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!

Dec. 7, 2020

The Summit Scoop - December 2020

The Summit Scoop
The Latest on Real Estate in the High Country | December 2020
Hello All,
Winter is in full swing here in the high country and we've been excited to get outside to stretch our legs and get moving. It's been cold, with temps ranging from the 30s to below zero at night. While this is great for making snow, it's been a little cold for play after the sun goes down and we are looking forward to warmer temps going forward.
Once again, Covid is playing a big factor in our day to day living. We are currently coded red by the state which has shut down restaurants and limited other businesses to 10% capacity. The short term rental industry has seen changes as well, with new rules limiting any rentals to included only one household group. If you're planning on coming up, please take a look at the rules for rentals and ski areas to make sure your trip goes as planned. Recent testing numbers have improved, and we're hoping to keep going in a positive direction until we have a long term solution.
Local government has stepped up to help support the local economy. Breckenridge has pledge $1M for restaurant rent payments as well as rent support for employees in need. Frisco has once again opened up it's "Love Frisco" program which does a partial match on gift cards to be used at local shops. Please see LoveFriscoCO.com for more info.
Take care,
Travis
Your Monthly Answer to: How is the Market in Summit?
It's still a seller's market and inventory continues to drop. It's currently below 1% which is a number we have not seen since we've been recording it as a company (since 2009). We've seen some new strategies in play with buyer's trying to get or stay in first positions on properties that are priced to sell.
Seller's that are pricing correctly in this market are generally rewarded with multiple offers, often getting sales prices over asking. It ends up more like an auction, with strong bidding and a deal often struck in 24-36 hours. Once again, it is not always the highest bidder who wins, many sellers choose the offer that is best when considering price and terms.
Overall, number of sales is up around 12% over the previous 4 years. I believe this is due to Covid, low interest rates, stock market gains and a raise in Colorado population overall. Anecdotally, the buyers I see are putting more down or paying cash, and prioritizing locations to spend quality time with their friends and families. It's hard to predict what will happen in the future, but I believe the long term trend will be graphs going up as they go to the right.
Whether your a buyer or a seller, or are just interested in some market knowledge, we're here to help. Please feel free to reach out with any questions you have. In the mean time, enjoy the winter - look forward to seeing you soon.
This Month's Real Estate Statistics
There were a total of 442 transactions (breaking last month's record and now highest recorded transactions in one month ) and $360,036,310 in monetary volume in October 2020. Year to date monetary volume is up 12% from 2019 and YTD transactions are up 7%. The most active price point for October 2020 was between $500k to $600k with 52 transactions. There were 95 transactions above $1M. In October the average residential price was $907,528 and the average residential price per SF was $527. 
Summit County Real Estate Transactions
Average Sales Price
 
For 2020, the average sales prices year-to-date are as follows: 6.9% increase in Single-Family Homes, 7.5% increase in Multi-Family Homes, and 1.6% decrease in Vacant Land.
Single Family Homes 
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $764,445
2013 - $751,240
2014 - $784,779
2015 - $855,925 
2016 - $934,163 
2017 - $1,087,893 
2018 - $1,142,905
2019 - $1,262,929
2020 - $1,349,741
(6.9% increase - YTD)
Multi Family Homes 
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $353,339
2013 - $344,578
2014 - $357,612
2015 - $399,232 
2016 - $409,673  
2017 - $473,862 
2018 - $523,519
2019 - $559,776
2020 - $601,687
(7.5% increase - YTD)
Vacant Land
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $309,512
2013 - $324,137
2014 - $318,230
2015 - $372,794 
2016 - $353,500  
2017 - $323,692 
2018 - $366,814
2019 - $344,945
2020 - $339,415
(1.6% decrease - YTD)
If you are wondering what prices have done in Summit County over the long term, here is a graph of the average residential price from 1988-2019. (click to enlarge)
Summit County Real Estate Inventory
As of December 1st, 2020, there were 183 active residential listings in Summit County and 56 land listings. Inventory is down another 20% since last month.
 
