For so long all we heard was bad economic news. Nothing was positive from jobs to housing to the stock market. There was no doubt, things were getting worse every day. Now that we are hearing mixed news; sometimes up, sometimes down, it's hard to really know what is happening, especially if you're trying to keep track of things in another area.
Here's where Summit County's housing market looks like. Real estate sales slowed substantially in Summit County in 2009. Only 1,210 residential properties sold during the entire year. Approximately 100 properties a month. That was a low that hadn't been seen since the 90's and less than half the sales seen during each of our peak years of 2005 & 2006. 2009 ended on an up note, however, with the months of November and December beating 2008 sales month over month.
In 2010, that trend has continued. Every month thus far has seen month over month increases. But when you dig a little deeper here's what the numbers say:
- Copper Mountain 2009 numbers were slightly inflated due to closings on pre- sales of The Cache, a new development at Copper. Even if we remove those sales from the 2009 numbers, Copper's first 6 months of 2010 are slightly lower than the same period in 2009.
- Breckenridge has had over 30 closings the 2nd quarter of pre-sales of One Ski Hill Place, a new development in Breckenridge. If those sales are removed Breckenridge's 2nd quarter numbers are nearly flat when compared to 2009's 2nd quarter.
- Sales for the 2nd quarter of 2010 were 80% of the number of sales for the 2nd quarter of 2008.
- Average sales price for the county has been flat since 2008 at around $613,000.
- Average sales price for each individual town has also been flat since 2008 with the exception of Frisco and Keystone. Average sales price has dropped to 2005 levels in Frisco and to 2006/2007 levels in Keystone.
Overall our sales prices have fallen and our inventory is still strong. It's still a Buyer's market in Summit County real estate and I don't expect a shift in that for at least another year. No one can predict the future so all we know for sure is what we have now. It's a good time to buy real estate - in nearly every market.
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