Market Trends by Month
So far in 2018, the number of residential closings in Summit County has tracked slightly below last year. There were 178 residential closings in July bringing the year-to-date total to 913, which is 4% behind 2017. The dollar volume generated from these transactions was tracking similarly until robust sales volume in July brought the year-to-date total to $691 Million, surpassing last year by 5%.
July alone produced $147 Million in residential volume, an astounding 57% increase over last July. Attributing to this increase were 41 closings of luxury properties $1 million and above, the highest number seen in any given month in Summit County’s history. The total number of luxury transactions for the year is 177, a 7% increase over 2017.
Another factor influencing the increase in sales volume is rising property values. The three-month average price of a residential property is $738,603 which has jumped 19% compared to 12 months ago. July saw the highest sale of the year at $4,700,000.
As of August 1 available inventory in Summit County reached the highest point of the year so far, but at 740 residential and land listings there is still 11% less available inventory than there was 12 months ago. Broken out by area, this includes 363 listings in Breckenridge, 34 in Copper Mountain, 36 in Dillon, 29 in Frisco, 105 in Keystone and 173 in Silverthorne.
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.