2018 brought fewer sales, rising volume to Summit County’s real estate market

Summit County’s real estate market finished 2018 with the same record low number of listings and rising housing prices that persisted throughout the year.

The Colorado Association of Realtors has pegged 2018 as a year of “tremendous contrasts” across the state. Down to the zip code, location mattered as much as anything else, and while some experts and economists have predicted a downturn in 2019, evidence of softening real estate markets was not universal across the state, according to the association.

In Summit County, the total residential sales volume eclipsed $1.3 billion last year. That’s up 1.1 percent compared to 2017, but the actual number of properties sold fell 5.4 percent, according to statistics provided by Bonnie Smith, the managing broker and owner of Exclusive Mountain Retreats Real Estate in Breckenridge.

Of that total, single-family homes accounted for $657 million worth of sales across the county while the condos, townhomes and duplexes sold went for $723 million combined. As much as anything, the low inventory of available listings continues to fuel the local real estate market, said Paula Stanton, an agent with LIV Sotheby’s International Realty who has over 40 years of experience in the industry.

In fact, LIV Sotheby International Realty’s year-end report highlights a 30.4 percent increase in the average price for homes in Dillon and Summit Cove area. At the same time, residential properties at Copper Mountain also performed extremely well with the average price of a single-family home there going from $2.2 million in 2017 to $3.5 million last year.

Housing in the Breckenridge, Blue River, Frisco, Keystone and the Silverthorne areas also saw increased prices, but a wealth of buyers continued to show their willingness pay these prices, making the year especially good for those who decided to sell. According to Smith, the limited inventory led to over 98 percent of sellers getting offers at or above their asking price.

Like other real estate pros, Stanton’s seen the uptick in housing prices. However, with buyers still wanting to own property in the Rocky Mountains, the county’s strong reputation as a highly desirable resort community and a growing number of real estate agents getting licensed, she said the market is still a “healthy” one.

“The biggest thing is Summit County as a whole continues to attract buyers,” she explained. “We’re fortunately still a very popular resort market so we get the people trying to take advantage and enjoy the mountain lifestyle in close proximity to major markets like Denver and Colorado Springs.”

And moderately priced homes in the county absolutely flew off the market last year, said Smith, who’s seen the same trend with moderately priced condos, townhomes and duplexes in Summit.

As an example of how tight the market is, Smith pointed to the 159 listings for single-family homes currently for sale in Summit County at an average asking price of $2.4 million. She was careful to say that figure includes a $23 million listing — the Triple Creek Ranch north of Silverthorne — which skews the average but added there are currently only three single-family homes listed for under $700,000 in the county.

“What’s going on is nothing on the low end is remaining on the market,” Smith said. “Anything under $500,000, $550,000 or $600,000 is just flying out the door.”

Looking ahead, Stanton expressed her excitement to see new inventory coming online in 2019 with workforce housing projects taking shape in Silverthorne, Frisco, Dillon and Breckenridge.

“There are developments really all over the county, and it bodes well for future real estate,” she said, adding that the developments should help bolster the low number of housing options at the lower price points

As for the rising housing prices, in which a single-family home in Summit County sold on average for $1.2 million in 2018, Stanton said she isn’t worried about that.

Even though some buyers might scoff at Summit County’s options for entry-level housing, which can quickly hit $300,000 to $400,000 for a deed-restricted property, Stanton said the number of sales at the lower price points actually made up “a big segment” of the overall transactions last year and that means there are properties out there for entry-level and first-time homebuyers in Summit County.

On the other end of the spectrum, the number of properties that sold for $2-3 million or more made up a much smaller segment of the market but still posted strong sales, which pulled up the average.

via:: Summit Daily