Resale condominium sales increased by nearly 46 percent over a year ago in January and prices rose by nearly 5 percent to just under $300,000. The number of condominium sales continues to close in on the 10-year average and this was the best January since 2008. Renewed sales activity at One Ski Hill Place drove the total average price up by 13 percent. A couple of million-dollar-plus sales will do that.
The inventory continues at just below 1,500 total Summit County properties for sale as supply continues to lag. Stable prices remove the urgency to sell before further declines. Many owners are choosing not to sell.
2 ... number of condominiums sold in January for over $1 million
$362,300 ... average sale price for all condominiums sold in January, $65,000 above the resale average
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.