Colorado mountain real estate sales top $157 million for October
May 18, 2016
October real estate sales in Summit County took a 26 percent leap over the previous October. Total real estate sales in the county topped $157 million for the month, which improved significantly on the previous October's sales number of more than $124 million. Total sales transactions, 283 this October, increased from 263 last October.
The average home sale price for October was just over $555,000, improving on last October's average home sale price of more than $475,000. No doubt helping to drive up the average price was the number of homes sold for over a million dollars. This October, there were 29 seven-figure sales, which tops the 22 similar sales last October.
The top five most expensive home sales all were residences in Breckenridge, with the top figure of $3.5 million in the Westridge subdivision.
Jeff Moore, managing broker with Slifer Smith & Frampton Real estate, said that trend might change next month. Moore has just completed a sale on what he described as a very exclusive and rare property in Frisco for a whopping $2.75 million.
"The seller of this lakefront home wanted a real estate brokerage that had cohesive synergy, marketing power, mountain connections and a proven track record of sales," Moore said.
As we enter the heart of the holiday season, Moore doesn't foresee record-breaking sales in abundance.
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"Typically, September and October are the busiest months for closings and sales activity slows down around the holidays," he noted.
Last December, sales were stronger than expected, Moore said. He also noted that, based upon market indicators, he doesn't anticipate a significant drop off this year either.
"Last December and January, sales were extremely strong, and there was great momentum all year," he said. "I expect the pace of sales to continue at above average levels to close out 2015 as buyers try to get into mountain properties before the height of the ski season."
Kirk Dice, partner at Breckenridge Associates Real Estate, said steady sales have been assisted by the reduced number of units for sale.
"The real estate market (in Summit County) is the lowest its been on inventory in many years," he said.
The diminished number of homes available in the area has been a major contributor to continually increasing prices, Dice noted.
As the year in real estate winds down, Moore said the year began with a boom and never really took a major dip.
"2015 started off with a strong first quarter that transitioned into an extremely busy summer that was reflected in record setting closings in September and October," he said.
He noted that the robust activity of this year shows no indications of slowing down as we cross into the new year.
"As for 2016, I expect the market will continue to experience higher sales volume with upward pressure on pricing given the fact Summit County's inventory is at an eight-year low," he said. "Today's mountain buyers are coming out of very healthy real estate markets around the country and wanting to invest in the high country lifestyle to enjoy everything the county has to offer."