First quarter market update ~ Summit County, CO ~ 2016
Enjoy the quarterly market update for Summit County, Colorado from the real estate experts at Real Estate of the Summit.
The first quarter of 2016 (January 1 – March 31) has kept us busy! Inventory has been shrinking making the market strong for seller’s. Breckenridge’s property values have not hit what they were during 2008 in the height of our market but are expected to get close throughout the 2016 year. Frisco on the other-hand is a demanding market and property values have climbed back up to what they were at in the height of the market during the 2008 year.
Many home buyers are seeing heightened prices in comparison to last year at this time. Strong market indicators are suggesting we will continue to see this trend throughout the 2016 year. While inventory numbers typically decrease in the first quarter each year and have trended this way over the past six years, we expect to see lower inventory throughout the entire 2016 year than we have in previous years. Sales prices have trended in the opposite direction, with increased listing prices and several homes closing above its asking price.
The two graphs above compare the number of listings and the sale price for the first quarter since 2011. The quarterly market update demonstrates how drastically inventory has decreased with a continuing trend of increasing sales prices. There are lots of buyers looking for their next investment and so now is an incredible time to sell! If you are considering divestiture of your mountain property, please contact us today.
Want to go a little bit more in-depth? View our Weekly Market Update page where we let you know what’s been going on in Summit County on a weekly basis or check out our Town Market Update page where we break-down real estate trends for each town in Summit County, Colorado.