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Summit County Market Update as of August 31
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The Market: Sales are down 7% and prices are up 8.6%. In addition, the average days on the market is still historically low at 50. The average percentage of list price to sold price is representative of a continuing strong market at 98%.
Condominium Sales: Countywide, the number of sales are down about 15% while the average sold price for a condo is up 15%. Condo sales are down in every town in the County except Keystone. The average sold price for a condo in Summit County is $481,000.
Home Sales: The number of homes sold in Summit County as a whole is up by about 6% and the average sold price is up 1%. That increase indicates that the average sold price for a home today in Summit County is
about $1.2 million!
New Sales & Resales: Close to 10% of the sales this year have been new construction. The new construction average sold price for residential sales is $1,134,903 and the resale average sold price is $739,229. 35% of what is currently under contract is new construction.
Hottest Price Segment: Sales in the $500,000 to $1,000,000 range are up 12% with an additional 53 properties sold so far this year compared to the same segment in 2017. The price range that has dropped the most in the number of sales is the under $500,000 segment (down 29% or 164 fewer sales).
Supply: Even though inventory is low, we have a 2.5 year supply of $3,000,000+ priced properties, a little over a year supply of $1,500,000 to $3,000,000 priced properties; about a 6 month supply of
$1,000,000 to $1,500,000 priced properties; a short 3 to 4 month supply of $500,000 to $1,000,000 properties and a less than two month supply of properties for sale under $500,000. |
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| Four Interior Design Disasters to Avoid |
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One person's love of leopard print could be another person's decorating disaster. If you are looking to sell your home this year, avoid these four no-nos.
Wall-to-wall carpeting. According to Jonathan Scott of the Property Brothers, wall-to-wall carpeting holds many of life's unsavory side effects like dirt, stains, and hair and may give potential buyers a negative impression of your home's upkeep.
Mirrored walls. In theory, they should make a small space appear larger. However, according to Scott, the effect can actually make your room look like an "80s dance hall." Ditto the disco ball.
Clutter. Be particularly picky about the entrance hall, since it provides the initial impression of
your home's interior. Keep shoes, winter wear, bags and other daily use items organized and out of sight. Rearrange or remove furniture and décor throughout the home to make each room appear as spacious and inviting as possible.
Loud wallpaper. Although wallpaper can add a pop of color that a room desperately needs, a loud or dizzying pattern can turn off buyers. If you want to add appealing hues, stick with paint.
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| Wondering How Much Your Home Is Worth? |
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| How has the price of your home changed in today's market? How much are other homes in your neighborhood selling for?
If you’re wondering about prices in your area, or thinking of selling your home, I can help.
Just call my office at 800-289-7005 or email me at kelli@kellisells.com for a professional price analysis. There is absolutely no obligation.
I’ll give you honest feedback about the value of your home. And I’ll also give you the inside scoop on what’s happening in the housing market in Breckenridge, Dillon, Frisco, Silverthorne and Keystone.
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| Do You Need a Property Manager? |
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If you already own a rental property, or you're looking to get into the business, the idea of having to deal with tenants and managing the property might be daunting.
That's where property managers step in.
An experienced property manager will take over the responsibilities that you might not want to handle. This may include surveying the market and area to determine a reasonable and competitive rent.
Once your property has caught the eye of prospective tenants, the manager can vet the tenants to make sure any potential renters will be responsible and reliable. Once the tenants have been screened and approved, and have moved in, property managers may be able to protect you from potential lawsuits
by staying up to date on your city's laws, rules and regulations.
They are also able to take over the less desirable parts of property management, such as handling emergency repairs, creating monthly expenditure reports, taking care of important tax filings and performing home visits. Fees vary widely depending on where you live, but most managers will charge one month's rent to secure a tenant and then a monthly fee to manage the property.
As with all things related to buying and renting property, you should research qualifications and get recommendations before hiring a property manager. I can refer you to reputable Summit County property managers. Just give me a call at 970-390-9311 or email me.
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Kelli Bennett
RE/MAX Properties of the Summit
220 South Main Street
P.O. Box 4600
Breckenridge CO 80424
970-390-9311 Cell
800-289-7005 Office
970-453-7365 Fax |
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| www.kellisells.com |
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| kelli@kellisells.com |
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| License # 40008935 |
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| Breckenridge Events |
September 7-9. Oktoberfest. Don’t miss the largest Oktoberfest street party in the Rocky Mountains! Sample over three dozen genuine German cuisine and brew vendors, play German games and dust off your shoes for polka dancing.
September 13-16. Breckenridge Wine Classic. Master sommeliers, chefs and winemakers invite the public to play, wine and dine during the height of fall colors. The event combines a grand tasting in the historic Arts District, seminars and demos with outdoor adventures to create a weekend of fine food and foliage.
September 20-23. Breck Film Fest. Celebrate the art of film-making with a diverse selection of filmmakers gathered from around the globe to engage and inspire with their unique storytelling.
September 29. Strings,
Ciders and Sours. Cider is becoming the most loved beverage in the universe and the route to all things magnificent. Add American Bluegrass, delicious food pairings, a Sours Garden and gorgeous views--a recipe for magic.
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| Want to Sell Your Home Fast? Get My Free Guide |
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Preparing your home for sale can make the difference between getting the price you want - or ending up disappointed.
Discover some easy things you can do by requesting my free guide, "50 Tips to Prepare Your Home for a Speedy, Top-Price Sale." |
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| Just reply to this email and I'll send it right out to you. |
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| Ask Kelli: |
Why hasn't my home sold?
First and foremost is price. Have you priced it realistically? Work with a real estate agent who knows your area and can recommend a reasonable price based on comparable sales and your home's condition.
The second common reason is condition. Is your kitchen outdated? Does the exterior need a paint job? If your home needs work, you should reflect this in the price or complete the necessary work.
Make sure your home is in top condition for showings. Turn on lights, open blinds, declutter, deodorize and vacate the premises during showings. |
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