With the low inventory levels in the real estate market buyers are looking outside their initial target area in order to have more to choose from. That means the area that they have been following during their search may not be where they end up looking and/or buying. As a result, they can be less informed about the area and what to expect in property values. A market comparison can help with their decisions.
Recently, buyers we have been working with expanded their search from Frisco to The Highlands in Breckenridge. They were curious as to how The Highlands compares to single family homes in Frisco. I did a little research and put together a few charts to help them determine if The Highlands was, financially, a place they wanted to be.
Average Sales Price
The average sale price in the Highlands is much higher than it is in Frisco. Because of the higher price point I think it makes the market more volatile; reacting more substantially to economic trends.
Average Price per Square Foot
In this market comparison, the average price per square foot is surprisingly similar given the difference in sales prices. Frisco is more inconsistent. I believe that is because the single family homes in Frisco vary more in age and quality than we see in The Highlands. An abundance of any type of home sales can swing the averages for that year.
Average List to Sales Price Ratio
The average list price to sales price ratio tells us how much sellers are coming off their list price. This is based on the current list price at the time of the sale and doesn’t include any price reductions made prior to an offer being accepted. More properties on the market typically will push sellers into deeper discounts in order to secure a buyer.
Average Days on Market
This chart tells us that most of the time a Frisco home will sell quicker than a home in the Highlands. It also shows us the average days on the market is a largely fluctuating number. We are currently in a downward trend meaning homes are selling quicker than in the past.
As with any averages, before making matter of fact claims we must dig deep into the numbers. A few sales can impact an average made from a limited section of data. The Summit County market is a small market making it more susceptible to a few sales. If you have questions about this market comparison we are happy to dig deeper into them and provide you the information you need. Just let us know via email or a comment on this post.