It's a great time to buy Locals and visitors alike never thought they'd see good deals in Summit County, but the tides have turned, and it's now a buyer's market. If you've been waiting to own your piece of paradise in the mountains - a place where you can return to a cozy deck after a day of hiking or biking in the summer, or a place to curl up to a glowing fire in the winter after a day on the slopes - now is the time to buy.
2010 Summit County Real Estate Sales Statistics
Compared to neighboring counties, Summit County real estate is holding up quite well.
In fact, the average price of a Summit County single-family home increased in 2009, going from $835,803 in 2008 to $905,030 in 2009!
In addition, eight Summit County real estate records sales of more than $3 million took place, breaking the 2008 and 2007 records.
Breckenridge single-family homes particularly fared well in 2009, with an increase in average price of 24% — from $939,848 in 2008 to $1,165,304 in 2009. However, Breckenridge condos and some other Summit County real estate saw a decrease in price.
Copper Mountain, Silverthorne and Heeney single-family homes in northern Summit County fared well, with 38%, 11% and 58% increases, respectively. Copper Mountain’s median price of condos increased by 21%, and Summit Cove’s median price of condos increased by 22%. However, the average and median prices of Dillon Valley condos, near Interstate 70, declined by about 80% overall in 2009.
I can show you any data related to a specific Summit County real estate area, so that you fully understand the history of prices before buying and selling. For instance, in-town Breckenridge real estate sold for an average of $401.88 per square foot in 2009, whereas other Summit County real estate market shows a range in price per square foot, beginning at about $250 a square foot.
While banks are still a cautious with loans, more and more people are buying Breckenridge Colorado real estate, and Summit County real estate as a whole, with cash. Thirty-nine percent of closings are cash closings, which makes them easier and faster.
In 2009, the most popular price point for Summit County real estate was between $300,001-$400,000, with 194 sales. The price range of Summit County homes that produced the highest percentage of total monetary volume was the $1 million and $1.5 million range, with 17% of gross volume falling in that category, from 86 sales. In 2008, the $300,001-$400,000 price category also saw the highest number of sales, at 271, and Summit County homes selling between $1 million and $1.5 million (105 total) had the highest gross volume percentage.
Though the number of Summit County real estate records did decline in 2009 by 32% compared to 2008 (from 1,834 sales in 2008 to 1,245 sales in 2009), and it was 36% down in monetary volume (which totaled $683,009,100), other adjacent resort communities saw as much as a 67% decline in monetary volumes.
For example, Eagle County, which includes Vail Mountain, the town of Vail and Beaver Creek Ski Area, declined 60% from 2008 to 2009.
Garfield County, which includes the hot springs resort town of Glenwood Springs, as well as Sunlight Ski Area, decreased 67% in monetary volume. Summit County Real Estate Sales
Only Pitkin County, which includes Aspen, fared a little better than Summit County, with a decrease of 21% in monetary volume.
Since Summit County real estate market is more affordable than both Vail and Aspen, and it’s close to Denver, it stands to bounce back well in the near future. We’ve already seen positive signs of recovery in some of the 2009 statistics. I’m happy to share any other information you would like about Summit County real estate.
Summit County Residential Real Estate
Summit County real estate appreciation
Summit County real estate records
Summit County co price per sq foot
Breckenridge construction per square foot