Summit County real estate sales top $167M in September |

Summit County real estate sales top $167M in September

Front view of the home at 45 Lomax Drive that sold for $2.5 million this September.
Courtesy of Summit Association of Realtors |

Top Five: September

1. $2,645,000 – Breckenridge, Weisshorn subdivision

2. $2,550,000 – Breckenridge, Lomax Estates subdivision

3. $2,450,000 – Breckenridge, Summit Estates

4. $2,128,300 – Breckenridge, Swan River Ranch subdivision

5. $1,950,000 – Breckenridge, Riverwood subdivision

September’s magic numbers 2015:

304: Total real estate sales

287: Total real estate sales (2014)

$167.972 million: Total value of all sales

$147.150 million: Total value of all sales (2014)

$2.645 million: Most expensive sale

$3.31 million: Most expensive sale (2014)

34: Sales at least $1 million

Summit County real estate sales for September 2015 improved by 14 percent over the previous September. The total value of sales in the county during September was more than $167 million, improving from approximately $147 million last September. There were a total of 304 sales this September, up slightly from last September’s figure of 287.

The average sale price for September was just over $540,000, which is up from last September’s average price of about $501,000. Another figure which helped increase that average is the number of home sales of at least $1 million. This September there were 34 which eclipses last September’s tally of 22.

Dennis Flanagan, with Flanaghan Realty, had the highest priced home sale in September for a property still being constructed Gold Flake Terrace in the Weisshorn development in Breckenridge.

“We’re in a really healthy market,” he said. “Breckenridge is still a pretty good value compared to other ski towns.”

Two of the top five most expensive homes purchased in September were sold by Marty Frank, managing broker for LIV Sotheby’s International Realty in Breckenridge, who said the market is fantastic. He noted with Denver being the top real estate market in the country, residual benefits are spilling over into the mountains.

“We get about 41 percent of our market from Denver,” he said.

Kirk Dice, broker with Breckenridge Associates Real Estate, said September has been a strong sales month.

“Meeting with clients and writing contracts is just starting to slow down,” he said.

As October winds down, Dice noted there are fewer buyers in town.

“It becomes harder to show properties because a lot of condos are rented,” he said.

Although the real estate market typically hits a seasonal slowdown after October, Dice said it would usually pick up steam in February. He has concerns about next year as the inventory of available homes for sale has steadily decreased since 2011.

According to statistics compiled by Breckenridge Associates Real Estate, there were more than 2,100 active listings in Summit County during September 2011. By comparison the same data shows there are less than 1,100 active listings this September.

“Low inventory is driving up prices,” Dice said.

To further illustrate that point, Frank noted that from the end of October 2014 until now, there have been 188 homes that sold for over $1 million. With homes selling faster than hotcakes in the Denver region, many of those in the market for real estate are branching out into the mountains, Frank opined.

Average days on the market for listed properties have also dropped dramatically from last year, Frank said. Last years average of nearly 400 days on the market has reduced to less than 200 currently.

From his experience, Frank said some wealthy investors, who could easily afford the even higher prices in Aspen, still opt for Summit County.

“These are monster players in the world economy,” he said. “The want to park their money here or raise a family.”

Wealthy people who live in Summit County are more likely to impress each other with active outdoor pursuits, than by comparing relative wealth, Frank said. He says the area practically markets itself.

“The world is in love with what’s already here,” he said. “Like minded people end up in like minded places.”

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