During their March meeting, the Fed raised its economic growth forecast to 2.7%, up from 2.5% in December, and there remains the possibility that the rate hikes for 2018 may happen at a more aggressive pace than originally thought at the start of the year.
Whether it’s the healthy economy, the possibility of higher mortgage rates in the near future, or just the General Awesomeness (that is a technical term for ski country housing, FYI) of Summit County, Colorado, the real estate market continues to hum. Like a jet engine.
So far in 2018, 209 condos have sold in Summit County, at a 13.415 appreciation over 2017 numbers. Those condos are selling at an average price of $484,000 and at a ratio of 98% sales price to list price. In 2018, one needs to be prepared to jump; these units are selling in an average of 35 days on market.
Townhouses are also moving at lightening speeds. 72 town homes sold in an average of 40 days on market for an average price of $705,000. And hang on for this stat — they sold at 99% of the list price: this is the highest average we’ve seen in the last 18 years of record keeping.
Only in a market this active would the 106 days that a single-family home has taken to sell in Summit County seem sluggish. Remember the mid-aughts? There were years of inventory. Now we are measuring in weeks. That is a brisk pace. See our statistics page if you want to see the numbers broken down by town and more details for property types.
What does all this energy mean for you? As a seller, you’ll want your ducks in a row, and if you are exchanging, actively targeting your options is crucial. As a buyer, you’ll want to be attractive to a seller, with your financials ready and your expectations in line. This is not a market for low ball offers with long contingency-filled deadlines. Bookmark our new listing search and sort by "New Listings First" to stay ahead of other searchers.
As always, a trusted partner, like one of the brokers at Breckenridge Associates Real Estate, is a critical part of your team. Our deep knowledge of the market and our myriad community connections are more valuable than ever, as we keep our ears to the ground for the deep benefit of our clients! Contact us when you are ready to harness the power of our network to turn your dreams to reality.