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1st Quarter 2020: The number of sales continues to be down 3%. It’s taking about 6 extra days to sell a property in 2020 vs. 2019. The percent of list-to -sold price remains high at 97.7% and the average residential sold price has dropped by 1% to $854,968.
Inventory: Supply is now increasing. In fact, the inventory of properties for sale is up 20% from January 2, 2020. In addition, the number of active residential listings today is virtually the same as what the county had on May 31, 2019. The net gain of active listings from March 4, 2020 to April 6, 2020 is just under 100. If this pace continues we shouldhave substantially more inventory this summer.
New Construction Sales: The total number of new construction properties that closed during the first quarter represented 13% of the sold market throughout Summit County. Some areas have a little higher percentage of new construction sales; in Silverthorne, 31% of the sold market was new construction and home sales in Summit County were 21% new construction.
What's Under Contract: Pending sales are just over 300 properties as of April 9. 73% of those properties are new construction and 27% are resales of existing properties. Of the new construction that is under contract, some will close over the next couple of months and most will close farther out in the future.
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