Summit County business briefs: Report shows jump in housing prices | SummitDaily.com

Summit County business briefs: Report shows jump in housing prices

Elise Reuter
ereuter@summitdaily.com

According to a regional economic update by NWCCOG, Summit County median residential prices, average residential prices, and the average residential price per square-foot all saw substantial increases from Q1 2015 to Q1 2016.

NWCCOG economic update reports jump in housing prices

Summit County saw increases in average and median residential prices for the first quarter of 2016, according to a regional economic update released by the Northwest Colorado Council of Governments (NWCCOG). According to the report, from Q1 2015 to Q1 2016, the medial residential price rose 16.4 percent in Summit (from $354,500 to $412,500).

Other northwest Colorado counties saw mixed results: Pitkin reported a 68.1-percent increase in the median residential price, while Grand saw a 1.4-percent increase and Eagle saw a 14.3-percent decrease.

The average residential price in Summit jumped 9.1 percent, from $536,768 to $585,809. Meanwhile, the county also saw increases in the average residential price per square foot, up 5.7 percent at $364.57 per square foot.

The update did bring some good news, with a decrease in unemployment throughout the entire area. As of March 2016, Summit's unemployment rate was down to 1.8 percent, from 2.6 percent in March of 2015.

To read the full report, visit http://nwcoloradobusiness.org/about-the-region/regional-economic-data/

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— Compiled by Elise Reuter