Summit County Real Estate Blog

Today we are 37% ahead of last year at this time for the number of Summit County Listings that are under contract and getting ready to close! Over the next month and a half if much of these close the Summit County Residential market will be about 9 to 10 percent ahead of 2011! Yeah….

The number of listings are only 10% down from last year at this time so there is still plenty for buyers to pick from and interest rates are still historically low…combine all that with the average sold price being flat (actually down 4%) in Summit County and buyers are buying; which is reflected in the 37% increase in pending sales.

Does that mean that all properties on the market will sell – no. If we continue with a 10% increase in the number of sold properties about 400 of the currently active listings will not sell by year end and, based upon a typical market year, between now and mid-August Summit County will continue to add more listings to the market. There is already a surplus of listings and we are going to get more that will not sell this year. Buyers will have even more to choose from…although, one caveat is that as mid-August approaches more and more buyers will also be looking for those properties in the best condition at the best price to buy.

Now is a great time for a seller to be on the market with fewer listings than mid-August and now is the time for buyers to be buying with fewer competing buyers than mid-August.

The 400 that will not sell this year are probably priced too high. The current average list price of a Summit County Residential listing would need to drop 25% to equal the current average list price of all those residential listings that are under contract today! Interesting to note as well, what is currently under contract  today will close at about 5% less than what has already sold this year (taking into account our 94% sold to list price so far this year).

Jeff Angell
RE/MAX Properties of the Summit
Http://AllMarketStats.com
Http://HowsTheMarketUpdate.com
Http://WeeklyREActivity.com
On Facebook

Source: SAR Data for Residential (Condos, Townhome, Homes, Duplexes) in Summit County, Colorado only. * The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.

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The number of listings closed so far in 2012 is up 3% in Summit County! The number of listings that are under contract is up 30%!

If we assume that all the listings that are under contract close and assume that all the listings that were under contract last year at this time also closed and added those numbers to the already sold for each year…well, over the next couple months that 3% improvement this year may move up into around a 10% improvement in the number of listings sold in Summit County. The current active listings are coming in at 9% below last year at this time.

The residential listings sold this year have sold for about 2.5% less than last year and the square foot price is about 8% less than last year. The percent of sold price to list price is up 1.33 percentage points to 94%. The average list price of the listings currently under contract is the same as the average sold price of listings that have already sold this year. Thus if we remain at the 94% sold versus list the pending is looking at around a 6% decline from today’s average sold price. Interesting.

The number of new listings this past week is up with 45 but also down about 26% as compared to the same week last year. The number of listings going under contract this past week is up over last year’s by 53% and the number of sold listings is the same.

Breaking it all down shows that the North Side has gained about 10% of the total number of listings sold while the South Side has lost 10% – the market activity is swinging towards the North Side and away from the South Side. This year the percentage of the listings that have sold in the County on the North Side is at 63% (last year it was 52%) and the South Side is at 37% (last year it was at 48%). The current listings that are under contract are still favoring the North Side at 58%. The North Side is up 24% in the number of listings sold and the South Side is down 20%.

Taking a look at price bands shows that sales between $500,000 and $1,000,000 are up 18% in Summit County while below $500,000 sales are down 2%. The band above $1,000,000 is down 10% in the number of sales so far in 2012. Looking at the current under contract price band shows picking up in the under $500,000 sales at the detriment of the $500,000 to $1,000,000 band sales. Under $500,000 that are under contract shows an increase by 5 percentage points, $500,000 to $1,000,000 under contract band shows a 5 percentage point decrease and the over $1,000,000 remains the same.

TidBit of Interest. Sold average sold price changes by price band in Summit County – $0 to $500,000 the average sold price is down 1%, $500,001 to $1,000,000 the average sold price is down 6%, $1,000,000 to $2,000,000 is down 6%.

Jeff Angell
RE/MAX Properties of the Summit
Http://AllMarketStats.com
Http://HowsTheMarketUpdate.com
Http://WeeklyREActivity.com
On Facebook

Source: SAR Data for Residential (Condos, Townhome, Homes, Duplexes) in Summit County, Colorado only. * The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.

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Summit County residential sales are now up 2% countywide!
 
