Summit County real estate agents anticipate surpassing $2B in 2020 sales volume
Record-breaking numbers reported in October
Summit County is continuing to see record-breaking real estate numbers.
At over $360 million, the total sales volume for the month of October surpassed that of September, the previous record breaking month, according to the Land Title Guarantee Company’s October report.
With the high numbers, local real estate agents are expecting that 2020 that will pass $2 billion in gross volume, which would be the highest gross volume in Summit County history.
At the end of November, the county was at $1.98 billion in total sales, according to multiple listing service data reported by Summit Realtors.
“If this December is at all stronger than last December, we will surpass $2 billion in the county,” said Leah Canfield, a broker with Coldwell Banker Mountain Properties.
The high sales volume for the entire year is even more impressive when one takes in to consideration the fact that the industry was almost entirely shut down for March and April, which resulted in total sales being down nearly 60% in both April and May, according to the land title report.
“We had no sales for two months this year and yet this year is going to be a third higher than any other previous year in terms of sales volumes,” said Ned Walley, owner and broker at Nelson Walley Real Estate. “That is just how hyper-fast this huge seismic shift is happening in our local real estate values.”
The numbers may be surprising to the average person, but real estate agents have been anticipating high sales volume since the summer, when the county saw unexpectedly high business.
“The people who were shopping in June, July and August are closing in August, September, October,” Canfield said. “Seeing those October numbers be so high is really a reflection of all of the sales activity we had in August and September, really.”
Total real estate sales
• October 2019: 285
• October 2020: 442
Total sales volume
• October 2019: $199,909,127
• October 2020: $360,036,310
Number of sales at or above $1 million
• October 2019: 48
• October 2020: 95
Source: Land Title Guarantee Company October report
The high demand for homes has created low inventory. While inventory typically drops in the fall and winter, the number of active listings in November 2019 — 870 — is far above the 380 active listings as of November 2020, according to the Summit Realtors data.
The low inventory is translating to higher sales prices. In the past, more affordably-priced properties would drive Summit County’s market, Canfield said. However, over the summer, the county saw more “high-net worth individuals” come into the market.
“Now, we’re seeing a much higher rate of sales, appreciation and growth in the luxury sector,” she said.
Even level red restrictions, which have put barriers on people’s abilities to eat at a restaurant or go skiing on any day they want, haven’t had an impact on those who want to buy a home in Summit County.
Walley said part of the reason for this is steady rental income for people who own investment properties. He said that clients who are looking to buy an investment property haven’t backed down because short-term rental owners haven’t seen enough cancellations to account for a significant loss in revenue.
“Because renters aren’t canceling, properties are still seeming like good investments and buyers are still snapping them up as quickly as they can,” he said.
Additionally, employers are coming around to the idea of allowing their employees to work remotely, which is making the mountains seem like a more appealing place.
“A lot of people would rather work from home in a place that’s beautiful, where you can recreate outside during almost every season, versus a city that’s crowded and maybe doesn’t have as many opportunities to get outside,” Canfield said.
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