As Colorado residents and visitors unpack the winter gear and welcome the much-awaited ski season, real estate for Summit County continues to prove as an active market, according to LIV Sotheby’s International Realty’s October market report. The report compares real estate performance against the previous year, previous month, previous year-same month, and last 12 months, year-over-year.
Including all price points, Summit County shows steady growth year-to-date and for the last 12 months, year-over-year. For both comparisons, average sold price increased 10% and average days on market decreased 19%, proving that buyers are acting quick and paying higher prices with a limited increase of inventory (only 2% increase year-to-date and 3% increase for the last 12 months, year-over-year). In addition, average list price also increased for year-to-date and last 12 months, year-over-year, by a notable 13% and 10%.
“We’re continuing to see an abundance of buyer activity in Keystone and Breckenridge, causing homes to move a lot quicker than compared to last year,” added Aaron Shriner, vice president and managing broker of LIV Sotheby’s International Realty’s Breckenridge office. “For those interested in selling, now is an ideal time with buyers being prepared to act more aggressively.”
The luxury market for Summit County ($2 million and above) showed impressive results, especially with a dramatic decrease in days on market. For year-to-date, days on market dropped 48% to 143 days and for the last 12 months, year-over-year, a similar decrease was shown of 46%. Last 12 months, year-over-year, also showed significant growth with a 26% increase in total sales volume, a 21% increase in listings sold, and a 38% increase in new listings – now at 144 new listings, increasing from 104 new listings in 2017.
Most notably, Summit County continues to increase when looking at the prior month, meaning that the market is thriving. October of 2018 compared to September of 2018 showed an incredible 83% increase in listings sold, a noteworthy 66% increase in total sales volume, and a 50% increase in new listings. The market continues to provide new listings, but the sales are also matching, meaning there is a healthy balance for Summit County real estate.
LIV Sotheby’s International Realty compiles monthly reports to help you make effective real estate decisions. Call 970.453.0550 to talk with a Summit County expert today or visit Resorts.LIVSothebysRealty.com to learn more.