Summit County, CO Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

May 5, 2020

The Summit Scoop - May 2020

The Summit Scoop

May 2020 | The Latest on Real Estate in the High Country

I hope this note finds you and yours doing well!

It has been quite an interesting April up here - most of the month only essential businesses were open. Outside visits were nearly zero and we are all learning to work smarter to make the best of the new normal.

We were given the green light to return to work as of Monday, April 27th, but this has come with a bit of trepidation, it is essential Summit County re-enters the economy cautiously. We currently count 159 positive cases, with one death. Please stay safe - wash hands, keep your distance, wear a mask and enjoy life.

While we are all adjusting, the weather has as well, we've had several beautiful spring days! We know it will snow again, yet it has been a joy to soak up the sunshine and get out in the fresh mountain air. We are having fun getting ready for spring and summer. You can feel the smiles returning to the County.

Stay healthy and I look forward to catching up in person this summer!

Stay in touch, 
Travis
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Warm temps and sunshine are in the forecast!
 

Your Answer to: How is the Market?

The question we hear on a daily basis is "what effect is COVID-19 going to have on the real estate market in Summit County?" The honest answer is in the short run we don't know. While we've seen many indications the market is still healthy, we are excited to see the story unfold in the coming weeks.

The most notable indication of a strong market was the rush of buyer activity we saw last week. The activity was seen in showings scheduled on our listings and in working with buyers who came out to see property with us. In the last 7 days, the Summit MLS shows 44 new listings, bringing us to a total of 572 active listings, and 36 new properties under contract. This is a drastic increase from preceding weeks where we were seeing new properties under contract in the single digits. 

One thing we do know is gross rental income on vacation rental units will be down this year. Our local property management companies are working hard to manage the dip, but if you are relying on numbers like last year to pay your HOA or mortgage, please reach out and we can come up with a plan. Currently, rentals can begin again on June 1st, 2020. We are confident Summit County is going to do well in the long run, so stay safe and enjoy time up in the mountains. I've linked the Summit County Road Map to Recovery HERE if you are interested in how we plan to overcome COVID-19.
 

Real Estate Statistics

Real Estate Transactions
There were a total of 133 transactions and $99,852,065 in monetary volume in March 2020. Year to date monetary volume is down 2% from 2019 and YTD transactions are down 1%. The most active price point for March 2020 was between $1M to $1.5M with 21 transactions. There were 29 transactions above $1M. In March the average residential price was $902,361 and the average residential price per SF was $534.

Average Sales Price 
Single Family Homes 
2019 - $1,262,929
2020 - $1,256,581 (0.5% decrease - YTD)
 
Multi Family Homes  
2019 - $559,776
2020 - $596,261 (6.5% increase - YTD)
 
Vacant Land
2019 - $344,945
2020 - $320,903 (7.0% decrease - YTD)

Summit County Real Estate Inventory
As of May 5th, 2020, there were 572 active residential listings in Summit County and 121 land listings . Inventory is up 2.54% since last month.
 
As of May 5th, 2020, there were 297 pending sales in the County. 36 went pending in the past 7 days. 

There were 490 loans in March 2020.  78 were related to sales, there were 199 REFIs and 213 loans were timeshare-related. The percentage of cash transactions for March was 42%.  
 
Demographics: In March 2020, Front Range buyers were 44% of our market, 23% were 'locals' and 33% were out-of-state buyers. 0% of buyers were International.
 
Foreclosures: There were 2 Foreclosures actions taken in March 2020 and 8 total YTD .

At Cornerstone Real Estate Company, LLC, we maintain all of this data in Excel spreadsheets. Thanks to Land Title Guarantee for providing the monthly statistics. Please let us know if you would like a copy of the full set of data and it would be our pleasure to email it to you.
 

Cornerstone New Listing Updates

See Photos and Details of New Cornerstone Listings
 

Top Stories from Summit County, CO

The Day Skiing Died - Inside the Historic Day Coronavirus Forced Colorados Ski Industry to Shutter

Summit County Public Health Order Amended to Extend Lodging Ban Through May 31st

Lake Dillon Theatre Co Announces Digital Programming

Vail Resort Credits 19/20 Pass Holders For Lost Days Due to COVID-19
 
Do you know someone who would benefit from this information?  Share here!
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Travis P. Williams
Realtor®
Resort & 2nd Home Property Specialist
Certified Negotiation Expert

Cornerstone Real Estate Company
Direct: (970) 409-7596
Travis@SummitRealEstateGuide.com
Posted in Market Updates
June 25, 2019

The Summit Scoop - May 2019

The Summit Scoop

May 2019 | The Latest on Real Estate in the High Country

Summer is FINALLY here in the high country. The trees are bright green, school is out, and the real estate market is heating up. There are enough events going on over the summer to keep you busier than most of us can handle. 

