Sales of previously owned condominiums increased by more than 16 percent in 2012, outperforming the total market which increased by 15 percent. Average price for used condominiums, however, increased by less than 1 percent. Cash purchases still predominate the condominium market and mortgages are still hard to get. Pre-bust new construction units have largely been liquidated and the difference between the total and resale average prices has nearly disappeared. But at least condominium prices have stabilized.
The inventory continues at about 1,450 total Summit County properties for sale, less than a year's supply.
21 ... condominiums sold in 2012 for over $700,000 - highest: $1.1 million at Blue Sky Breckenridge
248 ... average days on market for condominiums in 2012
Chuck Leathers is the broker/owner of Chuck Leathers Real Estate Co. He can be reached at (888) 485-2300 or email him at ChuckLeathers@Realtor.com.