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January Real Estate Sales: The number of sales dropped 8%. The percent of list-to-sold price remains high, but is down about 1% point, at 97.6%, and the average residential sold price dropped by 7%.
Homes and Condos: Grouping detached homes and condos together, January 2020 had an increase in sales of about 13%. Grouping condos and townhomes, January 2020 had a decrease of 19%.
New Construction Sales: In January of 2019 there were 17 and this January there were 10...a substantial decrease, but there is lots of new construction under contract today and about 35% of the active market is new construction.
What's Under Contract: At last count, there were 365 residential properties under contract in Summit County. The average list price of those properties is right at $862,000! New construction is accounting for 64% of the total number of under contract properties and new construction average list price is 16.5% less than the average list price of resale properties.
Where the Sales are: Last year in January, about 40% of all sales were in the north part of Summit County (Frisco, Copper, Dillon, Silverthorne, and Keystone) and 60% were in the south side (Breckenridge area). In January of this year, 37% of the sales occurred in the south part and 63% in the north.
Inventory: Supply continues to drop. In fact, the inventory of properties for sale is down about 8% from 12/31/2019. Typically, that inventory will increase once the ski season ends. The average list price of properties for sales is just over $1,400,000! In addition, the average single-family home list price is $2.8 million and the average condominium list price is $652,000.
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