Summit County real estate round-up: August property sales top $119 million
TOP FIVE: AUGUST
1. $3,825,000 – Breckenridge, Shock Hill subdivision (residential plot)
2. $2,850,000 – Breckenridge, Cottages @ Shock Hill (residential plot)
3. $2,675,000 – Breckenridge, Snowflake subdivision (residential plot)
4. $1,650,600 – Breckenridge, Gold Flake subdivision (residential plot)
5. $1,645,000 – Breckenridge, Highlands @ Breck (residential plot)
August’s Magic Numbers 2015
221 – Total real estate sales
176 – Total real estate sales (2014)
$119.737 million – Total value of sales
$86.730 million – Total value of sales (2014)
$3.825 million – Most expensive sale
$2.688 million – Most expensive sale (2014)
21 – Sales of at least $1 million
Summit County real estate sales for August 2015 improved by nearly 40 percent over the previous August, a jump of just over $33 million.
The county recorded sales of approximately $119 million this August, which dwarfs last August’s figure of more than $86 million. The total number of sales improved from 176 in August 2014 to 221 in August 2015.
The average sale price for August was approximately $541,000, which is up from last August’s average price of about $492,000.
The spike is partially due to more homes being sold for over $1 million. In August 2014, there were nine sales breaking into seven-figure territory. In August 2015, that number grew to 21 transactions over $1 million.
The development with the highest number of sales this August was Woodmoor at Breckenridge with six transactions. In August 2014, the same development had just two sales.
The average price for home purchases (which includes single family homes, condominiums, duplexes and townhomes) in August 2015 was $541,797, which increased by almost $50,000 over the August 2014 average of $492,786.
Most home types average price increased from this August compared to August last year.
Condominium sales, which averaged $374,388 in value this August, were up from the August 2014 average of 328,810. Townhomes averaged $516,350 this August, compared to an average price of $487,706 in August 2014. Single-family homes sold for an average price of $872,488. In August 2014, the average price was $716,722.
The one exception to this trend was duplexes and triplexes. In August 2014, they sold for an average price of $549,966 that dropped slightly this August to $545,980.
Average home prices (including condos) in Summit County have been steadily growing over the last quarter century. In 1989, the average Summit property sold for just over $100,000. About five years later that figure had grown to $200,000. Within another half-dozen years the average had topped $300,000. By 2006, that number had grown to $400,000 and then hit $500,000 the following year.
When the data is restricted to single-family homes the average price jumps dramatically. By comparison in 2006 the average single-home price was about $874,000, or $295 per square foot. The following year that figure grew to just over $1 million, with an average square foot price of about $335. That figure has dropped slightly to approximately $968,000 in 2014, which calculates to about $314 per square foot.
Comparing these statistics to the two highest sale prices in August, shows the $3.8 million home in Shock Hill, at 5,325 square feet, runs about $718 per square foot. The $2.8 million cottage at Shock Hill, with 3,585 square feet, averages out to $795 per square foot.
Overall, the luxury home market in Summit continues to build momentum, said Krystal Knott, a broker with Sotheby’s International Realty, with 25 luxury sales in August 2015 compared to 11 closed transactions over $1 million in August 2014. This compares favorably to July 2015 with 16 luxury home sales.
“The luxury market as a whole in Summit County seems to be primed for a strong remainder of the year,” she said.
The average number of days on market also decreased, Knott said, from 272 days to 232 days.
Many of the highest priced homes are located in ski in/ski out locations, which command not only a higher price, but also a higher price per square foot, county assessor Beverly Breakstone explained.
“People are paying a definite premium to be on the ski side of Breck,” Breakstone said.
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