Pending transactions are up throughout the nation…the reports coming out today are comparing the activity to that of the same time period in 2001. Our local number of properties that are pending (under contract) is up a whopping 27%!
 
Today there are 198 listings pending and last year at this time there were 156. Of those 198 82 of the properties are located in the South Side of the county and 116 are in the North Side of the county. Great activity!
 
The current active inventory is growing closer to the same as last year and now is only separated by about 6%. The next few months will prove to be very interesting as the active inventory increases, but also as we monitor the under contract activity – will it continue?

Jeff Angell
RE/MAX Properties of the Summit
Http://AllMarketStats.com
Http://HowsTheMarketUpdate.com
Http://WeeklyREActivity.com
On Facebook

Source: SAR Data for Residential (Condos, Townhome, Homes, Duplexes) in Summit County, Colorado only. * The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.

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The North Side of the county is up 31% in the number of sold listings and the South Side is down 21%. Using a price banded research shows that the North Side is up 9% in the number…

Last weeks under contracts for the county took place at 60% on the North Side and 40% on the South Side. The current 202 listings that are under contract in Summit County are located at 44% on the South Side and 56% on the North Side. The 1248 active listings are broken up with 44% on the South Side and 56% on the North Side. The total sold so far this year in Summit County sold 42% of the time in the South Side and 58% of the time in the North Side.
RE/MAX Properties of the Summit
Http://AllMarketStats.com
Http://HowsTheMarketUpdate.com
Http://WeeklyREActivity.com
On Facebook

Last year the number of sales were almost 50/50 between the North Side of Summit County and the South Side. Very Interesting.

Jeff Angell

Source: SAR Data for Residential (Condos, Townhome, Homes, Duplexes) in Summit County, Colorado only. * The information contained herein is based on information provided by others. Accordingly, we make no guarantee of its accuracy and suggest you make an independent inquiry of any matters you regard as important.

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1st Quarter 2009!

It is that time of year again when we get our annual real estate statistics package out showing all that was sold, increases that occurred, decreases that occurred as well as average prices by area and property type. The number of sales certainly changed in 2008 and yet the average sale price mostly remained the same or increased with a few areas of decreased average sale prices.

How long will our market remain as it is? Denver is already showing signs of stabilizing and typically once the ‘Front Range’ of Colorado begins to rebound we (the mountain resorts) follow. The current market in Summit County has kept prices from soaring as they have in the past, yet the window for that opportunity to buy in our current real estate market may be short.

In fact, this may be a great time to start living that lifestyle you have always dreamed of and take advantage of this unique opportunity before the market goes back to a typical resort market and closes this opportunity forever. Of course, one cannot predict the future – but one can certainly grab life by the horns and start doing what you have always dreamed of and now may be just the right time to purchase a piece of that mountain lifestyle that so many desire.

If we can help you in your search for that lifestyle let us know and if you would like to receive our annual stats package simply send me an email with an address to mail the packet (my email is mail@jeffangell.com). We will be getting those out very soon. In the mean time, enjoy browsing the website and be sure to visit our other site at www.eColoradoHomes.com .

Have a terrific Colorado Ski Season.

Jeff Angell

Broker/Owner

RE/MAX Properties of the Summit/Frisco

P.S. Oh, by the way…don’t forget to refer anyone you know that may be interested in buying or selling real estate in my area to me. I like to work with referred clients and I am never too busy to take care of your referrals.

Email: mail@JeffAngell.com
Phone: (970) 668-5300
Toll Free: (800) 289-5305
Website: www.eColoradoHomes.com
Website: www.ColoradoMtnRealEstate.com

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Sales Comparions in Detail 2008 vrs 2007 3rd Quarter YTD

If you are thinking of getting involved in Summit County real estate (Breckenridge, Frisco, Copper, Keystone, Silverthorne, Dillon) now may be a much better time than waiting until as activity is picking up. The inventory is good and not nearly at record levels we have seen in the past allowing a buyer the abilitiy to pick the property they really want – without worrying too much that someone will buy it out from under them while they consider purchasing. Although I am starting to see that happen now on select properties.

And, here is a graph of what could happen based upon current stats, historic stats and historic trends in our future market – have a look here. 

Questions. Need more detail. Have a referral. Contact Jeff via email at Mail@JeffAngell.com.

