2016 was very much a seller’s market; very tight inventory and rising prices. Buyers struggled to find properties, often compromising or waiting. Indecisive or out of town buyers often missed properties as they were snatched up by ready buyers. More properties than usual seemed to come back on the market because quick acting buyers, after doing further research, decided the property wasn’t right for them. Moves between properties in the county were more difficult because replacement properties were hard to come by. That caused many sellers to hold off on selling. Below are statistics giving a 2016 real estate recap for Summit County, Colorado
- Residential inventory is down 24.7%
- Residential sales were down 4% year over year.
- Average sales price for residential properties in Summit County is up 5.8% to $595,390.
- Average price per square foot for residential properties is up 6.9% to $376.45
- The average days it takes for a residential property to sell is down 26.8% to 82 days, just under 3 months.
- The list price to sales price ratio for residential properties in Summit County is 97.42%. That’s slightly better than 2015’s 96.63%
- The most expensive home to sell in 2016 sold for $6,400,000.
- Breckenridge has the highest average sale price at $781,274.
- Copper Mountain has the lowest average sale price at $381,719.
- Land sales are improving but it is still a buyer’s market in most areas.
There are just over 300 residential properties for sale in all of Summit County. Around 600 properties would be a more reasonable amount of properties for this time of year. During our most recent downturn, Summit County had around 2000 residential properties available for sale.
Even after looking at the 2016 real estate recap, no one can say for sure where the Summit County real estate market is headed. I anticipate the first half of 2017 will be more of the same with tight inventory and rising prices. The second half of the year is still too far away.