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Summit County 2017 – Year in Review

2017 Year in ReviewAnother year is behind us.  That means it’s time to for the 2017 year in review. We look back and reflect on the previous year and then think about what the next year will look like.  In the Summit County real estate market 2017 was an active year and my initial thoughts are 2018 will continue with more of the same.  Let’s take a deeper look into the 2017 numbers and see how we came to those conclusions.

2017 residential sales were up 5.4% over 2016 with 1984 sales in Summit County.  Monthly sales fluctuated with some months better than 2016 and others falling short.  Overall the increases won out.

2017 had $1,385,947,000 in residential sales.  That’s up 23% from 2016’s sales volume of $1,124,067,000. Some of that increase came from a 46.6% bump in the number of sales over $1million.  In 2016, sales at $1million or more only made up 11.8% of the total sales.  In 2017 that number jumped to 16.5%.  In fact, the 70 sales at $2million or more nearly doubled the 38 sales in 2016.

Average residential sales price in 2017 was $698,562.  That is a 17% increasefrom $596,006 in 2016.  The increase in higher end sales certainly impacted the average sales price but values increased across the board.

The number of cash buyers in the market is about the same year over year at just under one third of all buyers.  The low interest rates continue to make borrowing more attractive, even to those that have the means to pay cash.

59.8% of homes sold in the first 30 days in 2017.  Homes were still selling quickly in 2016 with 54.8% under contract within 30 days.

Summit County has been suffering with low inventory for a couple of years now.  We currently have just 319 homes on the market in the entire county.  That’s only a 2 month supply on average.  A balanced market would see about a six month supply.  We are definitely in a strong Seller’s Market.

Condos and townhomes made up 63.8% of the residential sales in the county.  Currently, they only make up 41.3% of the inventory.

Low inventory is going to be the strongest force driving the 2018 market.  If inventory levels continue in similar fashion in 2018, we can expect prices to continue to increase.  There is still demand, even now during a typically slower time of year.  There is no indication that demand will slow into the coming year.

Posted in: Market Statistics Tagged: 2017, Recap

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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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