Thank you,

Jeff Angell
Broker/Owner
RE/MAX Properties of the Summit/Frisco
*All data obtained from SAR Data. **The information in this publication was derived from sources believed to be accurate, but has not been verified. ***Future Projections that are based upon historic trends that provide a possibility for future real estate sales volume for sold properties in Summit County. Please, keep in mind that we cannot predict the future and that this representation is only an example of one possibility.

P.S. Oh, by the way…don’t forget to refer anyone you know that may be interested in buying or selling real estate in my area to me. I like to work with referred clients and I am never too busy to take care of your referrals.

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Making the news yet again in Summit County (recently in the Summit Daily News based out of Frisco, Colorado) is the potential Peak 6 expansion at the Breckenridge Ski Resort which may benefit the new base area businesses as well as condominiums located on Peak 7. Certainly some owners of homes and townhomes and other mountain real estate in the Peak 7 subdivision may enjoy the added ski terrain close to their Summit County Property as well. Yet many other property owners, locals and prospective purchasers of real estate through Breckenridge, even Frisco Co and the rest of Summit County are concerned about various social issues as well as the effect upon the local wildlife.

Currently the Peak 6 area is popular for backcountry skiers as it is easy to get to from either Breckenridge or Frisco for locals and is in a relatively gentle terrain area – very suitable for Summit County locals to enjoy the backcountry. The type of terrain coupled with its close proximity to the base area on Peak 7 and the newer mountain real estate development consisting of upscale condominiums could be one of the driving forces for the decision to expand into Peak 6. Although others may enjoy the new terrain due to it being close by and easy to access such as those with property and homes on Peak 8 in Breckenridge.

Even down valley in Frisco Colorado there are those that are very interested in the outcome of the Peak 6 expansion due to their usage of that area and their close proximity from their Frisco Homes and condos to Breckenridge. In fact, there is now a task force in place to meet and discuss the social and environmental issues of concern to Summit County citizens; even those as far away from Breckenridge as Frisco locals and Dillon town members too.

These plans are nothing new and have been in the works for some time and only recently have been brought up in detail. In fact, in 2002 the Peak 6 area was already allocated to become a lift-served resort for skiing! It is just now that the local population in Summit County (Breckenridge, Frisco, Dillon and the rest) have become more interested due to a higher interest to expand into the Peak 6 area to help offer amenities to the new real estate base area on Peak 7.

Some of the plans for the expansion include a new lift as well as hike to skiing, a ski patrol hut and a base area warming hut/restaurant. All on Peak 6 and all encompassing about 450 acres that will contain about 6 trails with around 67 acres of clear cut below timberline to create the new trails with much of the expert skiing and hike to skiing being above timberline.

No matter what your interest are or questions are, we can help. I have been enjoying all the Summit County area has to offer for over 20 years now and active in local mountain real estate for over 14 of those 20 years - feel free to put my experience and knowledge to work for you. When you need anything I am a quick email away at Mail@JeffAngell.com or use our online contact form.

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From just about any home in Summit County or any Frisco Condo or practically any mountain real estate one cannot avoid noticing all the vast swaths of auburn/rust color spreading as far as the eye can see. Even from the shores of Lake Dillon, looking towards Frisco Colorado and taking in the hills that lead up to Peak One and then from Frisco all the way up the Ten Mile range itself the rust colored and now dead lodgepole pine trees are ever more obvious.

For those locals that live in their Frisco home or their Dillon Condo along the lake this view has become commonplace and goes virtually unnoticed today as it is now a very real part of our mountain vistas. For most of the locals and people that visit Summit County or have recently purchase real estate here often they have adapted and are no longer astonished when gazing out of their Frisco property or other Colorado Mountain Real Estate in Summit County – often it takes comparing an old photo of, say, Peak One towering over the Town of Frisco from the other side of the Lake in Dillon and comparing it to what the view is today. A few years ago that view was full of live green lodgepole pine trees and today, well it is something completely different.

