Tight real estate market drives up prices in Summit County
May 17, 2017
An uptick in Summit County's April real estate figures showed more than $112 million in sales for 191 properties.
That's almost $30 million more than April 2016, in which the county logged $83.9 million in sales for 162 properties.
Ned Walley, owner of Colorado Real Estate Company, said property in Summit County continues to be a hot commodity, and homes for sale in the heart of Breckenridge and Frisco are some of the hardest to find.
"Our inventory continues to be very low, which drives up prices at a very fast pace," he said, adding that homes in the $600,000 to $800,000 range continue to be the most sought after while the luxury market is doing quite well too.
"Anything in Frisco right now, it's such a small market with limited inventory," Walley said of one of the hottest locations to buy. "It's a great time to be a seller in Summit County, but especially in Frisco or Breckenridge."
Walley said he expects multiple listings he currently has on the market to break sales records for their neighborhoods.
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"Definitely, (the market) has come back," he said. "The lower end of the market, with properties in the Dillon Valley and Wildernest (near Silverthorne), they've had huge growth in value so that's something that everyone has seen. … The top end has seen fantastic strength and growth too."
The most expensive of last month's sales — a $2.4 million deal for a single-family home at Highlands in Breckenridge — led more than two-dozen real estate transactions at $1 million or more each. The second-most expensive sale, a property on Eagles Nest Golf Course, went for a cool $2 million.
Overall, there were 25 real estate transactions over $1 million and another 30 that went for $750,000 or more in April. The majority of those were single-family properties.
Additionally, the real estate market in Summit has been growing at least since the start of 2017, according to Summit Daily archives.
Typically a slower time for sales, the spring months have been good for brokers.
Brooke Roberts, the director of sales and marketing at the Land Title Guarantee Company, previously told the Summit Daily the county had seen boosts in both the number of sales and total revenue with sales increasing by 43 percent in March this year compared to March of 2016.
Walley said that sellers are getting pretty close to their asking prices nowadays, if not more.
He noted that he had four listings last month receive multiple officers, and while the closings aren't final, he expects the majority of those properties to sell at or above their asking price.
"A lot of times, you don't realize what's happened in a market until it passed you by," he said of Summit County's continued growth in real estate. He added that a recent update of property values has left many homeowners shocked by their new appraisals, and the "huge increase in appraised values continues to be an indicator for how quick the market continues to grow."