Summit County Real Estate Trends
After a lackluster performance in April , the Summit County real estate market showed impressive gains in May and momentum appears to be continuing into June. For April, sales volume rose by 6% year over year but with activity concentrated at the lower end of the market, dollar volume actually fell 20%. In May, however, sales volume posted a 25% gain and sales revenue nearly kept pace rising 22%. Preliminary numbers for June are showing increases of 28% and 32% in volume and dollars respectively. The strong numbers in May made up for a weak start of the year leading to a modest increase in volume (3%) and small drop in dollars (2%) for the year-to-date comparisons.
Average selling prices continue to show year over year comparisons with the single family average sales price year to date dropping 10% to $702,783 while multi-family pricing fell 13% to $358,000. While those year-over-year comparisons are fairly negative, the 4% drop from year end 2011 levels are far less severe. In fact, some areas are seeing some strong gains including a 14% jump in Breckenridge and a 25% gain in Silverthorne. While the trend is not universal across the County it would appear that pricing has stabilized.
Falling inventories are another sign of an improving market. Single family listings are down 14% from June of 2011 while multifamily listings are down 18%. The only category that has seen a rise in inventories is raw land where listings have increased 6%. Raw land is clearly the weakest segment of the market. Hopefully, rising new construction will strengthen this market as well.