Visitors that seldom make it to the mountains see the pine beetle kill as something all together different. It is the first thing that catches their eye and they are astonished as they gaze upon all the brown, rust and dried brittle looking dead lodgepole pine trees throughout Summit County.  It is hard to believe that this pine beetle epidemic could spread so fast and cover such a vast area of the Rocky Mountains. Originally it was thought that a deeply cold winter would stop the onslaught, but we just haven’t seen brutally cold winters where the temperatures sunk to negative 30 and stayed. Overall we have been relatively warmer over the winter in Frisco, Colorado.

One only needs to take hike up from Dillon on the Tenderfoot trail or up from Silverthorne on Ptarmigan Mountain to take advantage of the tremendous views towards Frisco, Colorado and Breckenridge. And while taking in those Summit County vistas one can clearly see the beetle kill. You can also see recent clear cut areas with young pines that have not been damaged by the beetle as they shine with a bright green!

On the other hand this is nothing new as in the 1980’s there was a pine beetle outbreak in Summit County and close to Breckenridge, Colorado. The only difference is that back then it was colder and a few severe winters with deep freezes took care of the pine beetle’s outbreak.  Besides warmer weather other things have contributed to this recent epidemic; such as most of the trees being around the same age due to massive logging and clear cutting in the late 1800’s and early 1900’s: creating vast stands of lodgepole pines of the same type and same age. Couple that with a century of fire suppression in our national forest and you have an older population of trees nearing their normal life cycle end that are very susceptible to the pine beetle.

What the future holds for the pine beetle remains to be seen. But, currently we are hearing that the spreading is continuing and even moving from these specific lodgepole pines to other trees throughout the state. Some are using the beetle kill pine to create art, building materials and even furniture. For example in my office on Frisco’s main street we had a custom desk made entirely from local beetle kill pine.

No matter what your interest are or questions are, we can help. I have been enjoying all the Summit County area has to offer for over 20 years now and active in local mountain real estate for over 14 of those 20 years - feel free to put my experience and knowledge to work for you. When you need anything I am a quick email away at Mail@JeffAngell.com or use our online contact form.

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Change. Today we have witnessed a dramatic decline in the number of properties selling throughout the county as well as sharp increase in the number of available properties to purchase. And at the same time the average sold price keeps going up and the number of days it takes to sell is going down – mostly anyway!

Through the end of August there were 790 residential sales in Summit County (not including land or partial ownership); which is about 43% less than what we had in 2007 (In 2007 we had 1384). The average sale price for the 1384 properties that sold last year was $539,779 and this year’s 790 properties came in at $587,061!

Analyzing in a little more detail and comparing each town’s sales and average prices of the sold properties this year through August as compared to last year coupled with the number of properties over 1mil that sold during that timeframe shows more interesting information. You will find this information on the below – I hope you enjoy it.

If you are thinking of getting involved, or have a referral to send our way, in Summit County real estate (Breckenridge, Frisco, Copper, Keystone, Silverthorne, Dillon) now may be a much better time than waiting until later this year as activity is picking up.

No matter what your interest are or questions are, we can help. I have been enjoying all the Summit County area has to offer for over 20 years now and active in local mountain real estate for over 14 of those 20 years - feel free to put my experience and knowledge to work for you. When you need anything I am a quick email away at Mail@JeffAngell.com or use our online contact form.

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Hope your winter is going well…we are having some of the best skiing we have had in years. The snow is terrific!

After putting together more statistics, I found it very interesting looking back over our ‘real estate’ sales shoulder at what has been happening in our market over the past five years. Here are some interesting tidbits….

If one would of purchased an average priced property in Summit County in 2003 they would of realized an average gain of $198,495! By town that average gain would look like this: Breckenridge – $272,639, Frisco – $215,356, Silverthorne – $179,915, Dillon – $85,644, Copper $124,640 and Keystone $146,668.

In Summit County that comes to an average of $40,000 a year for five years one gained simply by owning an average property in Summit County that five years period. That is more than most people make in a year and has been gained or reaped simply by taking on the risk of ownership in our little neck of the woods.

You will find the above as well as much more detail in the statistics online at www.ColoradoMtnRealEstate.com .  Let me know if I can do anything further for you at this point in time. And be sure to contact me when you are ready to buy or sell in this area, or if you know someone who is…

Have a wonderful day.

Jeff Angell
Broker/Owner
RE/MAX Properties of the Summit/Frisco

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