Summit property values starting to come back – slowly
Ryan Summerlin August 23, 2012
Summit County property values appear to have stabilized over the last seven months, a trend that comes after a steady downturn throughout the previous 17.
“I think that we’ve maybe hit the bottom, and it’s starting to rebound, but slowly,” said Mark Wadsworth, data analyst at the Summit County Assessor’s Office.
But even with that slight uptick, there’s still a 4 percent projected decrease from the 2011 assessor’s values for next year. The office just completed accumulating data for the 2013 values – the collection period ran from June 2010 through July 2012 – and presented some of the findings Thursday.
Most residential property values throughout the resort areas (Copper Mountain, Breckenridge and Keystone) are starting to come back, Wadsworth said. Again, that seven-month stabilization has helped those figures recover: The total overall projected decrease for the 24-month study period is 5 percent, a lower number than previously predicted.
The same seems to go for resort-area condos, which saw a fairly significant downward trend in sales prices through last November.
Looking at non-resort area residential property sales, stabilization appears to exist a few times throughout the 24-month window. The last seven months point to appreciating ratios, which indicates increasing sales prices, Wadsworth reported.
One of the biggest outliers were condo and townhouse sale prices in Frisco – almost all of the town’s transactions were above the 2011 assessed values throughout those 24 months.
“Either we undervalued last time, or the sales prices are holding their own,” Wadsworth said.
The news isn’t as great for condos in the Silverthorne, Dillon and Wildernest areas, which will most likely see a 6 percent decline in value from 2011. But, that data is heavily influenced by the high number of Dillon Valley sales, which have experienced the highest rate of value decline during the 24-month window, Wadsworth reported.
“With closings, we’re really busy right now, which is a positive” said Brooke Roberts, director of sales and marketing for Land Title Guarantee Company, which hosted the Thursday presentation.
All three of the company’s Summit County offices have been really steady, and are probably about 20 percent up from last year, Roberts said.
Monetary value has been flat, but there has been more transactions, Roberts said.
“A lot of locals are taking advantage of the low interest rates,” she said.