We are a few months into 2021, a new year and perhaps a new reality for a lot of people hard hit by 2020’s pandemic. With the change of the calendar, unfortunately the world didn’t change overnight. It’s taken some time but we are starting to see a shift. Mass vaccines are underway, restrictions are loosening, more schools are in session; change is happening. However, we are not seeing any change in Frisco, CO real estate sales or in real estate anywhere in Summit County. Residential sales are strong so far this year; up from sales one year ago by 30%. 2021 seems to be more of the same seller’s market we saw in 2020.
January & February sales
Residential sales in January & February this year beat sales in January & February 2020 by 52 sales, or 30%. That’s pretty incredible considering we have been hovering around 150 properties for sale in the whole county. Inventory is down 71.3% when compared to the same time last year. The few properties we have for sale are going very quickly. Often times they are receiving multiple offers and a final sales prices exceeding the price they were listed for.
Real estate prices soar
All the demand for Frisco real estate, and other locations around the county, is skyrocketing prices. The average sale price has gone up 11.7% in the last year. We are seeing a significant increase in sales over $2,000,000 with double the sales this February compared to last February. That alone is helping to push the average price higher. The majority of the residential sales in the county are still happening between $400,000 and $1,000,000; making up approximately 50% of the total sales.
Frisco’s average residential sale price jumped 11% to $838,226. Dillon is currently the area with the lowest average sale price at $621,316. Breckenridge holds the number one spot in the county with an average residential price of $1,194,415. Year over year increases of 11.3% and 8.4% respectively.
Cash real estate sales
Cash sales remain pretty consistent despite super low interest rates. One reason for that may be because the market is so competitive. Some buyers are choosing to pay cash when they can in order to have a better looking offer and secure the property. Cash isn’t always king but it does help in most cases.
Frisco CO real estate sales stay strong
As we get through March, April & May, our number of sales will soar over last year. We will be competing against last year’s lock down. Odds are sales will still be strong, even as compared against a normal year. Summer is our typical buying season in Summit County. This year isn’t expected to be any different as far as real estate goes. Events and festivals are another story. Those will likely be put on hold another year. However, we are hopeful other, smaller gatherings will be making a comeback. We are certainly looking forward to it.