November is the start of the holiday season. It is Thanksgiving. Black Friday, Small Business Saturday & Cyber Monday. Although this year, Cyber Monday fell in December, it’s generally a November thing. It’s the official start of Christmas shopping. Uggh. It’s also the beginning of the ski season. Yaaay! A-Basin and Loveland can start welcoming skiers and riders in October but it’s usually November before I can get it in my head that we can go skiing again. This year, it’s taken until December for me. The snow has been so slight with not much terrain open, I just didn’t get on the slopes in November. I have had some epic skiing in November though so it should never be written off. November is generally not that exciting in real estate but, again, it shouldn’t be written off. This year, residential sales in Summit County were pretty flat for November and will probably continue to be for December too.
November residential sales
When comparing this November to November 2024 residential sales, there were four fewer sales this year. Pretty flat. However, average sale price was down significantly to $1,210,246. That’s 14.4% below last November’s average. The average price per square foot was pretty flat too with an increase just below 2% to $800/square foot. That increase tells me our average sales price was probably lower because smaller homes were selling this year, not because prices dropped. In general, a smaller property will have a higher price per square foot keeping the sale price lower but the price per square foot up.
Residential properties in Summit County are actually selling for slightly closer to list price this November averaging 96.9% of list price. The time it takes a property to sell, on average also decreased slightly in November to 85. Good signs that sellers are being pretty realistic with pricing, as are the buyers. November is a good month to see buyers and sellers coming together, both trying to reach their goals before winter is going full steam ahead.
Cash sales remain high
The number of cash sales declined slightly from October when it was nearly 43%. It’s still pretty signifcant at 38.8%. According to the National Association of Realtors, about 29-30% of nationwide, real estate purchases are cash. Huge gains in equity and higher mortgage rates make paying cash a better option for more people.
Over the last five years, Colorado’s average home price gain was 45.1%. That’s actually some of the more moderate gains seen across the country. Meanwhile, the Fed cut rates again bringing the Fed rate to 3.5-3.75% and, once again, lowering the interest paid on savings accounts. Having your cash wrapped up in real estate may not be a bad place to keep it.
2026 Residential real estate forecast
Lawrence Yun with the National Association of Realtors anticipates interest rates to average 6% over the course of 2026. That’s not a lot of change from where they currently sit. With that said, a half percent of interest will make a difference of about $160/month on a $500k loan.
Dr Yun is pretty optimistic about the national real estate market anticipating a 14% increase in residential sales of existing homes. So far, through November, Summit County residential sales are up 13.8% over last year. It’s seems pretty reasonable to see another increase in sales like this next year. Sales are still substantially below pre-pandemic levels when 1,700-1,900 sales a year were pretty normal. We will end 2025 with roughly 1,450 sales. Another 14% increase will still have us below normal, pre-pandemic levels. It is not a huge increase but a quality step towards normal.
He also anticipates a slight uptick in the median sales price of about 4%. Many areas in the east and northeast are predicted to have stronger real estate markets than those in the west. I anticipate Summit County’s median, residential home price to remain pretty flat.
As 2025 comes to a close, if a change in Summit County real estate is in your near future, consider discussing your options with us. We pride ourselves in providing facts about the market to help you make the best decision for you. No pushing, no pressure.
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