2020 has been an incredible year for real estate in Summit County. All the year round, outdoor adventures Summit County has to offer brought out people looking to get out of the house. Both visitors and homebuyers flocked to Summit County during the summer of 2020. Generally visits fall off after the leaves turn in September but October still had a lot of traffic around the county. Some of that traffic was homebuyers and is now showing up in our November real estate sales numbers.
November had 239 residential sales in the county. That’s a 39.8% increase over November 2019 and is a sales number more typically seen during summer months, our selling season. Of those 239 sales, 35.6% sold for $1,000,000 or more. On the opposite end, 28% sold for less than $500,000. The average residential sales price in the county, over the last 12 months ending November 30th, was $894,381. If we just look at the average residential real estate sales price for the month of November 2020, that number goes up 10% to $983,889.
Cash real estate sales in Summit County
Mortgage rates are below 3% yet we are still seeing 25.3% of buyers paying in cash. That may be because it is a competitive market and cash is more attractive to the sellers. Having your money in real estate may offer better returns than the currently low interest offered in savings accounts.
November highs and lows
On average, residential properties sold for 98.9% of list price in November. Sales ranged from 12% above list price to 87% below asking price. The highest sales price in November was $4,000,000 for an 8,000+ square foot home with slope views in Breckenridge. That home sold for 10% below list price.
The average price per square foot in November was $565. At the low end, a deed restricted cabin in Heeney sold for $217 per square foot. A ski in/ski out 2 bedroom condo in Breck sold for $1,230/square foot achieving the highest price per square foot honors for November.
More real estate sales to come
November was another extraordinary month for residential home sales in Summit County. Inventory is at historic lows with fewer properties for sale now than were sold in the month of November. That is keeping some buyers on the sidelines and also pushing prices up. As long as we have homes to sell, higher sales numbers should continue throughout our typically slower winter months.