Whoa! The average sale price in Summit County is up again! In the last 12 months that ended February 28th,2019, it’s up 10.1% over the same period one year earlier. Before you get too excited, realize that doesn’t mean every home in the county appreciated by 10.1% in the last 12 months. There’s a lot of data to interpret before jumping to a conclusion like that. No two years are identical. Factors like the number, location and price of the sales during the year will impact the average sale price in Summit County.
Number and Location
Residential sales were slightly lower in the most recent 12 month period, going down 8.9%. However, the ratio of sales in each town was very similar year over year. Breckenridge generally makes up just under 40% of the sales in the county which is still holding true.
The biggest changes were in sales at both the highest and lowest price points. In the period ending February 28, 2019, properties selling for $1,000,000 or more made up 20% of the annual sales while only 8.7% of the properties sold were under $300,000. During the previous year, $1,000,000+ properties made up 16.6% of sales and 13.9% were under $300,000. The last 12 months saw an increase in high end sales and a decrease in low end sales. That change made a significant impact on the average sale price.
In the current market, unless the condition has declined substantially, there is no doubt your home is worth more than it was one year ago. However, a number of factors go into evaluating a home’s value. Updates, location, condition and views are probably the most important. Unfortunately, there isn’t a simple formula that we can use to determine your current value. The annual change in the average sale price in Summit County isn’t the answer. Zillow and many other sites try and automate the value of homes in every market. Sometimes they are right on target, other times they aren’t even close.
If you are considering selling your Summit County home, we are happy to provide a personal, no obligation, market analysis that is put together by a Realtor, not an algorithim.
If you are buying, we go through a similar process prior to submitting an offer.
When you’re buying or selling, it’s important to have an idea of market value to help you make the critical decisions in your life. You can count on Mountain Living Real Estate to provide accurate information when you need it.