As of December 1st, 2020, there were 567 pending sales in the County. 65 went pending in the past 2 weeks.
 
There were 738 loans in October 2020. 322 were related to sales, there were 383 REFIs and 33 loans were timeshare-related. The percentage of cash transactions for October was 27%.  
 
Demographics: In October 2020, Front Range buyers were 45% of our market, 19% were 'locals' and 36% were out-of-state buyers. 0% of buyers were International.
 
Foreclosures: There were 1 Foreclosure action taken in October 2020 and 25 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."
Summit County Real Estate and COVID-19
Below is a snapshot of new and sold listings (residential, shared interest properties and land) over the past 5 years. We have been tracking trends since the shutdown due to COVID-19, and since buyers and sellers are back on track, we wanted to showcase a comparison of the market over the past 5 years. This shows a bigger picture of how COVID-19 has effected our market in terms of new listings and sales.
*This data is pulled from the MLS which allows us to have the most up to date stats
though may be slightly different from the title companies monthly statistic reports*
Want direct access to the MLS?
Get your own login!
Whether you are looking to buy or you need help selling your current property, we can give you the local knowledge and expertise you need to make the best decision.  
 
With our MLS I can create a personal website just for you that gives you direct access to the Summit County MLS without having to log in.  Searching the MLS allows you to see the most up to date and accurate information possible, since that is the same database that the Summit Realtors use. You will also be able to Save your favorite listings, and I can set it up to send you emails immediately when new listings come on the market that match your criteria.
Summit County Events
Arapahoe Basin Events:
Open for 2020/2021 ski season
Breckenridge Events:
Open for 2020/2021 ski season
December 9th-19th - Ullr fest canceled
Copper Events:
Open for 2020/2021 ski season
Frisco Events:
Keystone Events:
Open for 2020/2021 ski season
Loveland Events:
Open for 2020/2021 ski season
Fresh off the Press - The Latest News in Summit
Local Business Spotlight
Breckenridge Nordic Center
Family owned and operated!
Experience the joy of gliding across snow through Legend forests with soaring mountain views. Any age, any ability, all levels of fitness.
The Breckenridge Nordic Center is a chance to get away from it all and experience the joy of gliding across snow through quiet, beautiful forests with expansive views of the mountains surrounding Breckenridge.
It’s a great place to get outdoors and enjoy time with family and friends. Whatever your ability or athletic levels are, you can tailor your time to create what you feel like doing in the moment. Whether it’s cross country skiing, or snowshoeing, you can spend as little as an hour out on the trails or all day by choosing the distance and terrain you’d like to explore.
After a day’s adventure on our freshly groomed trails, take time to unwind in our beautiful lodge. We have delicious food and drink specials and you can bask in the warmth of our large stone fireplace in our family style lounge area. ­­
Travis Williams
Realtor®
(970) 409-7596
Travis@SummitRealEstateGuide.com
Serving Buyers and Sellers in Summit County
60A Main Street Frisco, CO 804434
23110 US Hwy 6 Keystone, CO 80435
Posted in Market Updates
Nov. 4, 2020

