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SUMMIT COUNTY - Real estate sales in Summit County broke the $1 billion mark in 2004 for the second time in history.
The total dollar volume of $1.1 billion for the year represents a 29 percent increase over 2003, but did not beat the all-time record set in 2000.
"The market seems to be following the trend across the nation that investing in homes is strong again and second homes in particular are desirable for aging baby boomers," said Bonnie Smith Allen, owner/managing broker at Exclusive Mountain Retreats in Breckenridge.
Real estate activity that slowed down with the economy in 2000 and the terrorist attacks in 2001 turned around in late 2003, local agents said.
The trend is expected to continue, Smith Allen said.
Low interest rates helped fuel sales to locals last year because renters were able to purchase homes.
"Locals have been buying right along," Smith Allen said, but added that second home purchases are also up, especially in the $400,000 to $800,000 price range.
Second home sales surged in 2004, accounting for more than one-third of national residential transactions, according to the National Association of Realtors.
A study released by the organization Tuesday showed that 36 percent of all homes purchased in 2004 were investment or vacation properties.
The total dollar volume of $1.1 billion for the year represents a 29 percent increase over 2003, but did not beat the all-time record set in 2000.
"The market seems to be following the trend across the nation that investing in homes is strong again and second homes in particular are desirable for aging baby boomers," said Bonnie Smith Allen, owner/managing broker at Exclusive Mountain Retreats in Breckenridge.
Real estate activity that slowed down with the economy in 2000 and the terrorist attacks in 2001 turned around in late 2003, local agents said.
The trend is expected to continue, Smith Allen said.
Low interest rates helped fuel sales to locals last year because renters were able to purchase homes.
"Locals have been buying right along," Smith Allen said, but added that second home purchases are also up, especially in the $400,000 to $800,000 price range.
Second home sales surged in 2004, accounting for more than one-third of national residential transactions, according to the National Association of Realtors.
A study released by the organization Tuesday showed that 36 percent of all homes purchased in 2004 were investment or vacation properties.
Real estate agents expected to see more activity after the November general election, but Smith Allen said the slow stock market is probably causing more property investments as well.
"It's across the board in every mountain community," she said.
Sales in Eagle County broke records in 2004 at $2.2 billion.
Summit County housing sales jumped 21 percent to 2,525 transactions in 2004, closely mirroring the number of sales in 1999. There were 2,079 units sold in 2003.
In Breckenridge, where the majority of the transactions occur, the number of sales was up 35 percent over 2003. Lot sales across the county increased by 43 percent.
Sales volume in December alone nearly doubled, from $65.4 million in 2003 to $129.4 million in 2004.
Average price also increased to $346,578 from $325,312 a year ago.
The total sales figure for 2004 was provided by Land Title Guarantee Company in Breckenridge. Other real estate figures were provided by Summit Association of Realtors.
"It's across the board in every mountain community," she said.
Sales in Eagle County broke records in 2004 at $2.2 billion.
Summit County housing sales jumped 21 percent to 2,525 transactions in 2004, closely mirroring the number of sales in 1999. There were 2,079 units sold in 2003.
In Breckenridge, where the majority of the transactions occur, the number of sales was up 35 percent over 2003. Lot sales across the county increased by 43 percent.
Sales volume in December alone nearly doubled, from $65.4 million in 2003 to $129.4 million in 2004.
Average price also increased to $346,578 from $325,312 a year ago.
The total sales figure for 2004 was provided by Land Title Guarantee Company in Breckenridge. Other real estate figures were provided by Summit Association of Realtors.
National 2004 Second Home Sales
• 2.82 million second homes sold (up 16.3 percent from 2003).
• 23 percent of all homes purchased were for investment (up 14.4 percent over 2003). • 13 percent of all homes purchased were vacation homes (up 19.8 percent over 2003). -National Association of Realtors |
