August 3rd of last year there were 793 properties for sale in Summit County (not including land) with 402 single family homes, 238 condos, 65 townhomes and 88 duplexes. Today July 28th, 2008 we have 1686 properties for sale with 630 single family homes, 774 condos, 141 townhomes and 141 duplexes! While that may seem like a lot of inventory, it really isn’t as we are simply approaching normal levels of real estate for sale in any given area. We’ve just been spoiled with extremely low inventory levels making is easier to price property and easier to get a buyer to buy.
Our percentage of what is on the market as to what the total number of properties our market contains by area goes about like this…the Keystone area has about 7.5% of their available properties on the market today, Breckenridge has about 9.75% of their available properties on the market today, Frisco/Copper has about 7% of their available properties on the market today and Silverthorne has around 9% of their available properties on the market. I would say that as those percentages increase property values would slow or even decrease if those percentages get up high enough and with so much more on the market to choose from with fewer (almost by half) buyers out there looking to buy today pricing will become more and more important.
Right now we as a county are on track for sales totals similar to 2001 and 2002 – at least for transaction numbers. This years’ sale prices will be much higher though! So, average property values are still increasing although at a much slower pace in in the past couple of years.
The reason I mention this is that I have received questions about our current inventory. One of the recurring questions is what is the percentage of properties for sale as it relates to the number of properties that are out there in each area. Currently each area is under 10%. By contrast, 2001 at the end of the year Keystone had 32% of their properties on the market ‘for sale’! In that same year Silverthorne at the end of the year had 30%, Dillon had 32%, Breckenridge had 20%, and Frisco had 15%. These high percentage of properties on the market occurred in 2000, 2001, 2002, 2003, 2004 and in 2005 it changed and the percentage went down.
Anyway, the percentages we are seeing today are much lower than those that occurred in 2000, 2001, 2002, 2003 and 2004. Interesting stuff.
Once we see the results from July and August we should know the direction of the market for the next 6 months or so.
Posted by breckenridge 