The Summit County real estate market has been plugging along in an upward trend since 2009. That continued through 2015 but with a little more gusto than previous years.
Double digit sales increases continued in 2015 with a 13.3% bump pushing us to more than double the sales that happened in 2009. While the sales numbers are extraordinary, they are still 23.2% below the market peak in 2006 when we had 2,499 residential sales.
Inventory levels are extremely low. There are currently fewer than 500 residential properties on the market in Summit County. That’s about half the properties on the market this time last year and about 1/3 the properties that have been on the market to start previous years. We typically gain inventory as the year goes along with the peak coming around September.
The increasing demand and shrinking inventory pushed prices higher in 2015. The amount of the increases vary across the county, neighborhood to neighborhood. The high demand in some neighborhoods fueled competition between buyers creating multiple offers. As a result, some sale prices exceeded pricing hit during the peak of our market.
2015 was especially good to Copper Mountain’s real estate market. The year started as an extreme buyers market with a 17 month supply of properties on the market. After 96 sales in 2015 it ended the year a balanced market with only about a seven month supply currently. Reaching 96 sales meant a 29.7% increase over 2014 numbers; a much needed improvement. Copper is still behind the rest of the county however, with all other areas already in a seller’s market.
2015 was a good year. At this point, indications are that 2016 should be even stronger.