The Low Down On the High Country | April 2022 |
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Good day! I hope the Scoop finds you well and on your way to enjoying a beautiful April. We've seen a little slow down now that spring break is wrapping up and we're expecting some snow, so for those who still have the itch to get some winter activities done, now is a great time!
This week was an election week for us here in Summit. With that, we'll see some new faces on local councils and a couple of new taxes to help with affordable housing in the area. Both Frisco and Silverthorne went to the ballot with new taxes on short term rentals. In the end, Frisco voted in a 5% increase, Silverthorne 4% increase. Rules for the county have opened up a bit and it looks like they will be able to charge similar fees. I expect we see something from them as well soon. Will keep you posted.
Here are some links with details.
Other than having to collect the tax, how will this affect home owners in Summit? This is unclear as use for the money collected has not been described in detail. One thing towns and the county have done in the past is a buy down program where homeowners are offered money to add a deed restricted to their property. In my opinion the offers have not not been high enough to be enticing, but an increase in payment could make this attractive in the future. I'll keep an eye on this as it may make long term rentals a much more attractive investment in the future.
If there is anything else I can do to help - please reach out. If not, I wish you a great spring! Here's wishing you great sunny days here in Colorado!
Ray
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Your Monthly Answer to: How is the Market in Summit? |
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We have a change in the market! It's minor, but it's something - we've had our first uptick in inventory since August of last year. This is expected as we enter the summer as people wrap up the ski season and look to list their homes for the upcoming summer selling season. I expect this trend to continue through May and potentially June, then we'll see what the summer season brings.
Interest rates are expected to continue to rise to help curb inflation and I think buyer demand will ease a little as lending cost go up and buying power goes down. Some of this is already baked into our current loan pricing, so I don't think we'll see huge shocks to our market, but I do think the appreciation curve will flatten a little bit this year and get more in line with historical averages. All of this said, we continue to see multiple offers over list price as the norm, and I think this will continue for a while.
Ray
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This Month's Real Estate Statistics |
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There were a total of 107 transactions and $120,161,549 in monetary volume in February 2022. Year-to-date monetary volume is down 10% from 2021 and transactions are down 29% from YTD 2021. The most active price point for February 2022 was between $1.5mil to $2mil with 14 transactions. There were 39 transactions above $1M. In February the average residential price was $1,312,406 and the average residential price per SF was $749.
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Summit County Real Estate Transactions |
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Average Sales Price
For 2022, the average sales as follows: 35.7% increase in Single-Family Homes, 6.9% increase in Multi-Family Homes, and 27.1% 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 - $2,330,301 YTD
(35.7% 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 - $801,514 YTD
(6.9% 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 - $641,265 YTD
(27.1% 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 April 4th, 2022, there were 110 active residential listings in Summit County (only 5 of these are deed restricted properties) and 22 land listings. Inventory is up 2.33% since last month which brings us up slightly to 0.51%. This is the first time since August 2021 that we've seen a positive number in inventory from month to month (not counting February's influx of deed restricted properties).
As of April 4th, 2022, there were 539 pending sales in the County. 84 went pending in the past 2 weeks.
There were 365 loans in February 2022. 77 were related to sales, there were 174 REFIs and 114 loans were timeshare-related. The percentage of cash transactions for February was 28%.
Demographics: In February 2022, Front Range buyers were 46% of our market, 28% were 'locals' and 26% 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 April 4th, 2022
Active Listings:
$1,500per month - 1,120sqft of Commercial Lease in Kremmling
$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
Pending Listings:
$372,723 - 3BD/2.5BA Deed Restricted Townhome at Smith Ranch in Silverthorne
$750,000 - 3BD/3BA Snowscape Condo in Silverthorne
$789,900 - 2BD/2BA Silver Mill Condo in Keystone
$899,000 - 2BD/2BA Bay Club Condo in Frisco
Cornerstone Listing's Sold:
$315,025 - 0BD/1BA Dillon Valley East Condo in Dillon
$805,000 - 2BD/2BA Villas Prospect Point Condo in Frisco
$550,000 - 1BD/1BA Lakeshore Condo in Keystone
$600,000 - 1BD/1BA Passage Point Condo in Copper
$690,000 - 2BD/1.5BA Retreat on the Blue Condo in Silverthorne
Cornerstone Buyer Solds:
$420,000 - 1BD/1BA Cove Condo in Dillon
$725,000 - 1BD/1BA West Lake Lodge Condo in Copper
$750,000 - 3,968 Commercial Space at 904 Gore Ave in Kremmling
$2,650,000 - 4BD/4.5BA Single Family Home at 1341 Rainbow Dr in Silverthorne
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Arapahoe Events:
Copper Events:
Frisco Events:
Keystone Events:
April 17th - Scheduled Closing Day
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Fresh off the Press - The Latest News in Summit |
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Tropical Threads Embroidery was born out of a labor of love for the industry of manufacturing and customization. After receiving a BS degree in Advertising from the University of Florida I realized my interest lied not only in advertising and marketing but in production as well. I have always been fascinated with textiles and manufacturing so I started an apparel manufacturing business. I soon realized that a lot of my customers wanted my apparel embroidered with their company logos. This led me to the world of commercial embroidery. I researched and educated myself on the use of commercial embroidery machines and soon became the proud owner of of my first industrial embroidery machine in 2005. Not too long after I purchased a second machine along with a heat press. I recently opened a brick and mortar store front, Tropical Threads, on Main St., in the beautiful mountain town; Frisco, CO.
Custom Embroidery and Custom Screenprinting with top of the line machines.
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(970) 390-2038
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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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