It has been often repeated that 2017 was a once-in-a-generation sellers market in Summit County. That said, summer of 2018 continues the trend toward a healthy real estate market here in the high country. While July 2018 showed stronger numbers than July 2017 regarding number of sales, there was a 6.12% softening in sales year-to-date. Considering the record low number of available listings and the slight uptick in mortgage rates, that decline is slight and, on the whole, results indicate a strong market.
Seventy-two percent of all buyers in July of 2018 came from within Colorado, and only 1% of Summit County buyers are internationals. Interestingly, in Breckenridge this July, single family, duplex and condo sales all outpaced the July 2017 numbers, with only town homes showing a slight softening: five units less compared to the previous year.
In greater Summit County, townhouses and condos traded places, with condos falling slightly off the 2017 numbers and all other types outselling the previous summers numbers. In the List Price-to-Sold Price metric — a good place to check the competitiveness of the market — all home types fit within the range of a low of 96% for Breckenridge single family homes, to an eye popping 102% for condos in Breck. These condos sold in an average of 41 days for an average square foot price of $646.48.
With condos at such a high list to sold ratio, opportunity for a good deal, perhaps, can be found in Breckenridge single family homes: with an average of 89 days on the market, a 96% list-to-sold price ratio and an average square foot price of $416.85. Sellers, this means, are showing some willingness to negotiate. And the square footage price looks like a bargain compared to condos. Want to find your ski country dream home, maybe now is the time to talk to one of the Broker/Partners at Breckenridge Associates.
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