The Low Down On the High Country | June 2022 |
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Hello and welcome to June!
May ended up being a snowy month here in the mountains which left us with green scenery and normal moisture levels - yay! June has been beautiful so far, the sun is out and air temperatures are perfect - low to mid 70s warm in the sun, cool in the shade. Both locals and visitors are clearly enjoying the weather, shorts and flip flops are the current fashion trend on our main streets and everyone is excited to see the reservoir filling and boats preparing to launch.
The recent (mostly dry) weather means trails are open for hiking and mountain biking where you smell the pine trees and enjoy beautiful wildflowers throwing out colors from bright yellow to vibrant purple. Restaurants are open, so stop by for happy hour on your way back to town and grab a pint or appetizer. There is a saying here in Summit County, "come for the winters, stay for the summers", looking outside I have to say it holds true.
We're looking forward to business as usual this year, the Barbeque fest is scheduled along with typical activities throughout the county. If you need an excuse to come up to the high country, we've got plenty - see the bottom of the scoop for details.
On a very important note, Summit County has put a nine month moratorium on short term rentals in most non-incorporated areas. Keystone, Copper and some parts of Breck are excluded. If you're an owner or are thinking of buying, details can be found on this link HERE.
Take care and happy summer!
Ray
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Your Monthly Answer to: How is the Market in Summit? |
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The real estate market continues to level out a little with supply and demand lining up better than they have in the past few years. Inventory is up, now just over 1% and the multiple offer situation we've become used to is quickly becoming a rare event. In short, things are returning to somewhat normal. We're starting to see listings that are priced reasonably rack up a few days on market before going under contract and some sellers are having to negotiate a little off of their list price. Is it a buyer's market? No. In a neutral market, we usually see inventory in the 3-5% range with a buyer's market indicated by inventory in the 7-10% range. Our low inventory indicates a market that is still in the seller's favor, but buyers are getting a little more to choose from and a little more power when it comes to writing an offer.
One question I've been asked to address is the question of whether we are in a housing bubble similar to 2008-2010. I've read a lot of articles, and in the end, it's a complicated question with a complicated answer. There are a few big differences between the 2008 era and now. The boom leading up to 2008 was fueled by sub prime loans; people with low down payments getting loans that many couldn't afford. This combined with a large increase in inventory which was followed by a glut of foreclosures as arm mortgages started to adjust and people couldn't afford what they purchased.
This is very different than the market we are currently in. To be a successful buyer in the last few years you had to be able to put an extremely competitive offer in to get it accepted. These were cash or high down payment offers from strong buyers that ended up with low rates - I don't expect these to result in high foreclosures or high inventory as low payments have made staying put more enticing.
There does seem to be one part of the market that may see some decline - places where people are leaving taking advantage of work from home. Summit County benefitted from Covid with an increase in local professionals who could work from anywhere. The general consensus is that the towns and cities they're leaving will see a downturn.
At the end of the day, I think the market will slow overall. Higher interest rates will hurt buying power, owners with low interest rates won't be as motivated to move.
As always, I'm hear to help in our ever changing market. If you or someone you know needs real estate assistance, a plumber or a restaurant recommendation, do not hesitate to reach out.
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This Month's Real Estate Statistics |
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There were a total of 156 transactions and $222,906,754 in monetary volume in April 2022. Year-to-date monetary volume is down 1% from 2021 and transactions are down 32% from YTD 2021. The most active price point for April 2022 was between $1mil to $1.5mil with 30 transactions. There were 66 transactions above $1M. In April the average residential price was $1,294,557 and the average residential price per SF was $860.
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Summit County Real Estate Transactions |
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Average Sales Price
For 2022, the average sales as follows: 31.2% increase in Single-Family Homes, 14.9% increase in Multi-Family Homes, and 20.8% 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
2022 - $2,253,054 YTD
(31.2% 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
2022 - $861,733 YTD
(14.9% 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
2022 - $609,335 YTD
(20.8% 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 1988-2021. (click to enlarge) |
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Summit County Real Estate Inventory
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As of June 1st, 2022, there were 255 active residential listings in Summit County and 40 land listings. Inventory is up 48.9% since last month which brings us up to 1.13%. This is the highest inventory has been since October 2020.
As of June 1st, 2022, there were 541 pending sales in the County. 55 went pending in the past 2 weeks.
There were 455 loans in April 2022. 87 were related to sales, there were 138 REFIs and 230 loans were timeshare-related. The percentage of cash transactions for April was 44% (2nd highest cash months on record after last month).
Demographics: In April 2022, Front Range buyers were 46% of our market, 22% 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 June 1st, 2022
Active Listings:
$800 per month - Commercial Space Lease at 22869 US HWY 6 #111B in Keystone
$15 per sqft - Commercial Space Lease at 22869 US HWY 6 #201 in Keystone
$625,000 - .43 acres at 1325 Golden Eagle Rd in Silverthorne
$1,320,000 - 3BD/3BA Single Family Home at 123 Blue Grouse Lane in Silverthorne
$2,295,000 - 4BD/3BA Townhome at 143 Tip Top Trail #6550 in Keystone
$2,995,000 - 6BD/5BA Single Family Home at 56 Burntwood Lane in Breckenridge
Pending Listings:
$750,000 - 2BD/2BA Condo at Ten Mile Island in Frisco
$800,000 - 2,279sqft of Commercial Warehouse Space in Silverthorne
$869,900 - 2BD/2BA Condo in the Pines at Keystone
$950,000 - 2BD/2BA Duplex in the Summerwood Neighborhood in Dillon
$1,150,000 - 3BD/2.5BA Townhome at 724A East Anemone Trail in Dillon
$1,850,000 - 3BD/3BA Condo at Watertower Place in Frisco
$1,900,000 - 3BD/3.5BA Single Family Home at 573 Water Dance Dr in Frisco
Cornerstone Listing's Sold:
$372,723 - 3BD/2.5BA Deed Restricted Townhome at Smith Ranch in Silverthorne
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Arapahoe 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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Summit County Chipping Program |
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You can protect your home from wildfire with help from the Summit County Chipping Program. Summit County government helps residents and property owners create defensible space by providing free chipping and disposal for branches, logs and small trees. If you clear woody vegetation from around your home and stack it in a slash pile, we’ll chip it and haul it away at no cost.
For more information, call (970) 389-5756.
When it comes to wildfire, it takes everyone to protect everyone.
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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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