In spite of the constant drum beat of disappointing financial news we hear on a daily basis, property in Summit County is performing extremely well when compared to the nation as a whole. So far this year, through Oct 31st, while sales of single family homes have dropped 32% while the average price has stayed relatively flat with a .3% increase. Condominiums are showing a somewhat different trend. While the number of sales were down 42%, the average sales price increased 26%. But, as always, beware of raw statistics. I am sure that a large percentage of the increase was from sales in Crystal Peak Lodge at the base of Peak 8, where 42 units were closed this fall for an average price of $1,282,381, with an average price of $1,008 per square foot. Clearly this is a new high for any project in Summit County. It is interesting to note that there are 18 of those units back on the market as of this time.
The sales of vacant land were another bright spot. While showing some the same trends as the single family homes and condominiums. Transactions were down by 53% and yet the average increase in price was just over 30%. Last year the average price was $387,524 while this year it was $505,246.
The other area we are all watching is the number of active listings currently on the market. Over the course of the year we have seen an increase in the total number of listings. Starting in October that number began to flatten out. We are still below our historical number on a percentage basis. Yes, the number of properties on the market is increasing, but the established residential base is slowly increasing as well as we approach build out. We are still below our historical number of listings on a percentage basis.
So what does this mean? It is my belief that we will see a relatively flat market in 2009. A detailed analysis of some lower priced properties in Dillon showed very little or no price increase from 2007. Interestingly, they averaged 7% appreciation year over year since 1992
Posted by breckenridge 