Summit County's Most Trusted Real Estate Advocates
2017 Summit County Market Update
Average sale price across Summit County is up 92.6% over 2016 data?! WHAT THE…?!?!
Yup, you read that right! Here are the latest year-to-date and year-over-year numbers as reported by the Colorado Association of REALTORS® in comparison to last year! Reference the included charts and let’s look into a couple of the big shockers – the Average Sale Price and Inventory numbers…
Key points – Single Family Market:
1. Average February sale price across Summit County: +92.6% from 2016
2. Inventory of homes for sale across Summit County -40.6% from 2016
Average sale price is up 92% and inventory is down over 40% – wait, what?! It’s actually a great little example of basic supply and demand economics! The relationship of supply and demand affects the housing market and thus the price of homes, as we see happening here.
The law of supply and demand states that when there is high demand for a good or service, the price of the good or service rises. If there is a large supply of a good or service but not enough demand for the good or service, the price falls.
In the housing market, the law of supply and demand is prominent. Generally, each housing transaction involves a buyer and a seller. The buyer places an offer for a property and the seller may accept or reject the offer. The law of supply and demand dictates the equilibrium price of a property.
When there is a high demand for properties in a particular city or state, such as we have here in Summit County, and a lack of supply of good quality properties, the prices of houses tend to rise.
All of that said, keep in mind that these numbers are just for the month of February 2017 over February 2016, BUT they do point to a real trend given the Y-T-D average sale price for the first two months of this year is still up 62% over last year.
Key points – Townhouse / Condo Market:
1. Average February sale price across Summit County: +8.5% from 2016
2. Inventory of homes for sale across Summit County -37% from 2016
The average price in the townhouse / condo market is up by 8.5%, which doesn’t seem crazy at all in comparison to the SFH market, but when you look at the Y-T-D average sale price is up 9.2% from 2016 to 2017, which shows a continuing trend of a steadily climbing price point.
And then there are the Rolling 12-month Calculation charts showing the Median Sale Price from 2012 through Q1 2017…
1. The Median Sale Price of Single Family homes in Summit County has increased by $230,000 between Q1 2012 to Q1 2017.
2. The Median Sale Price of Townhomes and Condos in Summit County has increased by $90,000 between Q1 2012 to Q1 2017.
Bottom line: the Summit County real estate market is on a major roll!
Claim your piece of the Mountain Life! Head over to our free, no-hassle, complete MLS search too at: www.SkiEstate.com and then give us a ring if you’d like to dig deeper!
Or reach out to us and we’ll be happy to provide you with a complementary price analysis on your current home, and now that you’ve seen the numbers, perhaps it’s time to add your home to the inventory briefly and make a 92.6% profit on your investment! ; )
Send us an email at: info@MountainLifeCompanies.com or call us at: 800.805.2830 today!
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