Enjoy the market update below and I hope you find the information interesting and if you know of anyone looking to get into this resort market send them my way! And if there is anything we can do for you, just let me know.
The General Market. Summit County real estate residential sales are up 19% (listings sold) with the average sold price down 3 percent. A little digging shows that the Summit North side of the county (Frisco, Copper, Keystone, Dillon and Silverthorne) are up by about 4 extra listings sold with about a 15% decrease in average sold price. The Breckenridge real estate area is up about 41% in listings sold and up 1.2% in average sold price.
A little more Detailed Market View. Digging even deeper shows each area’s residential sales and the positive or negative change in the average sold price and the number of listings sold comparing 2010’s 1st quarter to 2011’s 1st quarter. It is still early in the year and with the vast majority of sales yet to come this year a lot can change and with some of the small numbers in some of the areas it doesn’t take much to start a new trend or witness a substantial swing in either direction.
The Condominium Market. A very noticeable change in both the number of sales and the average sold price and as the graphs below show the entire change is due to the Breckenridge condo market. The Summit North condo sales for the 1st quarter in 2010 were at 53 and in 2011 the number of condos that sold were 53 with a combined decrease in the average sold price of about 9 percent. About half of the Breckenridge increase in sales were driven in part due to a newer project being sold off at dramatically reduced prices coupled with other newer and more expensive condominiums selling in the Breckenridge area.
What Price Range is Selling? The graph below shows all the residential sales for the 1st quarter by price range by the sold price. Interesting that 65% of our Summit County real estate market is selling in the zero to $500,000 range with 28% in the $500,000 to $1,000,000 range. Or 93% of all sales so far in 2011 (1st quarter) have been under $1,000,000. The percent to list for properties that sold in the $500,000 to $1,000,000 range is 90% and the under $500,000 range it is 92%.
The Single Family Home Market. Not as dramatic as the condo market with 51 selling in Summit County during the 1st quarter of 2010 and 53 selling in 2011 with about a 3.5% decrease in average sold price. The increase was in the Breckenridge market with 3 more sales in 2011 and the Summit North witnessed 1 less sale in 2011. The bigger change is in the average price where the Breckenridge area witnessed a 3% gain and the Summit North (Frisco, Copper, Dillon, Silverthorne and Keystone) witnessed a 19% loss.
A little more Detail on Sold Prices. Breaking it down by Breckenridge and Summit North (Frisco, Copper, Keystone, Dillon, Silverthorne) shows that 100% of all the sales in the Summit North area have been under $1,000,000 and almost 80% of the market in the Summit North is under the $500,000 level. Breckenridge on the other hand has about 50% of their market under the $500,000 mark coupled with a large percentage of their sales in the $500,000 to $1,000,000 and the 15% that is above $1,000,000 really translates to 13 listings sold.
Percent of Market by Year Built. This is interesting and the reason the graphs have been created is to help identify the shift in the market of higher end sales or over $1,000,000 sales. All of the over $1,000,000 residential sales occurred in the Breckenridge market and they consisted of 2 condos, 10 homes and 1 townhome. The other interesting point is that the majority of these sales occurred with newer properties in amongst other like properties – 70% of those that sold were built in the 2000’s! All were built in the 90’s and newer. The average sold price of the over $1,000,000 sales in 2011 is $1,568,484 and the average percent to list price is 95% (buyers are buying high end properties that are priced dead on).