News & Views
Winter 2014/2015
The Simson Team
Summit Real Estate
BRECKENRIDGE• COPPER MOUNTAIN • DILLON • KEYSTONE • FRISCO • SILVERTHORNE • WILDERNEST
What’s happening in the Summit County real estate market? Good question!
I
heard someone describe our real estate market like someone recovering from a long illness..."taking a while, and it’s a bit weak, but recovery is on the horizon!" The market is getting stronger, but it is taking some time. This is a good thing, because it's better to have nice, steady improvement, than the huge ping-pong ball bounce we saw over the past 10 years. In a nutshell, 2014 saw the # of transactions up 5%, dollar volume up slightly, and inventory down 10%. Translation: Our market is in recovery and still very neighborhood specific. Some segments, especially the lower end- are much stronger than others. Inventory is very low, and demand is climbing! The good news is that properly priced properties are selling in a few weeks, sometimes even days! Interestingly, the average days on market has moved down from 124 days in 2013 to just 90 days in 2014. • By the numbers- A County Market Snapshot: Values remain steady and are as follows: Average Price Indicators: Single Family +4% Multi- Family +4% Vacant Land +2% Median Indicators for Volume: Single Family +5% Multi- Family +7% Vacant Land +17 %
• 2014 transaction volume up by 4% from YTD 2013. Monetary volume was the highest since 2008. Transaction volume was the highest since 2007! What’s on the horizon in 2015? Re-sale listings, now extremely low, will start to replenish. The main reason (on top of the recent investor buying spree) that there are fewer listings is that a large number of would-be sellers are holding their units off the market until prices go higher. It would not be surprising to see more homes get listed after another few months of rising prices. That increased supply will then start to slow the rate of price increase. For those who want to take a deeper dive check out: www.SummitRealEstate.com and click on “home values” for a complete look at the market by town. For those of you who are lucky enough to have found your spot in the mountains, the 2014-15 Sales Report for your subdivision/complex is ready! For your updated copy, please call 800-262-8442 or email Team@SummitRealEstate.com. We’ll get it to you right away!
The Summit Real Estate Team
Photo by Mark Imanuel
Do you own property in Summit County? Are you wondering about the value of your property? Go to www.SummitHomeValue.com for an instant market valuation about your property! Just log on and provide basic information about your property and you will receive a complimentary market analysis. It’s that easy!
WHAT'S INSIDE Summit County..............................................................................2 Silverthorne....................................................................................3 Dillon................................................................................................4 Keystone..........................................................................................5 Frisco................................................................................................6 Breckenridge...................................................................................7 By the Numbers.............................................................................8 Meet Summit Real Estate....................................................... 9-10 Featured Listings................................................................... 11-12 Calendar of Events................................................................ 14-15 Resource Guide............................................................................16