The Summit Scoop
The Low Down On the High Country | February 2021
February 2021 has started off great. Ullr blessed us with up to 2 feet of snow over the last weekend, and while that meant shoveling snow at home, it also lead to the best days on the mountain this season. With more snow forecasted in the upcoming week, the county is teeming with excitement.
The good news continues throughout the county as we have been upgraded to orange on the Covid scale. This allows businesses to open up a little more, gatherings of up to 10 people from up to 2 different households. It looks like 5 star restaurants will be moved up to yellow, which will allow for dining at 50% capacity. While this doesn't seem like much, it is a step in the right direction. I'm hopeful this will continue and we will be back to "normal" soon. In the meantime, help out and stay safe!
I hope this email finds everyone well and look forward to seeing you soon here in the mountains!
Your Monthly Answer to: How is the Market in Summit?
Once again I need to point out that it is a seller's market. Inventory remains below 1%, multiple offers are the norm on properties that are priced well.
You've heard this for a while, but what does it really mean? According to our 3 day market watch, we've had 17 new listings, and 34 properties go under contract. There are a total of 50 non deed-restricted units in Breck, 4 in Copper, 16 in Keystone, 4 in Frisco and 7 in the Dillon/Summit Cove area. I point this out to give some real numbers to "less than 1% inventory".
On top of the low inventory, we have immense competition for new listings. The multiple offer situation has been very tough to negotiate and it's important to have experience on your side whether your a buyer or a seller. Even with a good realtor, the process can be emotional and stressful. If you're think of making a change with real estate here in the high country, please reach out, I'm always happy to help.
This Month's Real Estate Statistics
There were a total of 283 transactions and $236,644,433 in monetary volume in December 2020. The total transactions for 2020 were 2,800, with $2,319,029,219 in monetary volume (record high). 2020 total monetary volume is up 22% from 2019 and transactions are up 15%. The most active price point for December 2020 was between $1mil to $1.5mil with 40 transactions. There were 69 transactions above $1M. In December the average residential price was $891,305 and the average residential price per SF was $582. For full 2020 stats visit HERE.
Summit County Real Estate Transactions
Average Sales Price
 
For 2020, the average sales as follows: 9.8% increase in Single-Family Homes, 8.3% increase in Multi-Family Homes, and 6.9% 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
(9.0% increase from 2019)
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
(8.3% increase from 2019)
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
(0.4% increase from 2019)
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 February 1st, 2021, there were 156 active residential listings in Summit County and 22 land listings. Inventory is down another 9.64% since last month.
 
As of February 1st, 2021, there were 527 pending sales in the County. 90 went pending in the past 2 weeks.
 
There were 745 loans in December 2020. 187 were related to sales, there were 398 REFIs and 160 loans were timeshare-related. The percentage of cash transactions for December was 34%. Total percentage of cash transactions for 2020 was 31%.
 
Demographics: In December 2020, Front Range buyers were 53% of our market, 16% were 'locals' and 30% were out-of-state buyers. 0% of buyers were International. 2020 buyer demographic's continue to shift from years past with an increase to 47% Front Range ( 42% in 2019), 21%"local" ( 29% in 2019) and 32% out of state ( 29% in 2019) and 0% International. 
 
Foreclosures: There were 16 Foreclosure action taken in December 2020 (all timeshares) and 42 total in 2020, with only 9 going to PTD.
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."
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 February 1st, 2020
New Listings:
None
Price Decreases:
None
Solds:
$309,000 - 1BD/1BA Springs at River Run in Keystone
$490,000 - .61 Acre Lot at 1445 Golden Eagle Rd in Silverthorne
Summit County Events
Arapahoe Basin Events:
February 9th-12th- Rise and Shine Rando Series #3
February 23rd-26th- Rise and Shine Rando Series #4
Frisco Events:
February 21st-24th- Up and At 'Em Ski Race #3
Fresh off the Press - The Latest News in Summit
Local Business Spotlight
Sisters Ariel and Alison Johnston own and operate Everything Colorado, a souvenir shop that sells more than just the same-old T-shirts you can find anywhere. 
Everything Colorado is a gift, souvenir and gelato store in the shopping strip across from City Market in Dillon. The store carries everything from Colorado logo-imprinted shirts and hats, to designs from local artisans, bath products and fair trade clothing. There are many gift ideas here for everyone in the family.