Summit County Mid-Year, 2018 Micro Market Report

MICROMARKET REPORT |

Summit County • Mid-Year 2018

SUMMIT COUNTY

(Servicing the Resort Communities of Breckenridge & Keystone)

4

5

1. Breckenridge 6

2.

Copper Mountain

3. Frisco

3

4. Silverthorne 5. Dillon 6. Keystone 2 1

Pictured on cover: Triple Creek Ranch, Silverthorne

coloradomicroreports.com

SUMMIT COUNTY market update With no shortage of year-round activities and breathtaking mountain vistas at every turn, it is no surprise that Summit County (Breckenridge, Keystone, Copper) continues to attract buyers from around the world. Located on the western side of the Continental Divide, less than a two-hour drive from Denver, the Summit County real estate market demonstrated signs of a healthy balance in January through June 2018, compared to that of 2017. This can be correlated to consumers’ continued desire for lifestyle-inspired home purchases, coupled with little available inventory.

The number of single family homes sold remained the same year-over-year, holding at 232. The average sales price in Summit County increased 3.7% year-over-year, from $712,141 in 2017, to $738,397 January through 2018. Across the board, days on market dropped a significant 23.9% year-over-year, from 71 days in 2017, to just 54 days in 2018, an excellent time frame in a resort market, where homes typically stay on the market longer. The number of days a home in Summit County remains on the market averages just two months, which demonstrates extremely competitive conditions in the region’s highly desirable marketplace.

SUMMIT COUNTY January through June

2017

2018

% Change

Sold Listings (All Properties)

814

746

-8.4%

Sold Single Family

229

232

1.3%

Sold Condos/TH/DP

585

514

-12.1%

71

54

-23.9%

$712,141

$738,397

3.7%

97.8%

98.8%

1.0%

$579,682,833

$550,843,920

-5.0%

Average Days on Market Average Price % Sold Price to List Price Total Dollar Volume Sold

All Properties

Highlights from the Summit County area include the average price of all properties in Frisco rising to $750,889 up 18% from 2017, and Keystone’s average price of all properties rising to $637,351, up 12.8% from 2017. Breckenridge/Blue River’s average price for condos, townhomes, and duplexes rose to $660,657, up 5.1%, from 2017.

Known locally as ‘Colorado’s Playground,’ real estate values are projected to rise based on consumers’ continued desire to purchase homes in areas that offer exceptional year-round opportunities for recreation.

livsothebysrealty.com

Based on Information from SAR MLS. This representation is based in whole or in part on data supplied by SAR MLS. SAR MLS does not guarantee nor is in any way responsible for its accuracy.

Data maintained by SAR MLS may not reflect all real estate activity in the market.

MICROMARKET REPORT | Summit County MID -YEAR 2018 • COLORADOMICROREPORTS.COM

BRECKENRIDGE/BLUE RIVER January through June Average Price

2017

$893,661

-6.2%

$502

$524

4.4%

89

68

-23.6%

$4,200,000

$3,600,000

-14.3%

314

281

-10.5%

97.5%

97.8%

0.2%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$952,729

Average Price per Square Foot

Highest Price

2018

All Properties 260 Gold Flake Court, Breckenridge

BRECKENRIDGE/BLUE RIVER January through June

2017

Average Price

$1,359,626

$1,266,900

-6.8%

$406

$413

1.9%

127

104

-18.1%

$4,200,000

$3,600,000

-14.3%

127

108

-15.0%

96.9%

97.0%

0.2%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

Breckenridge Ski Resort, ranked by annual skier visits, is the second most visited ski resort in the United States and offers 34 lifts, 187 trails, and 2,327 acres of Colorado’s finest terrain.

