title as well.
But the work isn't done, county officials say.
“We're going to continue to look at more ways to improve our bicycle and pedestrian facilities,” assistant county manager Thad Noll said. “Every time we do a road project we think about how we can make it better for bicycles.”
A resurfacing project planned for Dillon Valley this summer will include a bit of extra work to widen the road for cyclists, an important improvement in an area often used by children on bikes.
The county also partnered with the Colorado Department of Transportation this year to improve the shoulders and highway on Vail Pass to make the area safer for cyclists.
Breckenridge was designated a gold-level bike-friendly community last year. There are now more than 200 municipalities nationwide that hold the title. Only three, Boulder, Davis, Calif., and Portland, Ore., have reached the top, platinum level recognition.
Durango graduated to a gold-level designation, while Aspen reached silver this year.
The League of American Bicyclists selected Summit County for the first time, determining that the local government had demonstrated the early stages of a strong commitment to cycling and had “room to grow,” according to a statement from county officials.
Bronze is the first of the organization's four levels — below silver, gold and platinum — of recognition of municipalities' efforts to accommodate cycling.
“This designation confirms Summit County's commitment to serve the bicycling community and to promote our recreation pathway system,” County Commissioner Karn Stiegelmeier stated in a recent release. “The recpaths are an important county asset enjoyed by locals while serving as an attraction for our summer visitors.”
Fifteen percent of county roads also accommodate bicycles, and two thirds of side streets have bike lanes or paved shoulders.
A dedicated bike page on the county website along with safety education and training efforts for everyone from Summit Middle and High School students to law enforcement officers and bus drivers also helped score Summit County the designation.
Events like the Pro Cycling Challenge, Copper Triangle Triple By-Pass, Children's Hospital Courage Classic and the Circle the Summit/Bob Guthrie Memorial Ride helped secure the bike-friendly community title as well.
But the work isn't done, county officials say.
“We're going to continue to look at more ways to improve our bicycle and pedestrian facilities,” assistant county manager Thad Noll said. “Every time we do a road project we think about how we can make it better for bicycles.”
A resurfacing project planned for Dillon Valley this summer will include a bit of extra work to widen the road for cyclists, an important improvement in an area often used by children on bikes.
The county also partnered with the Colorado Department of Transportation this year to improve the shoulders and highway on Vail Pass to make the area safer for cyclists.
Breckenridge was designated a gold-level bike-friendly community last year. There are now more than 200 municipalities nationwide that hold the title. Only three, Boulder, Davis, Calif., and Portland, Ore., have reached the top, platinum level recognition.
Durango graduated to a gold-level designation, while Aspen reached silver this year.
Sunday, May 13, 2012
It's Still a Buyer's Market
It's always a beautiful day in "Colorado's Playground" of Summit County Colorado! Welcome.
It is still a Buyers' market in Breckenridge and the surrounding communities. Properties that are priced for the present market are great values. This, along with almost historic low interest rates makes it the best time in a long time to buy into the lifestyle of Breckenridge, Frisco, Copper Mt., Dillon, Keystone or Silverthorne, Colorado.
Are you looking for your Colorado rocky Mountain get-away with a panorama of views everywhere you look? Look no further. With thousands of acres of mountain terrain for the winter activities that you already love, summers that bring 70 degree sunny days for hiking, biking and playing one of our pristine golf courses. Summit County colorado offers it all.
And look no further for a knowledgeable, experienced Realtor that understands the most important real estate transaction is YOUR'S. It is my goal to build the proper business relationship with you so that you feel 100% comfortable with me and I feel 100% comfortable with you.
I am your #1 choice for finding your 1st lifestyle investment or your 5th. Or maybe you're interested in selling your current property. I will take you easily through the real estate process and provide you reliable and honest information.
The real estate industry is most sophisticated and challenging these days. You need a professional Realtor that understands the market and is positioned to stay ahead of the game in Summit County. I know the Summit County Colorado area like the back of my hand.
Your Realtor, Nancy Yearout
Be sure to click on "How's the Market Update" just below for the most current state of the local market:
How's The Market Update
Sunday, April 29, 2012
New Members of the Colorado Ski and Snowboard Hall of Fame Announced
The Colorado Ski & Snowboard Hall of Fame has announced the election of Bill
Bergman, Toby Dawson, Jerry Gart, Tom Jankovsky, John Meyer, Paul Testwuide and
Ralph Walton into the Hall of Fame class of 2012. They will join a prestigious
group of Hall of Fame athletes and visionaries who have made significant
contributions to the Colorado ski industry when they are formally inducted
during the 36th annual Colorado Ski & Snowboard Hall of Fame Induction Gala
in October.
Max Dercum revealed
“Dercum's Dream,” his vision of creating and developing Keystone, to Iowa
attorney Bill Bergman. Dercum had the vision but Bergman possessed the business
savvy skills to turn it into reality. He is credited as the individual who
transformed skiing into a corporate enterprise. Bergman was able to expand the
resort by designing environmentally friendly trails and installing snowmaking
capabilities. Bergman laid the groundwork for standard practices in leading
resorts that are still used today.
Adopted from an orphanage
in South Korea by Vail ski instructors, Toby “Awesome” Dawson's time on the Vail
slopes led to seven years on the U.S. Ski Team, winning seven World Cup titles,
17 podium finishes and he became the 2006 Olympic bronze medalist in freestyle
skiing. He helped with South Korea's winning bid for the 2018 Winter Olympic
Games and is now the South Korean National Ski Team coach.
The 1976 marketing director
for Ski Industries of America, Jerry Gart opened 70 Gart Brother's Sporting
Goods, famous for SNIGRAB and brought affordable ski equipment to Colorado
residents. His ski carpet inside the store gave guests the experience of skiing.
