The Summit Scoop
The Low Down On the High Country | August 2021
Well, it's continues to be a great summer for Summit County. We've had rain almost daily through the month of July, Lake Dillon is looking great and our grass is green. It is Colorado - so even on rainy days, the sun has poked it's head out to provide us with some vitamin D.
Rain has caused problems for our neighbors down valley. Glenwood Canyon had a massive mudslide last weekend, covering the highway and going into the river. I-70 will be closed for weeks while they move debris and make repairs. If you're driving from the west, plan on a long detour.
View the Latest Listings in Your Market Segment
Covid has reared it's head once again here in Summit. Our August case numbers have increased, a trend we're seeing through most of the state and country. We haven't seen any changes in policy from a government prospective, but some local shops have gone back to requiring masks. Most places are business as usual, but if you're coming up, it may be a good plan to bring a mask along.
As always, we've included a list of upcoming events towards the bottom of this newsletter. Take a look and make your plans, we hope to see you soon!
Travis
Your Monthly Answer to: How is the Market in Summit?
We're starting to see a slight shift in the market, and while it is a very slight shift, it gives me something new to talk about. Inventory is now near the 1% mark, while we'd like to see it in the 2.5-3.5% range, it is higher than it's been since late last year. Sales are up, so is supply and right now it is a little ahead of demand.
What does this mean for a buyer? You may have a shot at an accepted offer! We've been able to get most of our offers in the front of the line and accepted here at Cornerstone, but that has meant writing smart contracts with appraisal gap coverage, limited inspections, large down payments. This may still be the case, but we have a little less pressure and a better chance to buy with less stress.
From a sellers perspective, correct pricing is even more important. We still have some pent up buyer demand, but these buyers have sat through a rough year. They know what they want and they're well educated on value. Expect to see more days on market and less multiple bid situations - especially if you're pushing price.
As always, I'd like to reiterate the importance of a good broker if you're in the real estate market. We're going to put your interests first and help guide you through the process to meet your goals. That may be a quick close, or waiting for a higher price. We're here to set realistic expectations and to make the process as a buyer or seller as smooth as possible.
If you have any questions, please reach out.
This Month's Real Estate Statistics
There were a total of 285 transactions and $296,954,312 in monetary volume in June 2021. Year-to-date monetary volume is up 176% from 2020 and transactions are up 136% from June 2020. The most active price point for June 2021 was between $1mil to $1.5mil with 42 transactions. There were 77 transactions above $1M. In June the average residential price was $1,071,749 and the average residential price per SF was $638. 
Summit County Real Estate Transactions
Average Sales Price
 
For 2021, the average sales as follows: 15.2% increase in Single-Family Homes, 15.5% increase in Multi-Family Homes, and 12.5% increase 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 - $1,386,525
2021 - $1,597,670 YTD
(15.2% 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 - $606,487
2021 - $700,419 YTD
(15.5% 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 - $368,859
2021 - $415,087 YTD
(12.5% increase 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 1988-2020. (click to enlarge)
Summit County Real Estate Inventory
As of August 1st, 2021, there were 234 active residential listings in Summit County and 33 land listings. Inventory is up 2.69% since last month which brings us to 1.03%.
 
As of August 1st, 2021, there were 630 pending sales in the County. 121 went pending in the past 2 weeks.
 
There were 656 loans in June 2021. 193 were related to sales, there were 275 REFIs and 188 loans were timeshare-related. The percentage of cash transactions for June was 37%. 
 
Demographics: In June 2021, Front Range buyers were 45% of our market, 27% were 'locals' and 28% were out-of-state buyers. 0% of buyers were International.
 
Foreclosures: There was 2 Foreclosure actions taken in June 2021.
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 Events
Arapahoe Basin Events:
August 11th & 25th- A-Basin Farm to Table Series
August 20th - Supper Club - Curry
Dillon Amphitheater Concerts:
August 11th - Melissa Etheridge
August 13th - Black Pumas
August 18th - Wild Fire
August 20th - Local Showcase
August 27th & 28th - Gov't Mule & Trombone Shorty
Dillon Events:
August Fridays - Farmers Market
August 21st & 22nd - Adventure Van Expo
August 22nd - Movies on the Water - Rio
Copper Events:
Frisco Events:
Keystone Events:
Silverthorne Events:
August 22nd - Art Stroll
Fresh off the Press - The Latest News in Summit
Local Business Spotlight
Escape Room Breckenridge opened November 2015. It was the first one in Summit County and was started by one woman. Opening with just one room : The Hollywood Murder room. Slowly growing the escape room to 4 themed rooms and 5 employees. We are honored to have been chosen as Summit County’s #1 Indoor Activity for 2018, 2019 and 2020.
WHAT IS AN ESCAPE ROOM?
Your group, comprised of friends, family, or colleagues are locked in a room together. Your objective is to solve riddles, uncover clues and crack codes in order to escape in time. The game is designed to test your problem solving skills with friends, family or coworkers while racing against the clock.