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What happened with selling & buying homes in Summit County in 2020?

The world is closed sign

I’m sure you have been hearing how good real estate has been doing during the pandemic. There have been news reports saying people have been leaving cities and heading to the suburbs. People can work from anywhere and are finding more desirable places to be. People are wanting more spaces for their family and are buying second homes. I cannot vouch for people moving out of cities and into suburbs but a lot of people have been buying homes in Summit County, which is a big second home market.

Summit County is close to Denver

As you probably know, Summit County is just about an hour or so from the Denver metro area. We have 4 ski areas within our county borders and 3 more a short drive into neighboring counties. We have Lake Dillon and Green Mountain Reservoir for your sailing, fishing, kayaking and other water activities. Summit County is approximately 80% public lands which means we have tons of hiking, biking, horseback, etc. in Wilderness Areas and National Forest lands. If you are patient and know where to look, wildlife may be spotted periodically. The pandemic caused some changes. Outdoor dining was moved to Main Street in both Breck and Frisco creating a fun new atmosphere in town. With formal events cancelled and the outdoors being safer areas to congregate, the draw to Summit County has been even stronger.

Selling & buying homes in 2020 starts out as expected

Graph showing Summit County residential sales in 2020

Residential real estate activity in 2020 started as a typical year. January and February were pretty close to 2019 sales & activity. Then all hell broke loose. The pandemic was here and everybody shut down. Most closings scheduled for March were able to be held together and close which let March have pretty normal sales. With everyone locked down for March and April, we really had minimal activity and, as a result, minimal sales in April and May. April sales were just 71, the fewest April sales since 2010. May sales were even worse with just 63 and the fewest for May in at least 20 years. Somehow June was able to rebound and was a typical June with 118 residential sales that month. Then it got really crazy.

A Threepeat in the second six months of 2020

Sales in the second half of the year skyrocketed. Selling and buying homes in Summit County continued on. We made up for the sales we missed in April and May and over took 2019 sales and more. In fact, Summit County residential real estate sales in 2020 ended up being the highest number of sales in the county since 2006. On top of that, there were three months in 2020 that had over 300 sales each month. In the last 20 years, there have never been three months with over 300 sales in a single year. Only one month a year, usually September or October, has exceeded 300 residential sales. That 300 sales mark has only been hit in three of the last 20 years. It is no small feat to hit 300 sales. To do it three times in one year is truly exceptional. Adding to the feat, previously, the highest 300+ sales numbers were in 2006 when September had 316 sales. 2020 outdid that one too. We had 300 sales in August, 313 sales in September and 366 in October.

Another amazing statistic

art showing inventory levels for last 2 years

Let’s add one more factor to the mix of record setting selling and buying homes in Summit County; inventory. Inventory is the number of properties listed for sale. It has been extremely low all year. Our high inventory level in the last ten years was when we had over 2000 properties for sale in Summit County. It has been steadily declining, with seasonal fluctuations, since about 2010. Currently, we have 148 properties for sale in the county. Roughly 7% of the highs seen in the last decade, and fewer than one months of average sales in 2020.

The beginning of the year is typically a time when inventory and sales both decline. Visitors are here to ski. They enjoy their time here in the winter and most will come back in the summer to buy property in the place they love. Properties are being rented, generating higher winter income, so not as many are available for sale. Even so, last January, there were an additional 300 properties for sale. Current inventory levels are unusually low.

Will selling and buying homes in Summit County continue into 2021?

Of course it will continue. There is still buyer demand. There are still sellers selling. It will take a lot of properties coming on the market to quench the thirst of all the buyers out there. If interest rates and purchase prices push up too high and buyer and lender funds dry up, it could dampen the buyer demand. I think that scenario is unlikely though.

Posted in: Market Statistics Tagged: Coronavirus, Inventory, Residential

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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

View from Silverthorne

Professionally executed from start to finish

William from TX Mountain Living Real Estate November 25, 2020

Honest and realistic about pricing and negotiating. On the clients side for negotiations. Willing to go extra mile for anything we needed since we were out of state.

Kristin from VA Mountain Living Real Estate October 6, 2020

Thank you Jason and Meridith for all you did . We were very impressed from the start to the finish . Jason was very timely with his responses to any questions or concerns we had . His very calm and professional demeanor was most reassuring. The photos that Meridith took were professional grade . All Continue Reading

John from Idaho Springs, CO Mountain Living Real Estate October 2, 2020

Jason and Meredith exemplify what real estate agents should be.  We purchased two homes and sold one with them.  The attention to detail was outstanding.  It is rare in today’s world to find such a high level of customer service.   Jason and Meredith handle everything and go way above and beyond what other agents would do.  The online tools, calendar Continue Reading

Wendy from Pine, CO Mountain Living Real Estate September 14, 2020

La Riva del Lago

Thank you for going above and beyond to sell and help me close! You have been a great resource for us. We so appreciate it!

Sheila from KS Mountain Living Real Estate September 10, 2020

Most impressed with timeliness and response – working with us late in the evening. It was a pleasure. Appreciate the opportunity to work with you.

Kevin from Highlands Ranch Mountain Living Real Estate September 4, 2020

You did a wonderful job. You went up to the condo several times. Not only did you take pictures, but you set up the dining table, etc. for better showing. You came in for inspection follow up, etc. All much appreciated!! All the extra special touches and great communication from listing to closing meant a Continue Reading

Pat from Broomfield, CO Mountain Living Real Estate July 11, 2020

You went above and beyond our expectations to check out the Wetterhorn unit! You know what we like and saw the opportunity for us to purchase a unit we will enjoy!

Linda from Texas Mountain Living Real Estate June 30, 2020

Buffalo Ridge Condo

We were most impressed with the willingness to get the job done under difficult situations.

John from Manitou Springs, CO Mountain Living Real Estate April 13, 2020

January Sales get a Thumbs Up

Good communication and quick response. Knowledge of area and market. Pleasant attitude through it all.

Stacey from Texas Mountain Living Real Estate March 1, 2020

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Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

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

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