The Summit Scoop - November 2020

The Summit Scoop
The Low Down On the High Country | November 2020
Hello all, and welcome to November!
We've seen some snow up here in the mountains and while the past week has been very warm, it looks like we have more coming in a few days. We're working hard to finish our fall clean up chores and getting excited for the winter season to come. With this said, it's our time to put together our calendar for 2021. As always, if you have a cool high quality picture you'd like to submit, please let us know. If you haven't received these in the past, they're high quality with great local pictures that will remind you of the mountains when you can't be here. Please shoot me an email if you'd like to get on the mailing list.
October saw a large uptick in our Covid case numbers with more testing as well as more positive tests here in the county and in the state overall. Our county has seen the biggest uptick in the 20-29 year old range and local officials have identified parties and after hour restaurant gatherings as couple of the reasons for the change. All of our restaurants and bars now closed by 10:00 PM and group gatherings are back down to 10, with no more than 2 families present. It sounds like we may have more restrictions coming up if the trend doesn't change in the attempt to get this under control (especially as we ramp up to ski season).
Resorts are continuing to get ready and prepare for winter. Snow guns are working hard and Covid safety measures continue to solidify. Ski passes are still for sale and some of the reservation systems are starting to open up. If you're looking for a daily ticket, pass or info on skiing availability (which vary across the mountains) check out the website of your mountain of choice.
As always, I hope you're well and staying safe.
Take care,
Travis
Your Monthly Answer to: How is the Market in Summit?
Once again our market remains one of favor of the seller. We've seen appreciation of 4-8% year over year, and I think we'll see this accelerate as fall data continues to rolls in. We saw a 22% decrease in inventory over the past month, about half of what it was a year ago, with September transactions almost doubling those of 2019.
We see about the same number of new listings come on compared to last year, but days on market is down significantly and multiple offers and escalation clauses have become the norm. Many properties are going under contract at list or over. Buyers who have lost out on other properties are coming in hot with aggressive offers and clean terms. We continue to recommend that buyers are ready with finances and move quick when they see a property that fits.
For sellers we recommend using recent comps for pricing and to be prepared with a solid strategy in the case of a bidding war. In some cases a clean offer may be better than a higher price with more contingencies.
As always, whether your a buyer or a seller, or just want some market knowledge, we're here to help. Please feel free to reach out with any questions you have. In the mean time, enjoy your fall - look forward to seeing you soon.
This Month's Real Estate Statistics
There were a total of 384 transactions (the highest # of transactions since title company tracking began 15 years ago) and $344,080,274 in monetary volume in September 2020 (the highest volume recorded to date). Year to date monetary volume is up 1% from 2019 and YTD transactions are down only 1%. Looking at September alone, 2020 was up 87% in volume from 2019. The most active price point for September 2020 was between $1mil to $1.5mil with 54 transactions. There were 107 transactions above $1M. In September the average residential price was $1,001,195 and the average residential price per SF was $524. 
Summit County Real Estate Transactions
Average Sales Price
 
For 2020, the average sales prices year-to-date are as follows: 4.0% increase in Single-Family Homes, 8.5% increase in Multi-Family Homes, and 7.8% decrease in Vacant Land.
Single Family Homes 
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $764,445
2013 - $751,240
2014 - $784,779
2015 - $855,925 
2016 - $934,163 
2017 - $1,087,893 
2018 - $1,142,905
2019 - $1,262,929
2020 - $1,313,710
(4.0% increase - YTD)
Multi Family Homes 
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $353,339
2013 - $344,578
2014 - $357,612
2015 - $399,232 
2016 - $409,673  
2017 - $473,862 
2018 - $523,519
2019 - $559,776
2020 - $607,276
(8.5% increase - YTD)
Vacant Land
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $309,512
2013 - $324,137
2014 - $318,230
2015 - $372,794 
2016 - $353,500  
2017 - $323,692 
2018 - $366,814
2019 - $344,945
2020 - $318,064
(7.8% decrease - YTD)
If you are wondering what prices have done in Summit County over the long term, here is a graph of the average residential price from 1988-2019. (click to enlarge)
Summit County Real Estate Inventory
As of November 2nd, 2020, there were 229 active residential listings in Summit County and 70 land listings. Inventory is down another 22.54%since last month. That is a 68% decrease since the beginning of June, where we had the highest inventory of 2020 with 711 residential listings and 140 land listings.
 
As of November 2nd, 2020, there were 691 pending sales in the County. 107 went pending in the past 2 weeks.
 
There were 748 loans in September 2020. 255 were related to sales, there were 373 REFIs and 120 loans were timeshare-related. The percentage of cash transactions for September was 34%.  
 
Demographics: In September 2020, Front Range buyers were 45% of our market, 15% were 'locals' and 39% were out-of-state buyers. 0% of buyers were International.
 
Foreclosures: There were 3 Foreclosure actions (all timeshares) taken in September 2020 and 24 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."
Summit County Real Estate and COVID-19
Below is a snapshot of new and sold listings (residential, shared interest properties and land) over the past 5 years. We have been tracking trends since the shutdown due to COVID-19, and since buyers and sellers are back on track, we wanted to showcase a comparison of the market over the past 5 years. This shows a bigger picture of how COVID-19 has effected our market in terms of new listings and sales.
*This data is pulled from the MLS which allows us to have the most up to date stats
though may be slightly different from the title companies monthly statistic reports*
Want direct access to the MLS?
Get your own login!
Whether you are looking to buy or you need help selling your current property, we can give you the local knowledge and expertise you need to make the best decision.  
 
With our MLS I can create a personal website just for you that gives you direct access to the Summit County MLS without having to log in.  Searching the MLS allows you to see the most up to date and accurate information possible, since that is the same database that the Summit Realtors use. You will also be able to Save your favorite listings, and I can set it up to send you emails immediately when new listings come on the market that match your criteria.
Cornerstone Real Estate Listing Updates
As of November 2nd, 2020
New Listings:
$500,000 - 2.58 acres at 0 Water Tank Rd in Keystone
Price Decreases:
$1,675,000 - 4BD/4BA Single Family Home at 393 Blue Flag Circle in Breckenridge
Solds:
$31,000 - .28 acres at 0 Milner St in Montezuma
$372,000 - 2BD/1.5BA Treehouse Condo in Silverthorne
$400,000 - 2BD/1BA Creekside Condo in Friso
$425,000 - 833 sqft Retail Space at 269 E Main St in Frisco
$480,000 - 2BD/2BA Pines Condo in Keystone
$544,900 - 2BD/2.5BA Pines Condo in Keystone
$590,000 - 2BD/2BA Dakota Lodge Condo in Keystone
$630,000 - 2BD/2BA Pointe at Lake Dillon Condo in Frisco
$805,000 - 4BD/4BA Single Family Home at 871 Idlewild Dr in Dillon
$1,368,000 - 3BD/2.5BA Single Family Home at 4 Miners Creek in Frisco
Summit County Events
Arapahoe Basin Events:
November Opening Day
Breckenridge Events:
November 13th - Opening Day
Copper Events:
November 30th - Opening Day
Frisco Events:
November 26th - Turkey Day 5k
Keystone Events:
November 6th - Opening Day
Loveland Events:
November - Opening Day
Silverthorne Events:
November 6th - First Friday
Fresh off the Press - The Latest News in Summit
Local Business Spotlight
The New Moon Cafe is located in the heart of Keystone, Colorado’s River Run Village.
A casual classic rock cafe, we serve our entire menu all day long. Featuring a wide
variety of breakfast, lunch, and après ski options in a comfortable atmosphere,
we offer a full bar, the largest selection of local beer and wine in Keystone,
and a variety of signature cocktails and hot drinks.
Come visit the only owner-operated independent restaurant in River Run and
fuel up or wind down from an EPIC day. Kids have a blast here too, enjoying kid-friendly cuisine at breakfast, lunch and happy hour. Come on in to the New Moon Cafe
and have a drink, check out the location, host a special event and learn about
everything that the New Moon Cafe has to offer.
Now serving fresh squeezed OJ, start your day on the mountain here!
 
Posted in Market Updates
Oct. 7, 2020

The Summit Scoop - October 2020

The Summit Scoop
The Low Down On the High Country | October 2020
Hello all, and welcome to October!
It's really starting to feel like fall here in the Mountains. Leaves have changed and are starting to fall, it's cooler - especially in the shade, and town Main Streets are a little quieter. It's a perfect time to hike and bike with less traffic on the trails.
As most know, our fall is short. That's true again this year with mountains already firing up snow guns, which has brought excitement for the upcoming season. We've got less than a month to prepare for opening day, so make sure you've got your travel, gear and passes lined up. If not, you can still get them on www.snow.com or www.coppercolorado.com. Don't forget they have 4 packs available for you or your friends who may be planning shorter trips. Also note - there will be different rules for ski days in an effort to keep people safe from Covid, please review the sites above to see how to reserve ski dates.
Still on our minds is Covid. With help from tourists and locals alike, we have maintained relatively low numbers, although we did see spikes on two days in mid-late September. You can find details here. In the end, the resorts are working hard to keep people safe. It looks like on mountain facilities will be open, but at limited capacity. Overall, it could be one of the best years to ski - lower skier numbers, natural distancing, beautiful outdoors, so get your reservation, wash your hands, dawn your face covering and come out for a great trip!
Stay safe and happy,
Travis
Your Monthly Answer to: How is the Market in Summit?
As you'll see from the data below, we remain in a Seller's market. We're setting records for number of transactions recorded, and inventory is once again down 28% month to month. Multiple offers are getting to be a regular thing, especially on well priced properties new to the market.
If you're a buyer, be prepared. You'll want to understand the market, so you can identify a good deal and jump on it. Be ready with a plan for financing, cash or a strong prequal are preferred. Know your options when making an offer, do you want to include an escalation clause? Have you gone through the hoa docs? In the end, the strongest offer usually wins and you'll want to understand how to make that happen.
If you're a seller, this is not a time to get greedy. Properties that are priced too high are sitting, and stale properties are not getting attention. You'll really want to find a sweet spot in pricing and be prepared for multiple offers, and how to deal with them. Title companies are flooded right now, so cash deals may take as long as those with a loan. While a cash deal does typically remove some of the contingencies a buyer has, is it the best one to take? Offers differ from one another, but you'll want to have the right mindset and education going in.
Whether your a buyer or a seller, or just want some market knowledge, we're here to help. Please feel free to reach out with any questions you have. While you're deciding, get your gear ready, the season is coming!
This Month's Real Estate Statistics
There were a total of 368 transactions (the highest # of transactions since title company tracking began 15 years ago) and $293,252,195 in monetary volume in August 2020. Year to date monetary volume is down 12% from 2019 and YTD transactions are down 11%. The most active price point for August 2020 was between $1mil to $1.5mil with 50 transactions. There were 86 transactions above $1M. In August the average residential price was $904,820 and the average residential price per SF was $512. 
Summit County Real Estate Transactions
Average Sales Price
 
For 2020, the average sales prices year-to-date are as follows: 0.3% decrease in Single-Family Homes, 7.1% increase in Multi-Family Homes, and 12.3% decrease in Vacant Land.
Single Family Homes 
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $764,445
2013 - $751,240
2014 - $784,779
2015 - $855,925 
2016 - $934,163 
2017 - $1,087,893 
2018 - $1,142,905
2019 - $1,262,929
2020 - $1,258,617
(0.3decrease - YTD)
Multi Family Homes 
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $353,339
2013 - $344,578
2014 - $357,612
2015 - $399,232 
2016 - $409,673  
2017 - $473,862 
2018 - $523,519
2019 - $559,776
2020 - $599,621
(7.1% increase - YTD)
Vacant Land
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $309,512
2013 - $324,137
2014 - $318,230
2015 - $372,794 
2016 - $353,500  
2017 - $323,692 
2018 - $366,814
2019 - $344,945
2020 - $302,364
(12.3% decrease - YTD)
If you are wondering what prices have done in Summit County over the long term, here is a graph of the average residential price from 1988-2019. (click to enlarge)
Summit County Real Estate Inventory
As of September 30th, 2020, there were 305 active residential listings in Summit County and 81 land listings. Inventory is down 28.12% since last month. This is the lowest inventory we have seen since CRE started tracking in 2009.
 
As of September 30th, 2020, there were 783 pending sales in the County. 144 went pending in the past 2 weeks.
 