The bike paths around most of Summit County are open, but we await a big clean up effort on the Tenmile Canyon Recpath between Frisco and Vail Pass. This epic winter left unprecedented avalanche debris on the path that will require machinery to access the path for the coming weeks to clear the debris piles (trees and rocks left over from avalanches) and repair damage. The County is hoping to have this section of path open by some time in July. 

If you've driven, walked or biked around Lake Dillon recently you've probably noticed that the water level is lower than usual. Frisco just completed the 'Big Dig' at the Frisco Marina which increased the depth around the marina and will add valuable time to the end of the summer boating season. While the water is low in the reservoir now, don't fear. Denver Water just released a report that shows that at this time of year snowpack would typically be 60% melted, but this year the snowpack is only 12% melted. This means later than usual run off and Lake Dillon will reach it's target elevation (full) at 9,012 feet later in the summer season. With snowpack totals statewide at 3 to 5 times the average the lake will fill and Colorado is officially out of a 20 month drought! 

To top it off April delivered Breckenridge's highest homes sale ever with a 7 bedroom home closing at $10.1 million. 
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Summer is here! Arrowleaf Balsamroot blooms on the Ptarmigan Trail. 
If you are in town this summer give me a shout, I'd love to catch up! Note on your calendar that Cornerstone Real Estate Company will be hosting a customer appreciation party at our new Frisco office on the 4th of July. Join us starting at 11:30 for food and drinks and enjoy the parade (starting at 12:30) with us. Let me know if you think you'll stop by so we can be sure to have enough food and drink for everyone!

Take care and keep in touch!
Travis
 

Your Answer to: How is the Market?

The summer selling season is here. We are seeing lots of good new listings hit the market and buyers are ready. We've seen a number of these new listings go under contract in a matter of a day or two with multiple offers. So, while there are more choices this time of year, you need to keep a close eye on the market and be ready to jump on the right listing when it hits. I can help you with this. 

If you are selling it is critical that your property is ready when you hit the market and you are priced correctly. If you are curious what your property might be worth in today's market let me know. And if you're thinking of selling let's talk about how we can help you get ready to sell and price your property right. 
 
It is critical whether you are looking to buy or sell to have a local expert on your team. If you are a buyer I can help you find listings before they hit the market or at least make sure you are notified of listings as soon as they come on the market. If you are a seller I can provide you with the experience and market knowledge to maximize your sale price and minimize your time on the market.
 
Whether you are looking to buy or sell in Summit County, let me know what I can do to help you achieve your goals. 
 

Real Estate Statistics

Real Estate Transactions
There were a total of 166 transactions and $153,170,489 in monetary volume in April 2019. Monetary volume was up 3% from April 2018. While transactions were down 20% from April 2018. The most active price point for April 2019 took a big leap up and with 22 transactions was between $1M and $1.5M. In April the average residential price was $840,443 and the average residential price per SF was $487. 

Average Sales Price
As of April 2019, year-to-date average sales prices were as follows: 18% increase in Single-Family Homes, 15.9% increase in Multi-Family Homes, and 7% increase in Vacant Land: 
 
Single Family Homes 
2018 - $1,142,905 
2019 - $1,389,940 (18.0% increase YTD)
 
Multi Family Homes  
2018 - $523,519 
2019 - $622,809 (15.9% increase YTD)
 
Vacant Land
2018 - $366,814 
2019 - $394,956 (7% increase YTD)

Summit County Real Estate Inventory
As of May 29, 2019, there were 554 active residential listings in Summit County and 153 land listingsInventory is up 14.77% since last month, as the selling season starts to ramp up again for the year. 
 
As of May 29, 2019, there were 376 pending sales in the County. 79 went pending in the past 2 weeks!
 
There were 534 loans in April 2019. 78% were related to sales, there were 117 REFIs and 288 loans were timeshare-related. The percentage of cash transactions for April was 33%.  
 
Demographics: In April 2019, Front Range buyers were 39% of our market, 27% were 'locals' and 35% were out-of-state buyers. 0% of buyers were International.
 
Foreclosures: There were 2 Foreclosures actions taken in April 2019 compared to 12 in April 2018. 

At Cornerstone Real Estate Company, LLC, we maintain all of this data in Excel spreadsheets. Thanks to Land Title Guarantee for providing the monthly statistics. Please let us know if you would like a copy of the full set of data and it would be our pleasure to email it to you.
 

Fresh Off the Press - Local News in Summit

 

Cornerstone New Listing Updates

See Photos and Details of New Cornerstone Listings
 
Do you know someone who would benefit from this information?  Share here!
Share
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Travis P. Williams
Realtor®
Resort & 2nd Home Property Specialist
Certified Negotiation Expert

Cornerstone Real Estate Company
Direct: (970) 409-7596
Travis@SummitRealEstateGuide.com
Posted in Market Updates
June 15, 2019

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates