We’re still telling the same real estate story we were last year. Inventory is low which is pushing prices higher, and inventory will continue to drop through the end of the year.
As of November 18th we have just 355 residential properties on the market in Summit County. That’s 11% fewer properties than the same time last year. We had 240 residential sales in October. At that same pace, the inventory we have on the market won’t last through the year. Typically, sales slow around the holidays and through the first of the year and we’ll continue to have properties come on the market but our inventory will likely be in the low to mid 200s before the end of the year. 200 may sound like a lot of properties to choose from but realize, that is residential properties anywhere in the county. From south of Breckenridge to north of Silverthorne, from Keystone to Copper and Frisco and Dillon in between. It’s all price ranges too; studio condos to multi-million dollar homes. To add to the scarcity, roughly half the residential properties on the market now are priced over one million dollars. For most buyers, that fact alone takes half the inventory off the table. For most buyers, there will be less than ten properties to choose from at any given time; even fewer as the purchase price goes lower.
The low inventory often makes buyers ask if they should wait. If the current trend continues, next summer when we have more properties on the market, prices will be even higher. If the property you want is out there, I suggest you act now.
The Summit Daily, our local paper, just printed a current real estate story. Take a look at it by clicking here.