The Low Down On the High Country | July 2022 |
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Hello and welcome to July (almost)!
Summer is officially here and so far June has thrown curveballs throughout. Towns have already put on events and have been joined by mother nature! Combine this with our struggle to balance local and short term housing and we've got a lot to talk about!
We've had a few festivals already, the biggest being the Barbequefest in Frisco which was a blast. If the lines were long, the food was good and there were tons of bands to keep your feet tapping. Events like these are always a great time to get outside and get your groove on, and the BBQ provided a great kick-off to the summer along with the perfect place to catch up with family and friends. There's more to come this summer, see below for dates and locations.
We've seen the monsoon season arrive here in the mountains which has been welcomed by many. Lake Dillon is 96% full and streams are running strong. It's rained almost every day of the month, mostly in the afternoons and evenings. If you're here and want to get out, start early and plan to be done by noon, early afternoon at the latest. Afternoons are a great time for happy hour, chores, even a nap!
Moving on to short term rentals. Around a month ago Summit County put in a nine month moratorium on short term rental permit applications. It happened quick and it changed the landscape of our market drastically. On a positive note, it may open up places for locals to rent and the county overall needs employees - both to help with services and to keep our culture local. On a negative note, if you short term rent in these areas that are effected, the value of your home may have dropped significantly. I don't know what will happen after the moratorium but I will keep an eye on it and voice my opinion. If you'd like to do the same, here's a list of people involved. Note: Frisco and Silverthorne have yet to make a decision, if you own here it may be a good time to speak up!
Take care and happy summer!
Ray
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Town of Silverthorne/Courtesy photo from the Summit Daily |
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Your Monthly Answer to: How is the Market in Summit? |
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We're half way through the year, and so far 2022 has been wild for real estate. We've seen interest rates double and listings and days on market increase. We have less properties under contract than we've seen in the past 10 years. For the first time in a long time we're starting to see a significant number of price reductions, 32% of the properties currently on the market have reduced their price since listing.
What is fueling the slow down? Right now, mostly mortgage rates. Recent adjustments have decreased buying power for people getting loans by ~ 20%. Add to this the uncertainty of the future of short term rentals, and buyers are slow to act, especially considering most of these are second homes and discretionary income. Pepper in inflation, and here we are in a stall.
This does not mean demand is dead. We still have buyer's looking for the right home, but they're picky. Most are willing to act if the home fits their needs, or are looking in areas that are short term friendly (Copper, Keystone etc). Cash buyers probably have the most motivation; competition is down, and cash offers have regained the leverage they use to have.
In the end, it may be slow as people adjust to new rates and new rules, but we typically have a strong summer season, we'll sit and see how this one goes.
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 (lowest transactions in the month of May since 2012, excluding 2020 Covid shutdown) and $234,963,489 in monetary volume in May 2022. Year-to-date monetary volume is down 4% from 2021 and transactions are down 33% from YTD 2021. The most active price point for May 2022 was between $1mil to $1.5mil with 29 transactions. There were 79 transactions above $1M. In May the average residential price was $1,518,022 and the average residential price per SF was $875.
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Summit County Real Estate Transactions |
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Average Sales Price
For 2022, the average sales as follows: 30.5% increase in Single-Family Homes, 20.9% increase in Multi-Family Homes, and 26.3% 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 - $2,240,094 YTD
(30.5% 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 - $906,792 YTD
(20.9% 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 - $637,042 YTD
(26.3% 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 30th, 2022, there were 396 active residential listings in Summit County and 59 land listings. Inventory is up another 55.6% since last month which brings us up to 1.77%.
As of June 30th, 2022, there were 506 pending sales in the County. 45 went pending in the past 2 weeks.
There were 396 loans in May 2022. 103 were related to sales, there were 136 REFIs and 157 loans were timeshare-related. The percentage of cash transactions for May was 34%.
Demographics: In May 2022, Front Range buyers were 42% of our market, 21% were 'locals' and 37% 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 30th, 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
$649,000 - .63 acres at 494 Lake View Circle in Breckenridge
$809,000 - 2BD/2BA Condo at Ten Mile Island in Frisco
$1,200,000 - 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
$2,795,000 - 6BD/5BA Single Family Home at 56 Burntwood Lane in Breckenridge
Pending Listings:
$755,000 - 2BD/2BA Condo at Ten Mile Island in Frisco
$800,000 - 2,279sqft of Commercial Warehouse Space in Silverthorne
$945,000 - 3BD/2.5BA Townhome at 216B 5th Ave in Frisco
$1,800,000 - 4BD/3BA Single Family Home at 10 Dylan Ct in Dillon
Cornerstone Listing's Sold:
$525,000 - .43 acres at 1325 Golden Eagle Rd in Silverthorne
$920,000 - 2BD/2BA Condo in the Pines at Keystone
$920,000 - 2BD/2BA Duplex in the Summerwood Neighborhood in Dillon
$1,105,500 - 3BD/2.5BA Townhome at 724A East Anemone Trail in Dillon
$1,825,000 - 3BD/3BA Condo at Watertower Place in Frisco
$2,200,000 - 3BD/3.5BA Single Family Home at 573 Water Dance Dr in Frisco
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Arapahoe Events:
Breckenridge Events:
Dillon Events:
Frisco Events:
Keystone Events:
Silverthorne:
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Fresh off the Press - The Latest News in Summit |
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Friends of the Dillon Ranger District (FDRD) is a 501(c)3 nonprofit organization that, with the help of volunteers, ensures that our National Forest is not negatively impacted by its immense popularity.
With more than 60 volunteer projects on our National Forest each year, FDRD volunteers contribute thousands of hours maintaining and improving trails, planting trees, pulling invasive weeds, educating visitors, and much more. FDRD is one of the most active, locally-based outdoor stewardship organizations in the country and by volunteering with FDRD or supporting us with a financial contribution, you benefit the National Forest that makes Summit County a world-class destination.
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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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