Summit County Real Estate Market Report June 2013
The Summit County Real Estate market is showing signs of recovery as of June 2013. There have been 477 residential sales in Summit County, Colorado so far this year. This is a 15.77% increase over the same period in 2012 and just over 100% increase from 2009 which had the lowest number of sales in recent years. There are many reasons for the increase in sales: an improving economy, the lowest listing inventory in recent years, and Sellers are now pricing their Summit County properties more in line with the market with the average list to sales price percentage nearing 95%.
In Summit County Real Estate, the most recent sold price per square foot in a specific subdivision/complex is widely used to assist Sellers in pricing their properties and Buyers in making offers. This is typically used instead of just recent sales prices due to the varying sizes of units and homes. So far in 2013, the average sold price per square foot is $304 which is an increase of 5.92% compared to the same period in 2012. While this is still below the height in 2008 of $392 per square foot, it is another indication of the Summit County Real Estate market continuing to show signs of improvement.
While there is an increase in Summit County Real Estate residential sales so far in 2013, the average sold price is down 2.20% at $514,145 compared to the same time period in 2012 when the average was $525,867. In 2009 the average sold price was $677,628 which was the height of the market for this same time period in Summit County. Comparing the 2009 average sold price to 2013, prices are down on average of 24.12% but prices do appear to be leveling off and continuing to decrease. This is great news for Buyers who have not yet purchased and are worried that they have missed the bottom of the market as attractively priced properties still exist. Each town and subdivision is unique so this might not apply to all areas. Furthermore, each Seller’s situation is unique and each Seller’s level of motivation can vary greatly.
Whether you are looking to buy or sell Summit County Real Estate, contact Justin and Krystal Knott with Ten Peaks Sotheby’s International Realty to discuss your individual property or criteria to purchase a property. We are full time, experienced Summit County Realtors with a dedication to you and your property needs. Call us at 970.333.9050 or browse the entire Summit County MLS on our website and contact us when you are ready. We look forward to hearing from you!