The Low Down On the High Country | March 2022 |
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Hello and welcome to March in the high country! As you probably know, March is a busy time here in Summit County. It's a time when spring breakers cut loose and come skiing, filling stores and restaurants, renting homes and condos and bringing tons of energy to town.
From a true news perspective, Covid is getting pushed to the back burner and we're hoping it will stay there, or fall off the stove. Short term rental restrictions are still on peoples minds, but with the exception of Breckenridge, we haven't really seen huge waves made by governing bodies. The Ukraine/Russia event is on all of our minds and in all of our hearts, early market responses to that have surprised me and I'm waiting to see how that will affect our market.
We've talked about the limited supply of homes here for what seems like ever. I'd like to change that up and let you know what we do have in terms of new builds in the County.
Here are some of our favorites:
- Apres Shores on the banks of the Blue River in Silverthorne – 4 units left for sale
- Second phase of Blue River Flats in Silverthorne has just been approved for development and there will be 30 units but have not been released yet
- Kindred – 2 units left in the west tower, east tower has not been released and will have 33 units
- Born Mountain Club in Copper, a ski in/ski out planned development at the base of the Alpine lift, 6 townhomes in the first phase but have not been released yet
As always, if you need a roofer, plumber, restaurant recommendation or a day at the spa, reach out! We have great connections and I am here to help with any needs to have.
Ray
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Your Monthly Answer to: How is the Market in Summit? |
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Why is it getting so expensive, why the limited supply? In short, we’re out of dirt. I’ve been a Realtor for ~19 years, and since I’ve started, we’ve been talking about “build out”, the idea that there is no more land to build on here in the county. 80% of the county is national forest, leaving 20% for us to use for homes, shops, schools etc. We’ve used up almost all of that land, and if we look down valley towards Vail, Aspen, Telluride, prices spike as build out is achieved. This is exacerbated by the fact that Summit County is a bowl, with mountain passes on all sides but the north. Getting “just outside of County” can involve some very sketchy driving in the weather is bad. Add the influx of people to Colorado and the increased ability to work from home and I think we see the market continuing to rise.
I would add to this that the market here is relatively small, so we’re very sensitive to changes. Just like Covid introduced new buyers to our market through work at home, a negative impact on people’s discretionary income can slow our market quickly. I’m not a fan of trying to time the market – if you have questions about buying or selling, please reach out for help. I consider it an honor to have been able to work with all of my past clients and would love to work with you.
Ray
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This Month's Real Estate Statistics |
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There were a total of 124 transactions and $166,258,421 in monetary volume in January 2022. Year-to-date monetary volume is up 28% from 2021 and transactions are down 23% from YTD 2021. The most active price point for January 2022 was between $1mil to $1.5mil with 20 transactions. There were 50 transactions above $1M. In January the average residential price was $1,429,985 and the average residential price per SF was $744.
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Summit County Real Estate Transactions |
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Average Sales Price
For 2022, the average sales as follows: 46.% increase in Single-Family Homes, 5.0% increase in Multi-Family Homes, and 13.6% increase in Vacant Land.
*(These numbers are year-to-date- and will level out the further into the year we get.)*
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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 - $2,511,905 YTD
(46.3% 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 - $787,596 YTD
(5.0% 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 - $572,857 YTD
(13.6% 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 March 1st, 2022, there were 107 active residential listings in Summit County (30 of these are deed restricted properties) and 22 land listings. Inventory is down 1.53% since last month which keeps us at 0.50%. Without the deed restricted homes, inventory has dropped down to 0.38% and 77 market rate residential listings. Months of inventory supply is currently under 1 month.
As of March 1st, 2022, there were 490 pending sales in the County. 49 went pending in the past 2 weeks.
There were 463 loans in January 2022. 127 were related to sales, there were 227 REFIs and 109 loans were timeshare-related. The percentage of cash transactions for January was 31%. Cash transactions for all of 2021 were 33%.
Demographics: In January 2022, Front Range buyers were 46% of our market, 20% were 'locals' and 34% 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 March 1st, 2022
New Listings:
$495,000 - 6BD/5BA Ownership in a Single Family Home
at 56 Burntwood Lane in Breckenridge
$725,000 - 5BD/5.5BA Quarter Share in a Single Family Home
at 45 Forget Me Not Lane in Keystone
$1,450,000 - 5BD/5.5BA Half Share in a Single Family Home
at 45 Forget Me Not Lane in Keystone
Solds:
$535,000 - 2BD/1.5BA Cove Condo in Dillon
$634,000 - 2BD/2BA Buffalo Ridge Condo in Silverthorne
$912,000 - 2BD/1BA Trappers Crossing Condo in Keystone
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Arapahoe Events:
Copper Events:
Frisco Events:
Keystone Events:
Silverthorne Events:
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Fresh off the Press - The Latest News in Summit |
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Peak Appliance Repair is fully licensed and insured for your peace of mind. Our highly trained technicians are experienced in all major appliance repairs utilizing only factory recommended parts. Our customer base includes private home owners, home warranty companies, vacation rentals, long term rentals and property managers.
A large selection of common parts are stocked and in our vans from many manufacturers. This allows us to complete most repairs on the first visit. We have two technicians servicing Summit County, Colorado. We work in any weather, provided that your street and driveway are plowed!
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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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