January is generally a slower month for the Summit County real estate market, but Land Title Guarantee Co.’s most recent report for the month shows a promising sign: currency volume for the month is up 28% from January 2021 sales even though the number of transactions is down 23%.
This means that prices continue to rise and demand is still strong, even though the number of actual sales is down.
“The average transaction was much larger and at this point, due to the very, very limited inventory that exists, it looks like at least for the foreseeable future in 2022, supply will be limited and demand will be very strong. “Dennis said. Clauer, broker and owner of Real Estate of the Summit Inc.
Using a multiple listings service, Clauer wrote in an email that as of Wednesday, March 2, there were 74 single family homes, townhouses and condos for sale in Breckenridge, Frisco, Dillon, Silverthorne , Copper Mountain and Keystone which are not restricted by deed. for local accommodation. Of the 74 residences for sale, 23 are under construction and not available for immediate occupancy, leaving only 51 residences available for purchase and ready to move into.
For January, Clauer said there were 55% fewer condominium and townhouse listings in January 2022 compared to January 2021.
Because there are so few options available, buyers often look outside the popular Breckenridge and Frisco scopes and set their sights on Silverthorne. Clauer said he predicted the town would be the county’s next “hot spot” in 2019. Now that new developments such as Fourth Street Crossing – as well as properties such as Summit Sky Ranch, Apres Shores and Blue River Flats – appear, Amy Nakos, Head Broker of Your Castle Summit, wholeheartedly agrees.
“If you look at the county as a whole and the availability to build and expand, Silverthorne has the most potential,” Nakos said.
Both Nakos and Clauer pointed out that Breckenridge and Frisco are largely built-up and the town of Silverthorne has more availability to accommodate additional density. According to Land Title’s January report, the city had the highest proportion of sales than any other city. About 19% of sales — 24 transactions — were booked during the month of January. During the same period, Breckenridge sales accounted for 16% of sales and Keystone accounted for 15% of sales. In January, Silverthorne’s real estate transactions totaled $46 million in transactions while Breckenridge’s totaled $31.4 million.
Breckenridge’s increasingly expensive market could also be a reason buyers are looking elsewhere. Nakos – who has been in the county’s real estate market since 2004 – said she remembers a time when the county was considered more affordable than other areas such as Vail or Aspen. Land Title’s report shows the average price per square foot for properties in the city hit $1,000, which Nakos says is comparable to those other luxury markets.
Nakos said that if the price of real estate gradually increases, this singular report may not be the best. She pointed out that the Land Title report shows there were 124 transactions in January and those 124 transactions are used to determine the average price of a single-family home for the year. In Land Title’s report, the average price for such a home jumped to more than $2.5 million, a significant jump from last year’s average price of $1.7 million.
The report says one home sold for $12 million and another for nearly $7 million in January. There were only five transactions involving sales of $500,000 or less. Nakos pointed out that with only 124 sales to calculate from, the data is skewed and the average single-family home price appears to be undoubtedly higher. The average price will likely paint a more accurate picture as the year progresses.
There are rumors and worries about the effect that interest rates and new regulations in the short term will have on the market, but for now it seems to be holding up and tracking well compared to past years.