The Low Down On the High Country | May 2022 |
|
Happy May to you all,
It's slowing down here in the mountains which is typical for this time of year. Most ski areas have closed, and some shops and restaurants are taking a break, both to get out of town and to make repairs and upgrades. We've had typical spring weather which is always wild! A mix of snow followed by 50 degree days!
If you're looking to get in a couple more days of skiing, don't fret. Breckenridge is planning on staying open until the end of the month, A-Basin until early June. Plan on lots of layers as temps swing based on if the sun is covered by clouds or not. If you're thinking of eating out or going shopping, a few phone calls to make sure your destination is open will save you time and headache.
In most areas it's too wet right now to bike or hike on trails, but most of that moisture should burn off by the end of the month. Bike paths are open, so those of you on road bikes can enjoy cruising in the cool weather with little traffic in your way.
If you're thinking of any renovations or repairs, now is the time for that as well. If you need any help there, please reach out.
|
|
Your Monthly Answer to: How is the Market in Summit? |
|
From a market perspective, we have a lot to talk about. As most of you know the Fed has been increasing interest rates in an effort to slow the economy and reign in inflation on prices across the country. This has a huge impact on the housing market, buying power has decreased and we'll see buyers drop out as mortgages get more expensive.
In the end, this is a good thing. While rates have gone up 2% over the past three months, they can still be found in the mid 4% range on portfolio loans and mid to high 5% range on Fannie and Freddie loans. These numbers are higher than the past couple of years, they're still historically low numbers and they will help cool the market to a pace more maintainable.
Does this mean prices will fall? I don't think so. While there are areas of the country that may see some decrease in pricing, most of the country continues to have record low inventory. Most current owners got in at low rates or refinanced to low rates, low cost of ownership means less incentive to sell. This combined with the high cost of building new and the fact that Summit County is virtually built out leads me to believe that the number of homes sold per year will not be picking up soon.
We may however see a snapshot of inventory pick up as homes spend more days on the market. We'll have less multiple offer situations, less stressful for buyers and sellers alike. Initial list prices will be higher - less offers means price to sell (vs price to go over) and buyers ability to negotiate will strengthen. Along with this, I expect buyers will have more time to make decisions, they will be better protected as due diligence items like inspections and appraisals will return to normal. This will give them the safety our contracts were originally meant to afford them.
In the end, sellers may have to be more patient, and buyers have lost some buying power, but it signals a return to normal and these changes are better for the health of the market overall.
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.
|
|
This Month's Real Estate Statistics |
|
There were a total of 165 transactions and $188,605,550 in monetary volume in March 2022. Year-to-date monetary volume is down 3% from 2021 and transactions are down 31% from YTD 2021. The most active price point for March 2022 was between $600k to $700k with 18 transactions. There were 56 transactions above $1M. In March the average residential price was $1,302,520 and the average residential price per SF was $810.
|
|
|
Summit County Real Estate Transactions |
|
Average Sales Price
For 2022, the average sales as follows: 33.3% increase in Single-Family Homes, 8.6% increase in Multi-Family Homes, and 31.6% increase in Vacant Land.
*(These numbers are year-to-date- and will level out the further into the year we get.)*
|
|
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 - $2,288,386 YTD
(33.3% increase)
|
|
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 - $814,440 YTD
(8.6% increase)
|
|
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 - $664,121 YTD
(31.6% increase)
|
|
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) |
|
Summit County Real Estate Inventory
|
|
As of May 1st, 2022, there were 174 active residential listings in Summit County and 24 land listings. Inventory is up 50% since last month which brings us up to 0.76%. This time last year inventory was right at 0.75%.
As of May 1st, 2022, there were 535 pending sales in the County. 63 went pending in the past 2 weeks.
There were 448 loans in March 2022. 92 were related to sales, there were 180 REFIs and 176 loans were timeshare-related. The percentage of cash transactions for March was 44% (one of the highest cash months on record).
Demographics: In March 2022, Front Range buyers were 45% of our market, 21% 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."
|
|
Want direct access to the MLS?
Get your own login!
|
|
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.
|
|
Cornerstone Real Estate Listing Updates
As of May 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
$725,000 - 5BD/5.5BA Quarter Share in a Single Family Home
at 45 Forget Me Not Lane in Keystone
$1,150,000 - 3BD/2.5BA Townhome at 724A East Anemone Trail in Dillon
$1,450,000 - 5BD/5.5BA Half Share in a Single Family Home
at 45 Forget Me Not Lane in Keystone
$2,995,000 - 6BD/5BA Single Family Home at 56 Burntwood Lane in Breckenridge
Pending Listings:
$372,723 - 3BD/2.5BA Deed Restricted Townhome at Smith Ranch in Silverthorne
$869,900 - 2BD/2BA Condo in the Pines at Keystone
$950,000 - 2BD/2BA Duplex in the Summerwood Neighborhood 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:
$789,900 - 2BD/2BA Silver Mill Condo in Keystone
$875,000 - 3BD/3BA Snowscape Condo in Silverthorne
$1,015,000 - 2BD/2BA Bay Club Condo in Frisco
|
|
Fresh off the Press - The Latest News in Summit |
|
Enza’s is not your typical deli, rather a full scale high-end true delicatessen with a modern twist of offering unique & imported market style items that are perfect for offering gift baskets for any weekend getaway, produce boxes and additional kitchen provisions for all local and regular patrons, or for those visiting and vacationing to the Summit County area.
Offering fresh brewed coffee, cappuccino & espresso beverages, a variety of cocktails such as breakfast wines, assortment of mimosa’s and Bloody Mary’s, this breakfast & lunch café will have you skipping back for more tasty enjoyment time and time again. Featuring a full variety breakfast & lunch menu, specialty pastries & treats, Grab ‘n Go cooler items along with several high-end dinner banquet packages, Enza’s will quickly become your “go to” for almost anything you might need.
|
|
|
|
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
|
|
|
|
|
|
|
