The Low Down On the High Country | February 2022 |
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Well, we have one month under our belts in 2022. The year started off with some nice snow and great sunny days to get out and play. February started off different - yes we have sunshine, but negative double digit temps have kept most of us inside. Otherwise, it's been business as usual. Stores and restaurants are open, guest visits are up and people are enjoying the beautiful aspects of the county.
It's a busy time here in the county with lots to do. Breckenridge just wrapped up their snow sculpture competition, and once again the artwork was beautiful. The sculptures are gone, but here are some pictures below in case you missed it.
We've got some cool events coming up this month as well. Copper has a bunch (see the list below), but my leaders are the Summit Youth Hockey pond hockey tournament in Dillon (Feb 12 & 13) and Frisco's Spontaneous Combustion party on Feb 12.
Looking forward - spring season is a great time to make repairs and upgrades. I know April is a couple of months out, but if you're thinking of making an investment in your home, I know people who can help. As always, if you need a handyman, plumber or electrician, reach out. I'm here and happy to help.
Have a great February!
Ray
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Your Monthly Answer to: How is the Market in Summit? |
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Not much has changed in the market over the past month. Inventory remains very tight, properties are still going under contract quickly and buyer demand is ahead of supply. That said, there is a new factor playing into the equation. The fed has decided to increase interest rates on second home loans. So far this looks to be in the .25%- .75% range. I don't think this will have a significant impact on the market here, but it is something to be aware of and this, combined with higher potential rates in the future, may lead to a cooling of the market.
In the end, we're still in a seller's market and it looks like we'll remain here for the near future. Whether you're a buyer, seller or just interested in the market overall, feel free to reach out at anytime with questions.
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This Month's Real Estate Statistics |
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Summit topped $3B in gross sales volume in 2021, which is 31% above the record setting year of 2020 and almost double 2019. There were a total of 183 transactions and $202,268,260 in monetary volume in December 2021. Year-to-date total monetary volume is up 31% from 2020 and transactions are up 2%. The most active price point for December 2021 was between $1mil to $1.5mil with 40 transactions. There were 70 transactions above $1M. In December the average residential price was $1,117,393 and the average residential price per SF was $704.
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Summit County Real Estate Transactions |
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Average Sales Price
For 2021, the average sales as follows: 23.8% increase in Single-Family Homes, 23.7% increase in Multi-Family Homes, and 36.8% increase in Vacant Land.
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Single Family Homes
2006 - $737,253
2007 - $798,889
2008 - $835,803
2009 - $905,030
2010 - $770,797
2011 - $734,262
2012 - $764,445
2013 - $751,240
2014 - $784,779
2015 - $855,925
2016 - $934,163
2017 - $1,087,893
2018 - $1,142,905
2019 - $1,262,929
2020 - $1,386,525
2021 - $1,717,028
(23.8% increase)
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Multi Family Homes
2006 - $333,501
2007 - $406,529
2008 - $463,633
2009 - $398,051
2010 - $425,080
2011 - $367,280
2012 - $353,339
2013 - $344,578
2014 - $357,612
2015 - $399,232
2016 - $409,673
2017 - $473,862
2018 - $523,519
2019 - $559,776
2020 - $606,487
2021 - $750,022
(23.7% increase)
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Vacant Land
2006 - $311,951
2007 - $391,587
2008 - $470,260
2009 - $399,025
2010 - $336,625
2011 - $246,478
2012 - $309,512
2013 - $324,137
2014 - $318,230
2015 - $372,794
2016 - $353,500
2017 - $323,692
2018 - $366,814
2019 - $344,945
2020 - $368,859
2021 - $504,480
(26.8% increase)
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If you are wondering what prices have done in Summit County over the long term, here is a graph of the average residential price from 1988-2020. (click to enlarge) |
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Summit County Real Estate Inventory
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As of February 1st, 2022, there were 112 active residential listings (30 of these are deed restricted homes in Smith Ranch that were just released on the market) in Summit County and 19 land listings. Inventory is up 21.3% since last month which brings us to up to 0.50%. Without the influx of deed restricted homes, inventory sits around the same as last month at 0.42% and 82 residential listings.
As of February 1st, 2022, there were 491 pending sales in the County. 61 went pending in the past 2 weeks.
There were 463 loans in December 2021. 127 were related to sales, there were 227 REFIs and 109 loans were timeshare-related. The percentage of cash transactions for December was 31%. Cash transactions for all of 2021 were 33%.
Demographics: In December 2021, Front Range buyers were 44% of our market, 23% were 'locals' and 33% were out-of-state buyers. 0% of buyers were International.
At Cornerstone Real Estate Company, LLC, we maintain all of this data in Excel spreadsheets. Thanks to Land Title Guarantee for providing the monthly statistics. Please let us know if you would like a copy of the full set of data and it would be our pleasure to email it to you."
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Want direct access to the MLS?
Get your own login!
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Whether you are looking to buy or you need help selling your current property, we can give you the local knowledge and expertise you need to make the best decision.
With our MLS I can create a personal website just for you that gives you direct access to the Summit County MLS without having to log in. Searching the MLS allows you to see the most up to date and accurate information possible, since that is the same database that the Summit Realtors use. You will also be able to Save your favorite listings, and I can set it up to send you emails immediately when new listings come on the market that match your criteria.
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Cornerstone Real Estate Listing Updates
As of February 1st, 2022
Solds:
$350,000 - 0BD/1BA Lakeshore Condo in Keystone
$1,800,000 - 3BD/4BA Single Family Home at 396 Black Hawk Circle in Silverthorne
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Arapahoe Events:
Copper Events:
Dillon Events:
Frisco Events:
Keystone Events:
Silverthorne Events:
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Fresh off the Press - The Latest News in Summit |
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We are a locally owned and operated Summit County, Colorado company with over 40 years experience in junk removing, hauling, and property cleanups.
Summit County and Rocky Mountain residents deserve the best service to keep their community, environment, homes, and property in the finest condition possible. We will make that happen for you! Summit Junk Removal a full-service junk removal, property cleanup, business & residential cleanup service. Environmentally friendly disposals. Our Customer Service is outstanding! Our team cares about our Summit County Community!
Please call us for a free estimate!
970-406-0491
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Ray Brueggemeier
Broker/Owner, Realtor®
Serving Buyers and Sellers in Summit County
60A Main Street Frisco, CO 804434
23110 US Hwy 6 Keystone, CO 80435
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