It comes as no surprise to most, as we reflect upon another summer real estate sales season, that the market up here was hot- and not just because at this altitude we are closer to the sun.
So what are the numbers to back up the armchair analysis that things really seemed to be moving?
The Land Title Company’s data, as compiled from the actual recorded transactions at the County Clerk and Recorder’s office, show this:
- In 2017 vs 2016, the average single-family home sale price in Summit County was up 18%, and multi-family unit was up 12%.
- The percentage change year to date change from 2017 as compared to 2016 shows a dollar volume increase of 41% and an 11% increase in volume.
- The average sale price for all types of residential in all areas of Summit County is $671,875, and a median price of $507,750- including quit claim deeds and deed restricted units.
- The average price of new unit sales is $1,164,489, with a median sale price of $912,000.
Summit County has taken a proactive position on affordable, also known as attainable housing, and has created opportunities for locals by incentivizing developers to create deed-restricted units. The deed restrictions vary by unit and can have income and/or residency and usage requirements for the buyers and generally tether the rate of appreciation, guaranteeing the unit remains attainable for future buyers. The average price of deed-restricted units, of which there have been 47 from January through July of 2017, was a less intimidating $343,138. The importance of deed-restricted housing cannot be understated- a community needs a whole range of involved citizens to be healthy, and when you cannot field a town council because there are not enough year round residents within town limits, or your teachers and firemen all face long commutes, the quality of a community suffers. While it is easy to get distracted by the beauty of the mountains and the overwhelming array of amenities available to us here in Summit, in the end, people make a place. And people need places to live.
At Breckenridge Associates Real Estate, we are proud to work with all types of buyers looking for all different types of dream homes. Let us put our local knowledge and connections to work for you- whether you are looking for a mountain vacation retreat or a first home to start your family, we’d be honored to help you call Summit County home.