Single Family Homes
The single family home market has been the least affected by the downturn, mostly due to stable demand and the availability of financing. However, especially in the remaining builder inventory, there are some great opportunities to buy a new home at or below cost. There are some bank owned properties but the quality homes are being snapped up quickly, leaving only the homes that you wouldn't want to own.
Condominiums & Townhomes
Mostly due to the lack of available financing, the condo market has been very stagnant. After 18 months, some Sellers are starting to lower prices significantly hoping to attract a cash investor. However, financing has recently loosened so I expect inventory to drop significantly in 2010. But right now, there are some fantastic deals available.
Vacant Land
Vacant land went from a little overpriced in 2008 to significantly under valued in 2010! This is especially noticeable in the Ski in ski out sector. Based on recent sales of several luxury homes, it has become up to 30% cheaper to buy a lot and build your custom home than it is to buy an existing home. There are some very good lot buys available.
Saturday, February 27, 2010
Monday, February 22, 2010
Summit County Colorado Real Estate 2009 Statistics
2009 Summary for Summit County
Summit County ended 2009 with $683,009,100 in monetary volume. This is 36% shy of last year’s total. Transactions in 2009 totaled 1245, 32% shy of last year’s total.
The areas that show an increase in median average price for Single Family 2008 to 2009 are: Breckenridge at 14%, Keystone at 27%, Silverthorne at 20%. The total Median Price Single Family Gross Live Median increased by 4%.
The areas that show an increase in median average price for Multi-Family 2008 to 2009 are: Copper Mountain at 21%, Silverthorne at 2% and Summit Cove at 22%. The total Median Price Multi-Family Gross Live Median decreased by 10%
The total Median Price for Vacant Land decreased from 2008-2009 by 3%.
There were 136 Residential Improved Units that sold for $1M and over in 2009 vs. 177 in 2008 and 208 in 2007.
The average price history for Real Estate transactions on the Residential Improved Unit side still hold steady with 4 full years of historical data: Single Family continues to show an increase: $905,030, Multi-Family, slight decrease at $398,051- relatively flat, and Vacant Land with a slight decrease- relatively flat.
Cash transactions are averaging around 40% each month.
The highest sale in Summit County occurred on 12/21/2009 $8,285,000 Timber Trail Sub Lot 9 – 382 Timber Trail Road – 7 Brm 9 Bath – Built in 2008 – 6,565 SF on .545 Acres. This is $1,262.00 PSF, a record price. The home is located in Breckenridge on Peak 8.
If you would like a detailed analysis of what happened in 2009, just let me know & I will email you a pdf file.
Summit County ended 2009 with $683,009,100 in monetary volume. This is 36% shy of last year’s total. Transactions in 2009 totaled 1245, 32% shy of last year’s total.
The areas that show an increase in median average price for Single Family 2008 to 2009 are: Breckenridge at 14%, Keystone at 27%, Silverthorne at 20%. The total Median Price Single Family Gross Live Median increased by 4%.
The areas that show an increase in median average price for Multi-Family 2008 to 2009 are: Copper Mountain at 21%, Silverthorne at 2% and Summit Cove at 22%. The total Median Price Multi-Family Gross Live Median decreased by 10%
The total Median Price for Vacant Land decreased from 2008-2009 by 3%.
There were 136 Residential Improved Units that sold for $1M and over in 2009 vs. 177 in 2008 and 208 in 2007.
The average price history for Real Estate transactions on the Residential Improved Unit side still hold steady with 4 full years of historical data: Single Family continues to show an increase: $905,030, Multi-Family, slight decrease at $398,051- relatively flat, and Vacant Land with a slight decrease- relatively flat.
Cash transactions are averaging around 40% each month.
The highest sale in Summit County occurred on 12/21/2009 $8,285,000 Timber Trail Sub Lot 9 – 382 Timber Trail Road – 7 Brm 9 Bath – Built in 2008 – 6,565 SF on .545 Acres. This is $1,262.00 PSF, a record price. The home is located in Breckenridge on Peak 8.
If you would like a detailed analysis of what happened in 2009, just let me know & I will email you a pdf file.
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