LIV Sotheby’s International Realty just released Micro Market Reports for Summit County’s real estate market, showing that buyers are competitive with paying higher prices overall and acting quick with less days on market.
Average days on market dropped a notable 22.2% January through September of 2018 compared to 2017, landing at an average of 49 days in 2018. Now is an ideal time for sellers in Summit County as the average price increased 11%, confirming buyers are making purchasing decisions quicker and at higher rates than in 2017. The number of single-family homes sold remained relatively the same year-over-year with a 1.8% increase to 403 single-family homes sold January through September 2018.
“We’ve seen a recent flurry of buyer activity in both Breckenridge and Keystone, leaving Summit County in need of new inventory coming into 2018/2019 ski season,” added Aaron Shriner, vice president and managing broker of LIV Sotheby’s International Realty’s Breckenridge office. “An uptick in rates and low inventory seems to have spurred a number of buyers into the market and would be an opportune time for sellers to capitalize.”
Highlights from the Summit County area include the average price of all properties in Frisco rising significantly to $818,489, up 25.6% from 2017, and Dillon/Summit Cove’s average price of all properties rising to a noteworthy $558,243, up 29.4% from 2017. Another considerable increase is Dillon/Summit Cove’s average price for condos, townhomes, and duplexes at a 36.3% gain from 2017, to $409,366 in 2018.
LIV Sotheby’s International Realty is currently representing the highest price listing in Summit County, Triple Creek Ranch, located in Silverthorne. The $23,000,000 property is approximately 255 acres and one of the finest private horse ranches available for purchase in the Rocky Mountains.
As a popular market, Summit County continues to attract buyers who are looking for the desired Colorado mountains lifestyle, without being too far from Denver. Many second-home owners within Summit County come from the Front Range because of proximity.
Stop by our Breckenridge office today at 101 South Main Street. Visit ColoradoMarketReports.com to access our Micro Market Reports or call 970.453.0550 for more information.