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Navigating the Summit County Real Estate Market

Summit County gets a lot of visitors every year. It is a hot spot for skiing, hiking and all sorts of outdoor recreation. Tourists flock here from all over the world. With the pandemic going on, a lot of people familiar with the area want to know what is happening in Summit County. Are we under stay at home orders, are businesses open, are people still buying real estate? For those of you anxious to be navigating the Summit County real estate market once again, here’s our local report.

Navigating the Summit County real estate market from homeSummit County Stay at Home Order

Summit County has basically had a stay at home order for about 10 days now. They didn’t call it a stay at home order but it essentially is. It shut down non-essential businesses and restaurants could only offer take out or delivery options. They also gave a few days notice to get all the tourists out of town. All hotels and short term rentals were directed to close their doors and visitors to vacate. At the same time, all public transportation including Uber & airport shuttles would cease.

Colorado Issues Stay at Home Order

Just recently, the state of Colorado enacted a stay at home order. However, real estate and related services are classified as an essential or critical business and able to continue to do business with the necessary precautions. The new order will, as it should, keep more people at home and not out looking at property unless it’s necessary. It does allow for real estate agents, appraisers and inspectors to continue to work and for title companies to continue to aid in real estate transactions.

Initial Real Estate Impact

We’ve been watching the market closely, anticipating some change in activity. We have seen very little change, however, in the day to day numbers. A substantial number of properties continue to go under contract and others come on the market every day. Although, we do have a higher than typical number of sales falling apart and properties coming off the market altogether as the uncertainty grows and restrictions tighten everywhere. Over the last three days, 28 properties have been listed for sale, 11 others have gone under contract, 9  have sales that fell apart and 9 more have pulled their property off the market. Even in the midst of a pandemic, Summit County real estate is still a pretty active scene.

stats about the summit county real estate marketUpcoming Real Estate Impact

I think the number of March sales will come very close to March sales one year ago. Most of the properties closing in March were closed or very close to closing when this pandemic broke loose. April real estate sales will surely feel the hit but exactly how much remains to be seen.  There are currently 349 residential properties under contract in Summit County. 53% of those have been under contract for months. Most are new construction and aren’t available to close anytime soon. If we could get two-thirds of the remaining under contract properties to close in April, we would have 109 sales, a respectable amount, and just a 20% drop from 2019. Of course, we don’t know how long our current circumstances will continue, but it is still possible the real estate market will come out of this relatively unscathed and pick back up where it left off.

Navigating the Current Market

It seems logical to expect buyer activity to change and adapt rather than stop. While staying at home, buyers will likely be surfing the web checking out homes online. Watching videos of homes and analyzing floorplans like never before. They will be asking questions of their agent to fill in the blanks they cannot quite figure out from the sofa. Mentally, they are making a list of those they would like to see when all this comes to pass. If they happen to find a serious contender, a virtual showing is still possible. They can see the home with their agent through video conferencing apps like Skype. Lenders are still working from their home offices and are able to collect all the information needed to pre-qualify a buyer. When needed, the lenders can continue the process, securing a new mortgage, and getting a buyer into their new, Summit County home. All of this can happen safely, without a face to face meeting.

In the Summit County market, it is not uncommon to see a scenario like the one I just mentioned. Buyers are often in another state or country and aren’t readily available to handle things in person. The technology to make it possible to buy and sell from afar has been in place for a while now. We regularly use electronic signatures, videos and photos, phone, text and email services to communicate with both buyers and sellers. During this pandemic, it is still possible for buyers and sellers to move forward with their real estate goals if that is what they choose.

make the most of your time at homeSeize the Opportunity

We are in an unpredictable time. At some point, this will come to pass and we can feel normal again. Until then, we should do what we can to make ourselves feel as normal as possible without endagering others. Have a staycation with your household. Catch up on all those things you have been wanting to do at home. Find that second home in Summit County via the internet and technology. Whatever you decide to do, make the most of this opportunity that, with any luck, we will never have to go through again.

Posted in: Market Statistics Tagged: Coronavirus

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About Us

Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

Jason used amazing strategy for pricing, selling and acquisition of our next property. In this market this strategy is critical for success – especially with the buying process. Summit County real estate is a challenging market. We have bought and sold two properties and just bought our third. Jason and Meredith have been there for Continue Reading

Ben from Centennial February 2, 2022

You were very knowledgeable and supportive during this transaction. I was most impressed with your calmness and smart decision making during a chaotic process. Thank you again for your calmness during all of this.

Barbara from Centennial January 24, 2022

home in Breckenridge

We were very impressed with your professional skills, timely communication, and excellent listening skills. We felt you cared about us and our success.

Frederick from Colorado January 24, 2022

Living room in Dillon condo

(I was most impressed that they) Kept us informed through it all and helped navigate the things that needed to get down in a timely fashion. Also really appreciated help getting people to do some of the things done around the house.

Kate from Ft Collins November 4, 2021

House in Hamilton Creek

You guys did an exceptional job for us and went the “second mile” in many ways. We were most impressed with Pro-active and involved interaction with us and everyone in the process. Your team was exceptional. Recommended many things for us to do, and then helped us do them. Followed up,, checked in, and helped Continue Reading

Warren & Sue from TX August 12, 2021

Treehouse condo

Over the years we have bought and sold over 30 pieces of property and this was one of the most efficient and painless processes. Service and attention was A-perfect!

Jack from FL August 9, 2021

Gateway condo in Keystone

I very much enjoyed working with both Meredith and Jason, they really focused on our needs and questions. Their knowledge of the Summit County Area was worth its weight in Gold. Thank you guys!

Glen from GA July 27, 2021

sale of house

We were most impressed with your good judgement and advice on everything. Thank you for navigating us through the sale of our house.

David & Cecile from Boulder July 14, 2021

Copper Mountain Ski Resort

Great service- more forward leaning than previous realtors Most impressed with follow up, knowledge of local market, going the extra mile on document review and getting HOA questions answered. Good advice on price point, patience, and negotiations. Understandably you aren’t always available to look at properties, but in the crazy COIVD market there was one Continue Reading

Holly from Colorado Springs June 14, 2021

Most impressed with the dedication to getting the best deal for us! Exceptional service, skilled negotiators, truly worthy! I wouldn’t consider hiring anyone else. Thank you Meredith and Jason.

Lloyd from Salida June 4, 2021

Contact Us


Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com

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Jason & Meredith Adams are both licensed to sell real estate in the state of Colorado

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