As we officially head into the summer months, we are keeping a close eye on the real estate market and there is good news for both buyers and sellers in Summit County. As shown in LIV Sotheby’s International Realty’s (LIV SIR) Monthly Market Report, Summit County is experiencing exponential growth when looking at all data points including year-to-date and year-over-year for all price points, but especially for the luxury market of $2,000,000 and above.
For all price points, total sales volume is up 9% year-to-date, but most notable is the increase in average sold price and average list price – both of which are up 13%. The good news for sellers is that more and more buyers are willing to pay increased prices in order to live the Summit County Lifestyle. For buyers, there is a slight dip in average days on market (7% decrease to 55 days on average this year), which means you still have to act quickly but the average days on market is still at a reasonable range and there wasn’t a significant decrease that would make purchasing a home even more difficult. Highest sold price continues to break records, with a $10,100,000 sale, which is a 181% increase year-to-date and a 66% increase year-over-year for the last 12 months.
The luxury market, $2,000,000 and above, is extremely active for Summit County. Looking at year-to-date performance, LIV SIR reported an astounding 112% increase in total sales volume, a 27% increase in average sold price, a 28% increase in average price per square foot, a 14% decrease in average days on market, and a 25% increase in average list price. Perhaps the most significant, listings sold increased 67% year-to-date to an amazing 30 listings just this year, from 18 in 2018 (through May).
“It’s interesting to see more and more luxury buyers flock to Summit County for their main residence,” said Aaron Shriner, vice president and managing broker of LIV Sotheby’s International Realty’s Breckenridge office. “This area is ideal for many buyers because of the close proximity to our world-class resorts as well as to downtown Denver.”
Understanding the market and the local economy is a critical piece of real estate success for both buyers and sellers. The Monthly Summit County Report provides detailed information to ensure you are up-to-date with local real estate activity and trends. To discuss options further, contact a real estate professional today by visiting resorts.livsothebysrealty.com or calling 970.453.0550.
Visit www.ColoradoMarketReports.com to view the latest monthly reports.
For more information contact Kelli Williams, director of public relations, at 303.486.3738.