Sellers are finally understanding that they’re not going to get top dollar for their homes, and more properties are coming on the Summit County Co real estate market as spring approaches. As a result, buyers can find undervalued homes – and savvy investors are doing just that. Sellers, don’t worry: If you’re considering selling your property, it’s not all bad news either. March was the best month for home sales and prices in 2009 Summit County real estate records so far.
Summit County had 71 closings, for a total of $37,878,500. This compares to the 55 homes that sold (for a total of about $2.7 million) in February and 54 transactions completed in January (totaling $3.2 million). And, there are still plenty of people out there with enough money on hand: 42% of March buyers paid for their property in cash!
A snapshot of the Summit County real estate records: Though the market is recovering, it is still lagging behind last year’s statistics. From January through March of this year, the number of sales are down 56% compared to the same time last year. Monetary volume has declined by 60%. In March, 2009, Summit County condos sold the best, with 36 closings. The average price resale price of the condos was $380,735. Newly built condos sold for an average price of $689,500.
Twenty single family Summit County homes closed in March. The average resale price was $653,108, and the average new home price was $876,643. What’s selling best: Homes (which include both single and multi family) priced between $500,000 to $600,000 and between $300,000 to $400,000 saw the most action in March, with 11 sales each (a total of 22).
The second best-selling category were condos priced between $200,000 to $300,000. Homes below $1 million sold for about 94% of list price. Luxury snapshot: Overall, homes below $1 million sold more than homes price above $1 million; 5 homes sold between the $1 million and $2 million range, and none sold for over $2 million. Those that did sell went for about 90% of what sellers asked.
This trend has held steady throughout 2009, with the highest number of sales coming from the $300,000 to $400,000 price point (34 closings, since January 1). However, 14 homes between $1 million and $1.5 million have sold, so if you’re thinking of selling your luxury homes, don’t despair – there is still a market. In March, 6 lots sold, with an average price of $375,412.
More Summit County real estate records market news: Breckenridge is still seeing the most number of sales, followed by Keystone. And, it may be a perfect time to buy in Breckenridge, as the average transaction price in March showed a decrease, to $447,091 in town and $620,000 on Peak 7. The Highlands Subdivision, and, generally speaking, studio and one-bedroom condos are showing weakness. But, it doesn’t seem as though this trend will last long, as most prices throughout Summit County, including the Breckenridge Golf Course homes, showed an increase in March.
Two-bedroom Breckenridge condos are showing strength, as are ski-in, ski-out properties priced under $900,000. In March, Wells Fargo granted the most mortgages to buyers, with US Bank following. As of April 7, 2009, there were 2,089 Summit County listings in the MLS, compared to 1,256 around the same time last year. This spring break, more buyers have been showing interest in Summit County real estate, compared to February and early March, when traffic was slower and the ski areas weren’t receiving as much snow as they did in April.
Low interest rates are also motivating buyers. The Mortgage Bankers Association predicted refinancing may reach $2.787 trillion this year, which is $800 billion more than it originally estimated. And, Colorado is still poised for growth. In fact, Denver made Forbes magazine’s top 10 list of cities that Americans are relocating to, and anyone who has taken a look at Interstate 70 on the weekends can tell you that Front Rangers love spending weekends in the mountains.
Breckenridge Commercial Real Estate