Total Sales for Summit County: The number of Summit County residential sales is up 16% for January through February 2015 over the same months in 2014. Average prices for 2015 are up almost 11% from the average price of residential sales in all of 2014. The average days on market for all sales is up to 368 days. This indicates to me that there are a lot of over priced properties that eventually get sold when they reduce their price. A well priced property should sell in less than 6 months. This is a very strong start to the new year!
About 44% of our Buyers are from the front range, 24% are local, 31% are out of state. 39% of transactions were cash in January which is a little low considering how low interest rates are. Inventory is down to only 723 listings countywide, and I am still very busy even though it is supposed to be off season.
Based on the last list price of the properties sold January through February 2015…..
$200,000 to $400,000 is ALWAYS the hottest part of the market with 62 properties sold.
$400,000 to $600,000 saw 33 solds.
$600,000 to $800,000 saw 23 solds.
$800,000 to $1,000,000 saw 16 solds.
$1,000,000 to $2,000,000 saw 16 solds.
$2,000,000 to $3,000,000 saw 4 solds.
And no properties sold for over $3,000,000 YTD.
Single Family Sales: The number of Single Family home sales for January through February 2015 is up 13% over the same months in 2014. The average sales price has risen 3% in 2015 year to date over the average price of Single Family homes in all of 2014. The average days on market for Single Family homes is 250 days.
Condo and Multi Family Sales: Condo/ Multi Family sales for January through February 2015 are up 16% over the same months in 2014. The average sales price is up 15% year to date in 2015 over the average Condo price in all of 2014. The average days on market for Condo/ Multi Family sales is up to 410 days but this includes the days a property is on the market when it has previously been listed.
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