Single Family Homes

BRECKENRIDGE/BLUE RIVER January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2017

2018

% Change

$628,729

$660,657

5.1%

$579

$593

2.5%

60

45

-25.0%

$2,803,600

$2,400,000

-14.4%

175

173

-1.1%

98.1%

98.2%

0.2%

5.1%

January through June 2018, the average price of condos, townhomes, and duplexes in Breckenridge/Blue River increased by 5.1% compared to that of 2017.

coloradomicroreports.com

FRISCO January through June

Frisco has a 1-mile radius, which offers visitors an easily walkable experience to the many local shops and restaurants, hiking trails, and parks the town boasts.

2017

Average Price

$750,889

18.0%

$425

$482

13.5%

42

35

-16.7%

$2,492,500

$2,300,000

-7.7%

69

54

-21.7%

98.1%

98.3%

0.3%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$636,084

Average Price per Square Foot

Highest Price

2018

All Properties

FRISCO January through June

2017

Average Price

$1,160,400

-3.2%

$425

$450

5.9%

77

54

-29.9%

$2,492,500

$2,300,000

-7.7%

10

15

50.0%

97.4%

96.9%

-0.5%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$1,198,600

Average Price per Square Foot

Highest Price

2018

Single Family Homes 111 Lupine Lane, Frisco

16.4%

The average price per square foot for condos, townhomes, and duplexes in Frisco increased by 16.4% January through June 2018 compared to that of 2017.

FRISCO January through June

2017

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

$540,742

$593,385

9.7%

$425

$494

16.4%

36

27

-25.0%

$920,000

$989,000

7.5%

59

39

-33.9%

98.3%

98.9%

0.6%

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Summit County livsothebysrealty.com

MID -YEAR 2018 • COLORADOMICROREPORTS.COM

DILLON/SUMMIT COVE January through June Average Price

2017

$540,429

29.5%

$319

$362

13.5%

16

21

31.3%

$1,600,000

$1,249,185

-21.9%

82

60

-26.8%

98.4%

99.2%

0.8%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$417,184

Average Price per Square Foot

Highest Price

2018

Dillon boasts the largest fresh water reservoir in Summit County, Lake Dillon, and is conveniently located south of I-70 with quick access to Frisco and Silverthorne.

All Properties

DILLON/SUMMIT COVE January through June Average Price

2017

$856,949

16.2%

$293

$302

3.0%

22

42

90.9%

$1,600,000

$1,249,185

-21.9%

24

20

-16.7%

97.5%

99.2%

1.7%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$737,755

Average Price per Square Foot

Highest Price

2018

Single Family Homes 317 High Meadow Drive, Dillon

DILLON/SUMMIT COVE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2017

2018

% Change

$284,534

$382,169

34.3%

$330

$392

19.0%

14

10

-28.6%

$645,113

$984,000

52.5%

58

40

-31.0%

98.8%

99.2%

0.4%

34.3%

The average price for condos, townhomes, and duplexes in Dillon/Summit Cove increased by 34.3% January through June 2018 compared to that of 2017.

coloradomicroreports.com

SILVERTHORNE/WILDERNEST January through June

2017

Average Price

$680,862

13.6%

$334

$375

12.2%

67

53

-20.9%

$3,000,000

$2,450,000

-18.3%

141

170

20.6%

98.0%

99.1%

1.2%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$599,607

Average Price per Square Foot

Highest Price

2018

All Properties 2936 Osprey Lane, Silverthorne

16.8%

January through June 2018, the average price per square foot for single family homes in Silverthorne/Wildernest increased by 16.8% compared to that of 2017.

SILVERTHORNE/WILDERNEST January through June

2017

Average Price

$1,017,339

$963,551

-5.3%

$315

$368

16.8%

151

75

-50.3%

$3,000,000

$2,450,000

-18.3%

40

72

80.0%

95.9%

98.4%

2.6%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

Single Family Homes

SILVERTHORNE/WILDERNEST January through June

2017

Average Price Average Price per Square Foot

Silverthorne, the second most populous town in Summit County, and is beautifully situated between the Gore Range and Continental Divide.

