Summit County Real Estate Ends 2017 On Strong Note

Summit County real estate sales ended 2017 on a strong note. December dollar volume rose 25 percent over a year ago to $153 million. That figure was also slightly above the $151.9 million realized in November. Transaction volume was also up, rising 13 percent to 230 transactions, a figure that matched the number of sales in November.
For the full year, dollar volume also rose 18 percent to $1.7 billion. Transactions were up a more modest 5 percent to 2, 607 sales. Both dollars and transactions were at their highest levels since 2007 when annual dollar volume hit $1.63 billion on 3,200 sales.
Again the differential between gains in dollars versus transactions primarily reflects a rise in average selling prices (ASPs). Both single family and multi-family categories increased 16% over the level a year ago to $1,087,893 and $473,862 respectively.
Those gains reflected both increases in prices of similar properties and a shift in mix toward the higher end of the market. For all properties, the average price per square foot in the county rose from $373 in 2016 to $430 in 2017, an increase of 15 percent. Keystone saw the largest increase, rising 19% to $435. It was followed by Silverthorne with an 18 percent increase to 366, Breckenridge up 15 percent to $580 and Frisco adding 10 percent to $433. At the same time, only 35 percent of 2017 sales were below $400,000. In 2016, that figure was over 56 percent.
Meanwhile inventories continue to set new lows. The number of active single family listings in the county has dropped 11 percent from a year ago to 137. Active multifamily listings are down 32 percent to 107. That means that less than 1 percent of all the properties in the county are currently on the market.