The real estate market was extremely prosperous this past year and predictions for the upcoming year look promising! The last month of 2014 displayed a high volume of transactions, common during the month of December in Summit County as families hope to finalize purchases for holiday enjoyment. January property closings have slowed just slightly from December as they continue to level out a more consistent housing market sales rate to power the upcoming year! In comparison to the last five years, January’s transactions show dramatic positive results.
There were 80 total residential property sales this month, increasing a significant 18% in comparison to the month of January in 2014. Average sale prices are up as well from last year. This year, the average Summit County sale price was about $616,047, much higher than last Januarys price of $504,561. This 22% sale price increase is extremely promising for what is to come in 2015!
Summit County, as of February 1st, has 710 available residential properties on the market and an additional 296 homesites for sale. Approximately half of these available properties are located in Breckenridge, Summit County’s housing market powerhouse for locals and visitors alike. As we approach the beginning of February, there are currently 174 residential properties under contract as well as 16 homesites.
Last month, Colorado’s Division of Property Taxation reported that residential property values have increased significantly over the last two years. Between June 30, 2012 and June 30, 2014, these overall values have increased by a 14.3% rate! Commercial, farmland and industrial properties have all seen similar value increases. Real Estate of the Summit is extremely eager to see what the rest of the year has in store for us!
If you enjoyed this article, feel free to contact Dennis Clauer at (970) 389-5165 for more local Summit County information and professional real estate guidance!
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