Average Summit County home price down 8% in October while luxury home prices soar
FRISCO — Summit County October real estate numbers show a slight increase in the market, especially in luxury sales. Breckenridge led the county with 24% of the total sales revenue and 18% of total transactions.
In October, the average residential price of a home in Breckenridge was $1.47 million, up 37% from the average in the same month in 2018. Keystone wasn’t far behind with 15% of total transactions, but the average residential price of a home there is down about 16% in October compared with October 2018.
“The higher-end luxury has really held up pretty well,” LIV Sothebey’s International Real Estate broker associate Jack Wolfe said. “We’ve had 54 $2 million and above sales for this year. Certainly, prices are up, and those are always concerns.”
Wolfe said he recently closed on a $4 million home in Breckenridge and there was a $5 million closing earlier in the year.
However, in Summit County overall, the average residential price in October is down 8% compared with October 2018. A limited inventory in Heeney, where there were no sales in October, appeared to contribute to this metric.
“I expect their numbers to change quite a bit when those multifamily homes close,” Wolfe said about Heeney real estate.
Taking outliers out of the equation, the median shows a 5% increase in residential price from October 2018 to 2019.
As we approach the end of the year, Wolfe said he likes to look at the seasonal changes as well as the three trailing months.
• October 2019: 285
• October 2018: 236
• October 2019: $199,109,927
• October 2018: $182,673,300
Sales above $1 million
• October 2019: 48
• October 2018: 37
“If you’re quoting stuff off the first of the year, the market could have changed a lot by the end of the year,” Wolfe said.
August, September and October combined, months that are a reflection of the summer real estate market, carry about 40% of the total year-to-date real estate transactions.
“We’re kind of catching up again as we approach the end of the year. I think the numbers are going to be pretty good for November and December,” Wolfe said.
Looking toward the end of the year, Summit Association of Realtors President Thomas Coolidge said that while about half of Realtors will be taking a bit of a holiday break, the other half will be busy closing deals before New Year’s Eve. Coolidge said Summit County drives second-home buyers who want to rent out homes while there are good ski conditions.
“You have the function of the weather,” Coolidge said. “That’s a driver. People see it on the news, and they want to get their houses closed on and get their bookings in.”
Coolidge also said the steady luxury market is in part due to lower interest rates and politics.
“Rates are quite good, and the elections are coming up, so a lot of people are looking to mix their portfolio with real estate,” Coolidge said. “Summit County is such a great place to be and has so many things to offer both in the summer and the winter.”
Wolfe believes Silverthorne specifically will be a major player going forward. In the October year-to-date numbers, Keystone carried 9% of the total transactions, but with several new development projects underway, including 50 new condominiums, this percentage is likely to increase in 2020.
“What we’re going to see next year and the following year is there’s a lot of new development in Silverthorne, and we’re just starting to see some of those units close,” Wolfe said. “I expect Silverthorne to have a bigger section of the market.”
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