There were 645 loans in August 2020. 248 were related to sales, there were 299 REFIs and 98 loans were timeshare-related. The percentage of cash transactions for August was 33%.  
 
Demographics: In August 2020, Front Range buyers were 51% of our market, 19% were 'locals' and 30% were out-of-state buyers. 0% of buyers were International.
 
Foreclosures: There were 8 Foreclosure actions taken in August 2020 and 21 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."
Summit County Real Estate and COVID-19
Below is a snapshot of new and sold listings (residential, shared interest properties and land) over the past 5 years. We have been tracking trends since the shutdown due to COVID-19, and since buyers and sellers are back on track, we wanted to showcase a comparison of the market over the past 5 years. This shows a bigger picture of how COVID-19 has effected our market in terms of new listings and sales.
*This data is pulled from the MLS which allows us to have the most up to date stats
though may be slightly different from the title companies monthly statistic reports*
Want direct access to the MLS?
Get your own login!
Whether you are looking to buy or you need help selling your current property, we can give you the local knowledge and expertise you need to make the best decision.  
 
With our MLS I can create a personal website just for you that gives you direct access to the Summit County MLS without having to log in.  Searching the MLS allows you to see the most up to date and accurate information possible, since that is the same database that the Summit Realtors use. You will also be able to Save your favorite listings, and I can set it up to send you emails immediately when new listings come on the market that match your criteria.
 
Cornerstone Real Estate Listing Updates
As of September 30th, 2020
New Listings:
$1,775,000 - 4BD/4BA 393 Blue Flag Circle Single Family Home in Breckenridge
Price Decreases:
None
Solds:
$185,000 - 2BD/2BA Quarter Share Springs Condo in Keystone
$263,000 - 0BD/1BA Gateway Condo in Keystone
$282,000 - 3BD/2BA 331 E 6th St Single Family Home in Leadville
$517,500 - 2BD/2.5BA Quicksilver Condo in Keystone
$560,000 - 2BD/2BA Passage Point Condo in Copper
Summit County Events
Arapahoe Basin Events:
Plans of October opening date TBD
Breckenridge Events:
Frisco Events:
Silverthorne Events:
October 2nd - First Friday
Fresh off the Press - The Latest News in Summit
Local Business Spotlight
Leave the Life Below. At Outer Range Brewing Co. we brew the variations of the beers that inspire us--Belgians and IPAs. We are passionate about craft beer, and about you enjoying it in the best way possible. You can bring food, or order it next door.
Now a part of the ORB taproom is Birdcraft and Mountain Dweller Coffee Roasters. Birdcraft Thai-ish Fried Chicken offers food next door to the brewery. Mountain Dweller Coffee Roasters offers locally roasted artisanal coffee, non-alcoholic beverages and pastries.
This pet and family friendly taproom is located in Frisco's Basecamp center near Whole Foods and offers an indoor/outdoor mountain venue for all.
Posted in Market Updates
Sept. 2, 2020

