{"id":801962,"date":"2019-12-03T19:19:33","date_gmt":"2019-12-04T02:19:33","guid":{"rendered":"https:\/\/www.summitdaily.com\/?p=375406"},"modified":"2019-12-03T19:19:33","modified_gmt":"2019-12-04T02:19:33","slug":"average-summit-county-home-price-down-8-in-october-while-luxury-home-prices-soar","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/ksmt\/local-news\/average-summit-county-home-price-down-8-in-october-while-luxury-home-prices-soar\/","title":{"rendered":"Average Summit County home price down 8% in October while luxury home prices soar"},"content":{"rendered":"
\n
The average residential price of a home in Breckenridge was $1.47 million in October, up 37% from the average in the same month in 2018. <\/strong>
Liz Copan \/ ecopan@summitdaily.com<\/em><\/figcaption><\/div>\n<\/figure>\n

FRISCO \u2014 Summit County October real estate numbers show a slight increase in the market, especially in luxury sales. Breckenridge led the county with 24% of the total sales revenue and 18% of total transactions. <\/p>\n

In October, the average residential price of a home in Breckenridge was $1.47 million, up 37% from the average in the same month in 2018. Keystone wasn\u2019t far behind with 15% of total transactions, but the average residential price of a home there is down about 16% in October compared with October 2018. <\/p>\n

\u201cThe higher-end luxury has really held up pretty well,\u201d LIV Sothebey\u2019s International Real Estate broker associate Jack Wolfe said. \u201cWe\u2019ve had 54 $2 million and above sales for this year. Certainly, prices are up, and those are always concerns.\u201d<\/p>\n

Wolfe said he recently closed on a $4 million home in Breckenridge and there was a $5 million closing earlier in the year. <\/p>\n

However, in Summit County overall, the average residential price in October is down 8% compared with October 2018. A limited inventory in Heeney, where there were no sales in October, appeared to contribute to this metric.<\/p>\n

\u201cI expect their numbers to change quite a bit when those multifamily homes close,\u201d Wolfe said about Heeney real estate.<\/p>\n

Taking outliers out of the equation, the median shows a 5% increase in residential price from October 2018 to 2019.<\/p>\n

As we approach the end of the year, Wolfe said he likes to look at the seasonal changes as well as the three trailing months. <\/p>\n

\u201cIf you\u2019re quoting stuff off the first of the year, the market could have changed a lot by the end of the year,\u201d Wolfe said. <\/p>\n

August, September and October combined, months that are a reflection of the summer real estate market, carry about 40% of the total year-to-date real estate transactions. <\/p>\n

\u201cWe\u2019re kind of catching up again as we approach the end of the year. I think the numbers are going to be pretty good for November and December,\u201d Wolfe said.<\/p>\n

Looking toward the end of the year, Summit Association of Realtors President Thomas Coolidge said that while about half of Realtors will be taking a bit of a holiday break, the other half will be busy closing deals before New Year\u2019s Eve. Coolidge said Summit County drives second-home buyers who want to rent out homes while there are good ski conditions. <\/p>\n

\u201cYou have the function of the weather,\u201d Coolidge said. \u201cThat\u2019s a driver. People see it on the news, and they want to get their houses closed on and get their bookings in.\u201d<\/p>\n

Coolidge also said the steady luxury market is in part due to lower interest rates and politics.<\/p>\n

\u201cRates are quite good, and the elections are coming up, so a lot of people are looking to mix their portfolio with real estate,\u201d Coolidge said. \u201cSummit County is such a great place to be and has so many things to offer both in the summer and the winter.\u201d<\/p>\n

Wolfe believes Silverthorne specifically will be a major player going forward. In the October year-to-date numbers, Keystone carried 9% of the total transactions, but with several new development projects underway<\/a>, including 50 new condominiums, this percentage is likely to increase in 2020.<\/p>\n

\u201cWhat we\u2019re going to see next year and the following year is there\u2019s a lot of new development in Silverthorne, and we\u2019re just starting to see some of those units close,\u201d Wolfe said. \u201cI expect Silverthorne to have a bigger section of the market.\u201d<\/p>\n

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

The average residential price of a home in Breckenridge was $1.47 million in October, up 37% from the average in the same month in 2018. Liz Copan \/ ecopan@summitdaily.com FRISCO \u2014 Summit County October real estate numbers show a slight increase in the market, especially in luxury sales. Breckenridge led the county with 24% of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[99],"tags":[],"class_list":{"0":"post-801962","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-08-02 04:03:14","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":"KSMT The Mountain","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/ksmt","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts\/801962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/comments?post=801962"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts\/801962\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/media?parent=801962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/categories?post=801962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/tags?post=801962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}