SUMMIT COUNTY - Summit County real estate is selling at a torrid pace, surpassing last year's sales volume by 33 percent.

January through September sales totaled $592 million, compared to $446 million during the same period in 2003.

The average selling price is also up by $24,000 per property over 2003.

The pace is expected to continue, said Eric Degerberg, managing broker at RE/MAX Properties of the Summit in Breckenridge.

"The fourth quarter will be equal to if not busier than the first nine months, based on our business," Degerberg said.

The number of October closings at the RE/MAX office in Breckenridge broke all monthly records, Degerberg said.

Nearly 1,700 units sold in the first three quarters - a 25.4 percent increase.

Lot sales through the third quarter soared 52 percent over last year, at $64.5 million, surpassing total lot sales for 2003, which were $60.3 million.

The average lot selling price of $225,558 is down 2.3 percent compared to last year, but busy activity in the vacant land category is leading to more construction in the high price end of $1 million or more, according to Bonnie Smith Allen, owner of Exclusive Mountain Retreats in Breckenridge.

"Take a drive around and you can see all these $2-3 million houses that are being built for custom homes. It's definitely a healthy trend," Smith Allen said.

While per-square-foot pricing surpassed $1,000 in the Vail and Aspen luxury home market, Breckenridge is still selling for less than $500 per square foot in that category, which means good value, Smith Allen said.

In the first quarter this year, more homes priced higher than $2 million sold than any other year on record, Smith Allen said.

Summit County is on pace to set a sales record in the high-end market. Sixty-two homes priced $1 million or higher have sold and another 16 are under contract. Last year, 59 high-end homes sold.



Kim Marquis can be contacted at (970) 668-3998, ext. 249, or at kmarquis@summitdaily.com.