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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!”

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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

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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

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