As they say, “real estate” and “politics” are both very local. On that note, real estate prices and values can and do vary greatly from State to State, City to City, and Neighborhood to Neighborhood. What’s happening in your “neck of the woods” often has nothing to do with the goings on in other parts of the Country.
As we head into November, it is obvious the economy, the credit freeze and focus on the election have contributed to slow sales activity in Summit County, Colorado. In comparing sales from Jan through Oct 2007 to Jan through Oct 2008, the total number of sales county-wide is down dramatically. Sales transactions in Breckenridge are down 32.29%, Copper Mountain sales dropped 53.47%, sales in Dillon are down 50.37%, Frisco sales dropped 48.07%, Keystone sales dropped 47.88% and sales in Wildernest/Silverthorne dropped 31.05%
The types of properties selling (price point) varied throughout Summit County. As compared to last year, the median sold price increased in Breckenridge, Dillon, Keystone and Wildernest/Silverthorne, and decreased in Copper Mountain and Frisco. That had much to do with the types of properties selling as opposed to a drop in value. As a case in point, the Median Sold Price/SF increased in all areas, going up 11.70% in Breckenridge, up 10.02% in Copper Mountain, up 5.81% in Dillon, up 3.97% in Frisco, up 7.35% in Keystone and up 12.87% in Wildernest/Silverthorne.
Through October, 2007, 61.9% of residential sales in Summit County, Colorado were priced below $500K and 14.51% were priced above $800K. Through October, 2008 54.49% of residential sales were priced below $500K and 20.72% were priced above $800K. People continue to invest in Summit County, Colorado, and with the Median Sold Price/SF increasing county-wide; it would seem that prices are holding. Many of the price reductions we’re seeing now are to bring overly aggressive pricing more in line with the market, after several years of ever increasing prices. The general consensus is that we’ll experience a flat market for a year or so and then prices will start to increase again. A flat market is not a declining market, and more than anything it presents great opportunities for those people with vision and faith in our community.
History tells us that owning property in Summit County, Colorado is a good thing to do, even with the occasional market blips. The slow down didn’t hit Summit County, Colorado as quickly as nearly every other market in the nation, and chances are very good that we’ll rebound faster than other markets as well. The market has slowed down but it is not in a free fall. Now is still a great time to buy if you plan to hold on to the property for at least three years.
Your best bet, when considering a real estate purchase or sale, is to partner with a real estate professional; someone who is knowledgeable in the specific market you’re considering. I have extensive market knowledge and sales experience in Summit County, Colorado real estate. Since 2002, I’ve helped nearly 200 people buy or sell real estate in Summit County, Colorado, totaling over $63 million in sales volume. That’s an average of 30 transactions per year, in an area where the typical real estate agent participates in 6 transactions per year. There really is no substitute for experience.
If you’re curious as to what’s happening in the Summit County, Colorado real estate market, specifically, regarding Breckenridge, Frisco, Wildernest/Silverthorne, Dillon/Summit Cove, Copper Mountain and/or Keystone, please give me a call or send me an email. I’ll be happy to provide you with a market update tailored to your specific real estate wants/needs.
In looking at the “big picture”, the Median Sales Price county-wide in Summit County, Colorado has risen dramatically since 1998, starting at $205,000 and climbing to $442,500; that’s an increase of nearly116% in 10 years.
The bottom line is….real estate has been and continues to be a very good investment in Summit County, Colorado. Summit County, Colorado is located in one of the most beautiful places on Earth and as a result, people from all over the World visit and own property here.
Imagine if you’d bought property in Summit County, Colorado in 1998. However, with the way things are going, people could very well make that same comment in the future…. "Imagine if you’d bought property in Summit County, Colorado in 2008.”
Don’t let the opportunity to own property in Summit County, Colorado pass you by. There truly is no time like the present.
For more information, please contact Susie Leavens at 970/389-2427 and via email at Susie@TheLeavensGroup.com