The Summit Scoop - September 2020

The Summit Scoop
The Low Down On the High Country | September 2020
Hello all, happy September!
The summer season is coming to an end here in the mountains and fall is here with warm sunny days and cool nights. The outdoors are still fun to enjoy, of course, and we're trying to pack as much in as we can before the leaves change and the winter season arrives.
From a visitors perspective, the county has been much busier than expected. We've seen record numbers from local shops and rentals and with the help from local and federal government agencies, most small businesses made it through the CV dip and had a successful year. Thank you for coming up and helping us stay open, our small business sector is one of the things helps keep Summit County unique and special.
While most of the summer has been great, we have had troubles with fire. To the north of Summit is the Williams Fork fire. This fire is ~12,000 acres and is 10% contained. It's on steep terrain, making it dangerous and difficult to fight. No homes are currently in danger.
To the west, near Glenwood Canyon, is the Grizzly Creek Fire. It's larger than the Williams Fork, at ~32,000 acres, but is now 82% contained moving slowly if at all.
If you're up, or coming up, or just curious, you can find more info on fires here, and air quality info here.
Last, but certainly not least... Coronavirus. Local efforts to limit spread have been effective and our numbers have remained low over the summer. We've all wondered what this will look like moving forward into the ski season, we now have an answer. Vail has released their opening dates and procedures that they will use moving forward. Please take a look, there are lots of changes designed to keep people happy and safe. Distancing and face coverings are required, which was expected, but they also talk about their new reservation system and who can ski and when. It's a lot to take in, but they seem to be on a good track to be open and keep all of us safe while enjoying the mountains.
Here's to a great fall and outstanding winter,
Your Monthly Answer to: How is the Market in Summit?
For those of you who have read this section for a while, it has remained relatively consistent- seller's market, inventory low, decent appreciation. We all knew this would have to change at some point. It has, but in a direction I did not expect.
The seller's market continues to get stronger. Inventory is down 28% over last month. Yes, I typed and you read that correctly. We're back in a position where we're seeing multiple offers, sales over asking and listings going under contract in less than 24 hours. If you're thinking of selling it's a great time. For Buyer's, it's a good time to be prepared - pre-qualification letters and strong offers are a must in this market (cash doesn't hurt if possible!). Either way, we're here to help you through the process and make it as stress free as possible. If you're a current owner staying out of the market, congrats! Enjoy the ride.
Once again, the stats below will show a decrease in single family home pricing, and an increase in other areas. The single family drop is misleading, when comparing similar single family homes, those prices are up as well.
Further below you'll see that new listings are a little higher than the last 4 years , the big driver is demand, up around 100 sales. The increase in workplace flexibility, social distancing and lower interest rates have lead to a tighter market and even quicker sales.
If you're one of the new owners up here, welcome! I hope to see you all on the slopes soon!
This Month's Real Estate Statistics
There were a total of 231 transactions and $185,123,589 in monetary volume in July 2020. Year to date monetary volume is up 10% from 2019 and YTD transactions are down 22%. The most active price point for July 2020 was between $1mil to $1.5mil with 35 transactions. There were 55 transactions above $1M. In July the average residential price was $898,393 and the average residential price per SF was $508. 
Summit County Real Estate Transactions
Average Sales Price
 
For 2020, the average sales prices year-to-date are as follows: 2.9% decrease in Single-Family Homes, 8.4% increase in Multi-Family Homes, and 3.7% decrease in Vacant Land.
Single Family Homes 
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $764,445
2013 - $751,240
2014 - $784,779
2015 - $855,925 
2016 - $934,163 
2017 - $1,087,893 
2018 - $1,142,905
2019 - $1,262,929
2020 - $1,225,790
(2.9% decrease - YTD)
Multi Family Homes 
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $353,339
2013 - $344,578
2014 - $357,612
2015 - $399,232 
2016 - $409,673  
2017 - $473,862 
2018 - $523,519
2019 - $559,776
2020 - $606,589
(8.4% increase - YTD)
Vacant Land
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $309,512
2013 - $324,137
2014 - $318,230
2015 - $372,794 
2016 - $353,500  
2017 - $323,692 
2018 - $366,814
2019 - $344,945
2020 - $332,230
(3.7% decrease - YTD)
If you are wondering what prices have done in Summit County over the long term, here is a graph of the average residential price from 1988-2019. (click to enlarge)
Summit County Real Estate Inventory
As of September 1st, 2020, there were 429 active residential listings in Summit County and 108 land listings. Inventory is down 28.08% since last month.
 
As of September 1st, 2020, there were 812 pending sales in the County. 219 went pending in the past 2 weeks.
 
There were 640 loans in July 2020. 183 were related to sales, there were 344 REFIs and 113 loans were timeshare-related. The percentage of cash transactions for July was 21%.  
 