He established Denver Post/Gart Bros. Ski School and founded the Colorado Ski
Country USA Ski Lift program.
Tom has worked 25-years
as the general manager of Sunlight Mountain Resort and 24-years on the Board of
Trustees for Colorado Ski Country USA. He championed the Colorado Gems and the
5th Grade Passport Program, created the successful Glenwood Springs marketing
campaign: Ski, Swim and Stay, which has increased overnight stays and tourism.
After John Meyer moved to
Denver in 1981, he began his 25-year career as the American ski writer for The
Denver Post and the Rocky Mountain News. He has written for six Winter Olympic
Games, covered four FIS Alpine Ski World Championships and 100 FIS World Cup
events. John has been recognized as “America's Ski Writer” and is a dean of
Olympic journalists in America.
In 1963, Paul Testwuide
came to Vail as a trail crew member and went on to become Vail Ski Patrol
Director and ultimately became Vail's Chief Operating Officer. He secured water
rights for snowmaking, which became a model for the rest of the Colorado ski
industry to follow. He managed sustainable development of Blue Sky Basin and the
rebuild of Two Elks after the ELF arson fires.
In 1970, Ralph Walton
purchased then-bankrupt Crested Butte Mountain Resort. In three decades, he
pioneered non-stop jet service to the ski area, developed a base village and
subsequent subdivisions. He was on the Board of Directors for Colorado Ski
Country USA and received a Lifetime Achievement Award from the National Ski
Areas Association.
Bill Bergman
Max Dercum revealed
“Dercum's Dream,” his vision of creating and developing Keystone, to Iowa
attorney Bill Bergman. Dercum had the vision but Bergman possessed the business
savvy skills to turn it into reality. He is credited as the individual who
transformed skiing into a corporate enterprise. Bergman was able to expand the
resort by designing environmentally friendly trails and installing snowmaking
capabilities. Bergman laid the groundwork for standard practices in leading
resorts that are still used today.
Toby Dawson
Adopted from an orphanage
in South Korea by Vail ski instructors, Toby “Awesome” Dawson's time on the Vail
slopes led to seven years on the U.S. Ski Team, winning seven World Cup titles,
17 podium finishes and he became the 2006 Olympic bronze medalist in freestyle
skiing. He helped with South Korea's winning bid for the 2018 Winter Olympic
Games and is now the South Korean National Ski Team coach.
Jerry Gart
The 1976 marketing director
for Ski Industries of America, Jerry Gart opened 70 Gart Brother's Sporting
Goods, famous for SNIGRAB and brought affordable ski equipment to Colorado
residents. His ski carpet inside the store gave guests the experience of skiing.
He established Denver Post/Gart Bros. Ski School and founded the Colorado Ski
Country USA Ski Lift program.
Tom Jankovsky
Tom has worked 25-years
as the general manager of Sunlight Mountain Resort and 24-years on the Board of
Trustees for Colorado Ski Country USA. He championed the Colorado Gems and the
5th Grade Passport Program, created the successful Glenwood Springs marketing
campaign: Ski, Swim and Stay, which has increased overnight stays and tourism.
John Meyer
After John Meyer moved to
Denver in 1981, he began his 25-year career as the American ski writer for The
Denver Post and the Rocky Mountain News. He has written for six Winter Olympic
Games, covered four FIS Alpine Ski World Championships and 100 FIS World Cup
events. John has been recognized as “America's Ski Writer” and is a dean of
Olympic journalists in America.
Paul Testwuide
In 1963, Paul Testwuide
came to Vail as a trail crew member and went on to become Vail Ski Patrol
Director and ultimately became Vail's Chief Operating Officer. He secured water
rights for snowmaking, which became a model for the rest of the Colorado ski
industry to follow. He managed sustainable development of Blue Sky Basin and the
rebuild of Two Elks after the ELF arson fires.
Ralph Walton
In 1970, Ralph Walton
purchased then-bankrupt Crested Butte Mountain Resort. In three decades, he
pioneered non-stop jet service to the ski area, developed a base village and
subsequent subdivisions. He was on the Board of Directors for Colorado Ski
Country USA and received a Lifetime Achievement Award from the National Ski
Areas Association.
Saturday, April 14, 2012
How's The Market 2012?
The 1st quarter 2012 compared with 2011 has proven to be very, very interesting...
Single family homes sales were up 50% - 54 sold last year vs. 81 this year. 41% were in the $500K to $1Mil range and 36% were $1 Mil to $1.5 Mil. The 2011 average sale price for single family homes was $541,926 in 2011 and this year it was $748,356. That's a 7.2% jump!
Duplex and townhome sales were pretty much flat in sales and average sale prices, but condos took a pretty good hit in sales being off 21.4% and sale prices also off 16.1%
Of course, condo sales are often off in the 1st quarter as rental occupancies preclude showings and it is a bit hard to sell sight unseen.
Another interesting aspect to the 1sr quarter puzzle...new properties listed for sale are down 12%. Hmm, fewer properties to buy bodes well for at least stabler prices, maybe continued pressure upward???
Still early in the new year, and we will get a better picture when as the year progresses.
What I do know is, 2012 is the best time to buy in over 20 years! Buyers needed!
Click on this link to see all market stats for 2012 - All Market Stats
Now to the National Investment front - The National Association of Realtors(NAR) report in their 2012 Investment and Vacation Home Buyers Survey showed that investment/vacation home sales surged an extraordinary 64.5% to 1.23 million last year from 749,000 in 2010.
To read the full report - NAR: Vacation Home Survey Report
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