Dillon tends to have the lowest average selling price for all properties, including single-family homes, condos and land. But that’s not necessarily a bad thing. It also has some of the fastest selling times, or least amount of days on the market, than other towns in Summit County.
Dillon real estate comprises a much more diverse area than other Summit County towns. While Breckenridge, Copper Mountain and Keystone tend to have high-end properties throughout their respective areas, Dillon properties range from hundreds of the most affordable condos in the county to multi-million dollar mansions. This highly varied range skews the average sales prices in Dillon.
Distinct areas of Dillon Colorado real estate have their own unique set of circumstances. For instance, condos that dot Lake Dillon tend to be fast sellers, because there's a limited amount of them. Though the average price of a condo in 2007 was the lowest out of all Summit County towns, at $254,504, the average number of days on the market was 128, as compared to 193 days for a Breckenridge condos with an average cost of $532,637. And remember, this average price takes into account the lowest-end condos in Dillon Valley, as well as the highest. In-town condos sell for much more than Dillon Valley. Still, Dillon in-town condos are great values, because they are easy to rent if you choose to, and if you live in them, you have the benefit of enjoying lakeside living. Their more affordable prices make them easier to get into, and since Dillon is no more than about 20 minutes to the farthest town (which is Breckenridge), its central location makes it convenient to reach all of the ski resorts and towns.
Like in-town homes and condos with a view, Corinthian Hill homes and condos have a strong sales history because of their location, which boasts expansive views of Lake Dillon.
Summit Cove is a solid investment because many middle-class locals buy homes or condos in this neighborhood. It’s also a conveniently located place for renters, especially those who work at Keystone Resort. It is the closest development to Keystone Resort, which adds value.
Dillon Valley condos are great deals compared to other Summit County condos, especially if you want long-term rental income. Dillon Valley has a great elementary school, and it is a popular area for families, especially those who work at entry-level jobs with lower wages. Dillon Valley East and West afford more square footage per dollar, and, as such, lower income families look to buy these condos in order to get into the Summit County real estate market. The same can be said for Dillon Valley homes; they are great starter homes for families trying to make ends meet, and therefore are usually easy to resell. And, like almost all Summit County properties, the Dillon property values have continually risen in the last decade:
The average condo sales price went from $179,200 in 2004, to 184,809 in 2005, to 200,405 in 2006, reaching $254,504 in 2007 - more than a $50,000 jump in that last year.
The average home sales price was $624,837 in 2007, compared to $540,450 in 2006 - a $84,000-plus jump! In 2005 and 2004, average sales prices were $477,696 and $411,739, respectively. Again, the average number of days on the market in 2007 was 120, the lowest average for any Summit County town (compared to 218 for Keystone).
Land values didn't increase quite as much as Dillon homes and condos. The average price went from $226,857 in 2006 to $244,794 in 2007. However, between 2005 and 2006, it experienced more than a $64,000 increase. Dillon real estate appreciation