After January's rocket ship, Summit County real estate sales slowed in February, but the launch that began the year is the anomaly, not last months sales numbers. January's record closings likely originated in the last months of 2016 from buyers positioning to get in front of any uncertainly from a new administration and possible rate increases.
February 2017 sales numbers were mixed by category, but lower than last years' numbers overall, although the sold price per square foot continues to increase. Summit County's real estate market is small compared to big cities and so total sales volume is always less important than the increase in value (selling price per square foot or acre).
Our relatively small marketplace feels very small in March 2017 with fewer than 500 homes offered for sale. Inventory continues to follow the multi-year trend of declining number of listings, and short periods of availability. Condos in Breckenridge, notably, may be on the market for less than a month. And, in our smaller hometown market, properties will sell closer to their list price. What this means to us is that desirable properties are selling well, and fast, and the lower number of choices are pushing values upward. Supply and demand in play! And the world-class playground in our backyard, keeps supplying more value to fuel homebuyers demand.
The Fed meets again March 14-15, 2017 and most market watchers expect a rate hike based on the strong jobs report -- all great indicators of a strong and expanding economy.
Finding a guide to illuminate your way though our active and nuanced Summit County real estate market is critical. As always, Breckenridge Associates Real Estate's crew of expert brokers are standing by and ready to help. Feel free to give us a call, or browse the full report of the Breckenridge and Summit County statistics based on the most recent statistics from months's end February 2017. If you'd like to see what's for sale and what's recently sold, go to our homepage (always available by clicking the top right logo).
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