Demographics: In July 2020, Front Range buyers were 45% of our market, 26% were 'locals' and 29% were out-of-state buyers. 0% of buyers were International.
 
Foreclosures: There were 2 Foreclosure actions taken in July 2020 and 13 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."
Summit County Real Estate and COVID-19
Below is a snapshot of new and sold listings (residential and land) over the past
5 years. We have been tracking trends since the shutdown due to COVID-19, and
since buyers and sellers are back on track, we wanted to showcase a comparison
of the market over the past 5 years. This shows a bigger picture of how COVID-19
has effected our market in terms of new listings and sales.
*This data is pulled from the MLS which allows us to have the most up to date stats
though may be slightly different from the title companies monthly statistic reports*
Want direct access to the MLS?
Get your own login!
Whether you are looking to buy or you need help selling your current property, we can give you the local knowledge and expertise you need to make the best decision.  
 
With our MLS I can create a personal website just for you that gives you direct access to the Summit County MLS without having to log in.  Searching the MLS allows you to see the most up to date and accurate information possible, since that is the same database that the Summit Realtors use. You will also be able to Save your favorite listings, and I can set it up to send you emails immediately when new listings come on the market that match your criteria.
 
Cornerstone Real Estate Listing Updates
As of September 1, 2020
New Listings:
$309,000 - .61 acre lot at 1445 Golden Eagle Rd in Silverthorne
$964,955 - 3BD/2BA 704 Little Chief Way Single Family Home in Frisco
Price Decreases:
$35,000 - .28 acres at 0 Milner st in Montezuma
$270,000 - 0BD/1BA Slopeside Condo in Keystone
Solds:
$225,000 - 0BD/1BA Lakeshore Condo in Keystone
$279,000 - .74 acres at 3020 Golden Eagle Rd in Silverthorne
$395,000 - 2BD/2BA at Snowscape Condo in Silverthorne
$2,252,000 - 4BD/4.5BA Single Family Home at 160 Bull Lake Ct in Silverthorne
Summit County Events
Arapahoe Basin Events:
September 4th - Yoga Fridays
September 4th - Clam Bake
September 6th - Yoga Sundays
September 19th - Supper Club: Oktoberfest
Breckenridge Events:
September 17th-20th - Breckenridge Film Festival
September 17th-19th - Breckenridge Wine Classic CANCELED
September 25th-27th - Oktober-FEAST
September 27th-29th - Strings, Beers and Ciders CANCELED
Copper Events:
September 5th - Yoga
September 5th-6th - Guided Nature Hikes
Frisco Events:
Silverthorne Events:
September 4th - First Friday
Fresh off the Press - The Latest News in Summit
Local Business Spotlight
Teague Holmes began learning the Arborist trade while attending high school in Western New York. He continued his passion for the outdoors into college with a Wilderness Recreation Leadership and Environmental Education degree. In 1998 he relocated to Breckenridge, Colorado and started the now thriving TSH full-service tree removal company in 2005. He strives to continue to be a contributing part of the great Summit County community through his many business partnerships and his work with local charity organizations such as Summit County Youth, The Summit Education Foundation and Friends of the Dillon Ranger District.
Honest, hard work while caring for the environment is a core belief of TSH.
We offer low-impact, safe and reliable services. We are consistently developing and honing our skills, knowledge and techniques to continue offering the best tree services at the best prices. We use a Firewise based wildfire mitigation plan and consult with the Red White and Blue Fire Department to ensure the highest level of protection for your home and property.
Serving Buyers and Sellers in Summit County
60A Main Street Frisco, CO 804434
23110 US Hwy 6 Keystone, CO 80435
Posted in Market Updates
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
LinkedIn LinkedIn
SummitRealEstateGuide.com SummitRealEstateGuide.com
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!
Share
Tweet
Forward
 
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. 
Facebook
LinkedIn
SummitRealEstateCatalog.com
Instagram
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
Tweet
Forward
 
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

Curious About Local Real Estate?

Receive the Latest Local Market Stats

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!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

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