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

$434,169

$473,172

9.0%

$342

$380

11.2%

34

36

5.9%

$865,000

$815,000

-5.8%

101

98

-3.0%

98.8%

99.7%

0.9%

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Summit County livsothebysrealty.com

MID -YEAR 2018 • COLORADOMICROREPORTS.COM

KEYSTONE January through June Average Price

2017

$637,351

12.8%

$430

$492

14.6%

56

54

-3.6%

$2,312,500

$2,536,840

9.7%

147

148

0.7%

98.1%

98.8%

0.7%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$565,141

Average Price per Square Foot

Highest Price

2018

All Properties 94 Last Chance Lane, Keystone

KEYSTONE January through June Average Price

2017

$1,316,284

-6.4%

$344

$372

8.0%

254

140

-44.9%

$2,312,500

$2,536,840

9.7%

11

16

45.5%

95.0%

97.1%

2.2%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$1,406,955

Average Price per Square Foot

Highest Price

2018

Keystone Resort ski area offers access to 3 seperate mountains, Dercum Mountain, North Peak, and The Outback, and provides visitors with numerous winter and summer outdoor activities.

Single Family Homes

KEYSTONE January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2017

2018

% Change

$497,054

$555,056

11.7%

$436

$507

16.1%

40

43

7.5%

$1,260,000

$1,300,000

3.2%

136

132

-2.9%

98.3%

99.0%

0.7%

11.7%

The average price per square foot for condos, townhomes, and duplexes in Keystone increased by 11.7% January through June 2018 compared to that of 2017.

coloradomicroreports.com

16.8%

January through June 2018, the average price in Copper Mountain increased by 16.8% compared to that of 2017.

COPPER MOUNTAIN January through June

2017

Average Price

$505,361

-10.8%

$463

$540

16.8%

135

45

-66.7%

$2,800,000

$2,578,500

-7.9%

59

33

-44.1%

96.8%

98.2%

1.5%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$566,237

Average Price per Square Foot

Highest Price

2018

All Properties

COPPER MOUNTAIN January through June

2017

Average Price

% Change

$2,231,250

$2,578,500

15.6%

$576

$624

8.4%

417

193

-53.7%

$2,800,000

$2,578,500

-7.9%

4

1

-75.0%

94%

129%

37.1%

Average Price per Square Foot Average Days on Market Highest Price

2018

Properties Sold % Sold Price to List Price Single Family Homes 957 Beeler Place, Copper Mountain

COPPER MOUNTAIN January through June

2017

Average Price

Copper Mountain is conveniently located just 75 miles from Denver and boasts 2,490 acres of ski terrain.

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

$445,145

$440,575

-1.0%

$455

$538

18.3%

115

41

-64.3%

$1,925,000

$1,000,000

-48.1%

55

32

-41.8%

97.0%

97.3%

0.3%

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Summit County livsothebysrealty.com

MID -YEAR 2018 • COLORADOMICROREPORTS.COM

IMAGINE.

Introducing CURATE by Sotheby ’s International Realty Sotheby’s International Realty is the first real estate brand to launch and implement a virtual staging augmented reality (AR) app:

DESIGN.

Curate by Sotheby’s International Realty. This mobile app brings a home’s virtual staging images from 2-D perception into augmented reality, allowing customers to visualize a house as their own before purchase, thereby curating the homebuying experience.

SHOP.

Available now for download in the Google Play Store and the iOS App Store.

WHY COLORADO?

NATIONAL PARKS: 4

MOUNTAIN RANGES: 7

AVERAGE DAYS OF SUNSHINE ANNUALLY: 300

SKI AREAS & RESORTS: 28

CRAFT BREWERIES: 350+

The life you love.

livsothebysrealty.com | coloradomicroreports.com Based on Information from SAR MLS. This representation is based in whole or in part on data supplied by SAR MLS. SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by SAR MLS may not reflect all real estate activity in the market.