Market Trends by Month
March signals the end of the first quarter of 2018. To date, the Summit County real estate market is experiencing a decrease in sales transactions and volume of approximately 12% compared to last year. While January and February sales were on pace with the prior year the market experienced a significant slowdown in March where there were 95 residential transactions totaling $66.2 million in sales volume. Although March sales transactions increased over February (from 87 to 95), compared to March of 2017 transactions and dollar volume are down 32% and 40% respectively.
While March of 2017 was a record-setting month, this year over year drop in sales indicates that low inventory is influencing the pace of sales as supply is unable to meet buyer demand. As of April 1st, the inventory in Summit County consists of 521 active listings which accounts for 349 residential properties and 172 homesites. Broken out by area this reflects 231 listings in Breckenridge, 36 in Copper, 11 in Dillion, 27 in Frisco, 87 in Keystone and 129 in Silverthorne.
Despite low sales volume, buyer demand is affecting other factors in the market including price per square foot, days on market and sold vs. list price percentage. The three month average of residential price per square foot is $467, up 7% from 12 months ago. Days on market are down 33% to 59 average days to sell, and average sold price vs. list price remains steady at 98%. This demonstrates that residential properties are still commanding higher prices and moving quickly.
Please note: This report is intended to give the reader a general overview of the Summit County area. Statistics can vary by neighborhood and price range, so buyers and sellers are advised to look to their Slifer Smith and Frampton broker for specific information on properties of particular interest. The source of real property information used for this report is the Summit Association of Realtors MLS.
Data is compiled by Slifer Smith & Frampton Real Estate with data from the Summit Association Realtors MLS. Statistical information is deemed reliable but not guaranteed. Please contact your Slifer Smith & Frampton Real Estate broker for clarification or more information.