{"id":29786,"date":"2019-08-28T10:05:39","date_gmt":"2019-08-28T16:05:39","guid":{"rendered":"https:\/\/www.summitdaily.com\/?p=370603"},"modified":"2019-08-28T10:05:39","modified_gmt":"2019-08-28T16:05:39","slug":"summit-county-real-estate-market-cools-off-as-fear-of-recession-grows-nationally","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kift\/local-news\/summit-county-real-estate-market-cools-off-as-fear-of-recession-grows-nationally\/","title":{"rendered":"Summit County real estate market cools off as fear of recession grows nationally"},"content":{"rendered":"
\n
A view of condominiums from Ryan Gulch Road in Wildernest on Tuesday. The Summit County real estate market is starting to show signs of a slowdown.<\/strong>
Liz Copan \/ ecopan@summitdaily.com<\/em><\/figcaption><\/div>\n<\/figure>\n

FRISCO \u2014 Summer and early fall are often the busiest times for real estate in Summit County, with the months of June through October historically carrying the highest volume of sales. But with national news predicting an economic recession paired with a downturn in Denver\u2019s real estate market, Summit County buyers seem to have backed off. <\/p>\n

July\u2019s number of home sales, total sales volume and luxury home sales were all lower than July 2018, with decreases ranging from 10% to 18%.<\/p>\n

\u201cWe\u2019re seeing more listings, and they\u2019re staying longer on the market, so we\u2019re moving into this phase that sometimes is seasonal coming when people go back to school,\u201d Summit Association of Realtors president Thomas Coolidge. <\/p>\n

While Coolidge said this downtick in the Summit real estate market could be a seasonal fluke, he also attributed the slump to several other potential factors, including changes in the overall national economy and the real estate market in the nearby Denver metro area.<\/p>\n

\u201cThere is a general cooling down on the economy, especially in Denver, and we\u2019re close enough to be a bit affected by Denver\u2019s market,\u201d Coolidge said.<\/p>\n

In Denver, residential housing sales went down by 2.5% for the month of July compared with July 2018. While the slowdown is smaller than here in Summit, it\u2019s a definite shift for a market that had been booming. Denver was ranked No. 1 most competitive housing market<\/a> by Forbes going into 2019.<\/p>\n

However, Coolidge pointed out that there are several national factors at play that are giving people pause. The upcoming election, a stock market downturn and the trade situation are just a few, he said. <\/p>\n

\u201cPeople are just looking at the alternatives,\u201d Coolidge said.\n<\/p>\n

Despite growing fears nationally, Coolidge was optimistic that Colorado and Summit County won\u2019t be as affected as the rest of the country, citing evidence that Colorado has a diversified economy.<\/p>\n

\u201cOver the years, as I\u2019ve seen the downturns here and how they affected Colorado, each time Colorado became more and more resilient in learning from its mistakes,\u201d Coolidge said.<\/p>\n

Another feasible reason for the downturn in Summit and Denver is the possibility that prices in both areas might be reaching a ceiling.<\/p>\n

\u201cI think Colorado is poised to continue to grow, but on the other hand, the prices in Summit County and even Denver are very high. I think people do feel there should be a pause,\u201d Coolidge said.<\/p>\n

Prices can\u2019t keep rising indefinitely, he said, and the high cost is making buyers more careful when it comes to purchasing a home.<\/p>\n

There\u2019s also speculation that a slowdown in Summit\u2019s real estate market is simply because land is running out for new development. Both Coolidge and Buyer\u2019s Resource of Summit County founder Chris Eby reported that the area is affected by the limited amount of space for new development.<\/p>\n

\u201cIn terms of our marketplace right now, we\u2019re very inventory starved,\u201d Eby said. \u201cThere\u2019s a lack of inventory to satisfy the demand of buyers, so it\u2019s not surprising that we aren\u2019t able to keep up with the demand.\u201d<\/p>\n

About 80% of the land in Summit County is public land, leaving comparatively little space for housing development. Approaching the limit of space for new developments in the county could lead to a shift in the local real estate market.<\/p>\n

\u201cThe (development) companies are getting closer to buildout, and that\u2019s a wildcard of where the market\u2019s going to go,\u201d Eby said.<\/p>\n

Coolidge mentioned attention for new development is turning to Park County, which is much less developed than Summit. However, he acknowledged luxury homebuyers likely will still favor the Summit County area based on their interests and will find a way to build luxury houses with available land.<\/p>\n

\u201cWe haven\u2019t seen values go down significantly, so the inventory that\u2019s out there, if its decent inventory, is going to get a lot of action,\u201d Eby said.<\/p>\n

Despite the downturn in sales, Eby still predicts a continued appreciation of the housing market in Summit County and advises buyers to get in on the market sooner rather than later. <\/p>\n

\u201cAt this stage in the game, the best thing I can tell my buyers is I think you\u2019ll be a lot happier if you buy now than if you\u2019re shopping a year from now because I think the market will still keep appreciating,\u201d Eby said. <\/p>\n

Eby pointed out that people are still moving to Denver<\/a>, which only expands the second-home market for Summit County. So, while sales are down, it doesn\u2019t necessarily mean trouble for Summit County\u2019s housing market, unless there is a national economic downturn.<\/p>\n

\u201cWe\u2019re 10 years into this cycle in Summit County of an upward trend,\u201d Eby said. \u201cSo at some point, one knows that the cycle is going to adjust.\u201d<\/p>\n

via:: Summit Daily<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A view of condominiums from Ryan Gulch Road in Wildernest on Tuesday. The Summit County real estate market is starting to show signs of a slowdown.Liz Copan \/ ecopan@summitdaily.com FRISCO \u2014 Summer and early fall are often the busiest times for real estate in Summit County, with the months of June through October historically carrying […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[97],"tags":[],"class_list":{"0":"post-29786","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-26 12:22:36","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KIFT - The LIFT FM","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kift","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/posts\/29786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/comments?post=29786"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/posts\/29786\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/media?parent=29786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/categories?post=29786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kift\/wp-json\/wp\/v2\/tags?post=29786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}