SUMMIT COUNTY REAL ESTATE INFORMATION
I'm Going National . . .
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Amy Nakos, JD, GRI, RSPS
Ninja Selling Agent
Your Castle Summit
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I am now a
National Real Estate Partner with Referral Exchange! That means if you, or someone you know, is looking to buy or sell real estate anywhere in the UNITED STATES, I can help!
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If you would like to hear from me more often, please click on the social media links at the top or bottom of this page! You can follow me on Facebook, LinkedIn, Twitter and Google+! Or
join my social media page!
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Does Anyone Need a Plumber?
I want to highly recommend a new PLUMBER to my referral partners . . . . John Hardy and HPM Services. John has been in the industry for 14 years and recently opened his own business. He is responsive, thoughtful and fair. I hope you can reach out to him when you need a plumber or heating help in Summit County.
970-368-6174
Many of you have received my preferred vendor list, and if you haven't, let me know and I would be happy to get it to you.
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I'm Going National
Real estate is local. And finding the right expert in the locale where you are buying and selling is the key to you having your real estate goals met, without much pain and hassle. I was recently recruited by a national real estate company,
Referral Exchange, to work with the best agents in each marketplace across the country. If you find yourself in need of real estate assistance anywhere in the United States, you can start with me. And I will help you get the best possible service, wherever you go.
It's an honor to be asked to be part of this hand selected group and I look forward to serving you, and anyone you know who needs to buy or sell property
anywhere in the United States.
Slow Down? Not Yet.
In talking with clients and other real estate brokers, there is a sentiment that the Denver market is "slowing down." Now, we know that markets are always changing and of course there will be fluctuations in supply and demand. And as I have told many of my clients, our market in Summit County is highly dependent on and follows the Denver real estate market. But, before you buy into the "sky is falling" stories, I have few things for you to consider and these facts are coming straight from those of us on the streets.
First, inventory is at an all time low. If one is just looking at sales volume, there may be a plateau or slow down because there isn't enough inventory to keep up with demand. This is especially true for lower priced properties.
Second, at Your Castle, our team measures showings per listing which is an immediate indicator of the market demand. No other brokerage, in fact, no one in Denver, does this. Currently, the number of showings per listing is the same as it has been for years. There are still buyers out there who want to purchase the few properties that come on the market.
Finally, the pricing of the starter/entry homes has leveled off from its rip roaring run increasing in price 2-3x faster than other homes. This was an expected result since no sector of any market can out-appreciate its counterparts forever. In the trailing 12 months, Denver has appreciated an average of 8%. As you can see in the statistic below, Summit's residential properties have appreciated by an average of 15%. Just because the lowest priced sector sees a leveling off of price increases, it doesn't mean that the market is tanking.
So next time you hear someone or the media expressing concerns that the Denver market is "slowing down," send them to me, or another Your Castle broker, and we can help them understand the natural ebb and flow our markets' fluctuations.
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Until next time, keep living the dream!
Amy
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How's The Market?
Highlights (August 2017) all Summit
A few things to note on these statistics: Since 2016, our average residential pricing has increased by 17% for single family homes and 12% for multi family homes. Median increases are 22% and 10% respectively.
You will also note that our number of transactions has remained steady year over year, but sales volume has increased by 26%. We are experiencing about the same number of properties selling, just at higher prices.
- Market Analysis by Area for August 2017: The month of August was Summit's best month so far in 2017! There were 272 transactions and $170,248,375 in monetary volume. Some trends for all 18 reported areas in August: $ 632,245 Average transaction price, $679,419 Average residential price and $424 PPSF.
- Year to Date Market Analysis (8 months): Monetary volume in 2017 totaled $981,368,068 with 1577 transactions. $638,758 Average transaction price, $673,202 Average residential price and $426 PPSF.
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Market Snapshot for Years 2017 vs 2016: Average Indicators for $: Single Family +17%, Multi- Family +12% and Vacant Land 0%. Median Indicators for $: Single Family +22%, Multi- Family +10% and Vacant Land -9%.
- Market Analysis % Change YTD 2017: Monetary volume ($170,248,375) in August 2017 was 22% higher than August 2016. Transactions (272) were down 4% to August 2016. YTD 2017, monetary volume is up by 26% and transactions are up 8% compared to YTD 2016.
- Residential Market Sales by Price Point: Residential volume in August had 231 transactions with $ 156,945,700 gross volume. There were 38 properties that sold for $1M and above in August. The most active price points were between $300K-$500K with transactions. There were 78 Single Family, 153 Multi-Family and 20 Vacant Land transactions in August.
- Average Price History by Type 2017: Average price for residential Single Family: $1,096,406, Multi- Family: $460,631 and Vacant Land: $354,151.
- Comparative Historical Cost Analysis 2017 YTD: There were 1313 residential transactions and $883,914,045 gross $ volume with 208 properties selling for $1M and over-compared to 2016, there were 1220 transactions and $683,932,493 gross $ volume, 121 properties at $1M and over. In 2015, there were 1184 transactions with $641,544,640 gross $ volume, 110 properties at $1M and over.
Interested in more specific data? Let me know!
Data obtained from Land Title Guarantee Company, Summit Association of Realtors and Summit County MLS. Properties represented are not necessarily listed or sold by Amy Nakos or Your Castle Summit. Data intended only to show trends in area and are not necessarily representative of all Summit County Properties.
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BUYERS VERSUS SELLERS
If You Are A . . . .
Buyer:
We are currently in a seasonal slow down where many properties are being put into a rental pool. Also, our summer rush of out of town visitors and buyers are back at home with kids in school and busy planning their ski vacations. You will experience less competition, but you will also have less from which to choose. For lower priced properties in good condition, you will need to act quickly. Be prepared by obtaining a pre-qualification letter prior to shopping. In the last 6 months of sales, median days on the market is 15 and sold to list percentage is 98.5%, so continue to expect a strong Sellers' market.
Seller:
You are in the driver's seat . . . within reason. We currently have 2.3 months of inventory in all of Summit, at all price points. To put this in perspective, in 2010, we had 29 months of inventory. This means that ANY property that comes on the market that is priced within the market, will capture attention and probably sell in less than 1 month. If you would like to sell, consider doing it now. Generally speaking, the under $500,000 price point is moving more quickly that higher priced product. Location (as always), continues to be the main driver for the desirability of property.
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SINGLE FAMILY HOME IN FRISCO
- 4 Bed/4.5 Bath
- $1,499,000
- 3705 square feet
- 2 car garage
- Beautifully decorated
- Located in the prestigious Reserve at Frisco neighborhood
If you have been dreaming of a luxury home in Frisco, then look no further! This stunning builder's home features 4 bedrooms, each with an en-suite bathroom, 2 living areas, an oversized 2 car garage, private hot tub, and extra insulation for energy efficiency and quiet.
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Ski Season Rental
If you are not ready to make a mountain real estate purchase, but still want to enjoy your weekends and free time in Summit County, then you should consider a seasonal rental! Here is a great option for the 2017-2018 ski season.
Keystone Gulch Condo
3 bedroom/2 bath
Sleeps 8
On the Keystone Bus Line
Use of pool and hot tub at Flying Dutchman complex
$3300 per month
November 2017-April 2018 lease term
Brochure for Keystone Gulch Condo
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MLS information provided by Summit County MLS and Land Title. Featured listings are those of Amy Nakos and Your Castle Summit, LLC. Sales data will include listings and sales of other real estate agents and companies.
© 2017 Amy Nakos, JD, GRI, RSPS and Your Castle Summit Real Estate. All Rights Reserved.
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Copyright © 2017. All Rights Reserved.
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