You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
October real estate in Summit County tops last months record with $360M in gross volume and 442 transactions!
Check out these real estate trends for Summit County - September 2020.
September 2020 - Single Family Real Estate Sales
September 2020 - Condo and Townhome Real Estate Sales
There has been a lot of talk in recent months about how the structural shift in the real estate market is playing out geographically. When a trend becomes more engrained in the market it is not unusual for a term to be coined to reference this trend. ‘Zoom Town’ is a term that is being used on a more routine basis for locations that fit the description of - Somewhere that offers recreational or lifestyle benefits over the more urban locations that people are moving to.
NPR’s Planet Money defines “zoom towns” as housing markets that are booming as remote work takes off—adding another term to our growing pandemic lexicon.
The mountain communities have certainly felt the effects of this trend and not only from people looking for a new place to call home, but also prospective second homeowners from Denver, the Front Range and further afield. It is interesting to note that the real estate market in Denver, Boulder etc is also feeling the Zoom Town migration, as is Chaffee County, where I have recently talked to a broker there who said this is the most active summer selling season on record.
With the heightened activity in one of our major feeder markets (Denver and the Front Range), my prediction is that we will see continued growth in Summit County for the foreseeable future.
Please do call me anytime to talk about the market in general and my thoughts for the future.
· Currently there are 150 residential listings in Breck. Last year at this time there were 261. Down 43%.
· Currently 210 residential listings are under contract, last year 110 at this time.
· Number of land sales in 2020 set to double that of 2019
Making sure you saw Vail Resort's CEO, Rob Katz, providing details on the Winter Operating Plan for the 2020/21 season. This announcement highlights their commitment to safety, including a new reservation system for pass holders. You can see the full announcement here and more information on the Season Pass Reservation System can be found here.
I will be keeping in touch with you in the coming weeks to discuss this program and share more details around the season ahead. In addition to implementing a reservation system, Vail Resorts have adapted their lift ticket access model in an effort to manage capacity across the 34 owned and operated resorts in North America.
If you have any questions, please don’t hesitate to reach out.
In the economy, whenever there is stress in one part of the market, there are always winners and unfortunately losers. From the pandemic, there are three primary winners in ski real estate.
Land: I have been surprised to see raw land near ski resorts go as quickly as it has. I’ve seen some lots sitting on the market for extended periods of time, that are now selling.
Free standing single family: People want their own space and the ability to ride out future pandemics in comfort. In ski towns throughout Colorado, many second homeowners from large cities moved to their ski home to weather the pandemic. I don’t see this trend reversing, if anything it will only accelerate.
Multi-Family: There has still been plenty of activity in the Condo / Townhome / Duplex market despite these traditionally being income generating properties and the uncertainty f the upcoming winter. As a group they have matched the number of sales of single family homes
Ranches: Ranches, whilst not really a part of the Summit County market, have been slow movers the last 4 or 5 years as older generations aged out of the large properties and their kin no longer wanted the hassle of such a large property. The pandemic has put these properties back in vogue for their unique qualities and remoteness. Remote is now back in style in real estate as long as there is a good internet connection! Park County land sales are on the up.
In my last post on the State of the Market, I made some predictions that are playing out and being reinforced by continued high levels of activity. So why is this happening?
As we move into the latter part of the summer, the heat in the real estate market shows no sign of abating. And we are not the only area that is experiencing the uptick in activity. The Denver Metro area that makes up a large part of our real estate market is also experiencing a continued inflow of residents. This article offers a good insight into how this migration of people is changing the metro area.
Denver Colorado is the second fastest “gentrifying” area in the country just behind San Francisco. Furthermore, Denver beat out Boston, Miami, New Orleans, Austin, and countless others due to the rapid gentrification of the downtown core. What is Gentrification? How does it occur? Why is Denver gentrifying faster than other markets? What does this mean for real estate and affordable housing? Read MORE
MY PERSONAL REAL ESTATE INSIGHTS FOR THE NEXT 12+ MONTHS
The past 4-6 weeks have certainly been a very interesting time in the Summit County real estate market. Signaled by the opening of short-term rentals and the easing of COVID restrictions, activity in real estate has been very significant indeed.
Many of us have talked about a structural shift taking place, where the demand for an escape from metro areas would significantly impact our market. What many of us did not fully account for was how quickly this demand would ramp up and the degree to which buyers would be willing to act on the impulse and drive the surge in properties going under contract. As of today, the 20th July 2020, Breckenridge has 262 active residential listings available. There are currently 167 residential properties under contract. Put another way, pending listings represent almost 2/3 of the total number of residential listings that are active.View More
June and July have certainly seen a healthy rebound from the quieter months of April and May. Here is a snapshot of the activity over the last 7 days.
53 properties sold - of these 3 were over $1.5m
107 properties went under contract - of these 12 were over $1.5m / 3 were over $3m
84 new listings
861 active residential listings - right about the same as this time last year
491 active land listings
Jumbo loans are tight at the moment (loans over $510,400) - this means that the majority of higher priced homes are funded by cash or private funding channels. Properties that are selling under $1.5m are taking advantage of the low priced interest rates and cash.