Market Trends by Month
The real estate market in Summit County continues to flourish as the busy summer season approaches. Coming out of what posed as a 10-year high in sales volume in May of 2017, May of 2018 numbers pace close behind. While we see a 13% decrease in total residential transactions compared to last May, at 144 total transactions, the sales volume came in at $112,163,623. Year-to-date there has been $416,376,023 closed volume in 2018.
Contributing to dollar volume this year is the rise in sales prices seen across the county. The average sales price in Summit County this month was $763,018, up 6% from twelve months ago. A major factor driving these prices up is the average days on market. Averaging just 59 days from list to pending, we saw a 24% drop since May 2017 as well as the lowest DOM number in over a decade.
Also at a notable 10-year record is number of land transactions year-to-date. There were 10 homesite sales this month, bringing the total for the year up to 73 transactions. Land transactions are on the rise, up 38% over last year.
As of June 1, 630 Summit County residential and land properties were on the market. Broken out by area, this includes 295 in Breckenridge, 36 in Copper, 30 in Dillon, 42 in Frisco, 95 in Keystone and 132 in Silverthorne. While inventory numbers came in lower than the previous May, we are seeing a constant increase in inventory each month since the beginning of the 2018.
Please note: This report is intended to give the reader a general overview of the Summit County area. Statistics can vary by neighborhood and price range, so buyers and sellers are advised to look to their Slifer Smith and Frampton broker for specific information on properties of particular interest. The source of real property information used for this report is the Summit Association of Realtors MLS.
Data is compiled by Slifer Smith & Frampton Real Estate with data from the Summit Association Realtors MLS. Statistical information is deemed reliable but not guaranteed. Please contact your Slifer Smith & Frampton Real Estate broker for clarification or more information.