22 Year History of Summit County Dollar Volume Sold

The graph here on the right shows the 22 year history of dollar volume spent in the real estate markets of Summit County, Colorado.  There is a clear upward trend for the most part.  The effects of the Sept. 11 tragedy in 2002 and today’s economic conditions are clearly marked on the graph.  These two events have clearly had the largest declining effects on the real estate market here in Breckenridge & Summit County.

This second graph shows an unexpected result of residential real estate pricing in the Breckenridge and Summit County real estate markets.

22 Yr History of Summit County Residential Real Estate Prices

Despite our two distinct buyer’s markets of 2002-2003 and 2009-2010, more easily recognized in the graph above, the trend residential real estate pricing has remained on the rise for a long time. Prices during the buyer’s markets, so far, have retained a 0.0%-1.0% growth average. Of course, that is the average for the whole county. Specific subdivisions and condo buildings have clearly seen different pricing effects. How much a property retains or looses value in this new buyer’s market has largely been effected by location. In town real estate and ski-in ski-out real estate seems to be holding value better than out of town real estate.

Today’s Summit County Inventory Count - 1494 listings. Up 2.2% since Jan. 24, 2010.

By Robert Allen
Summit Daily News

SUMMIT COUNTY — The local real estate market in 2009 took a hit similar to nearby counties, but a few large transactions helped to soften the blow.

The $107 million sale of Copper Mountain and the record-breaking $8.3 million home that sold in Breckenridge were among highlights in a year when transactions overall were down 32 percent.

Click Here To Read Full Summit Daily News Article

…With 12 months of data now available, real-estate sales in 2009 were 42 percent down from 2008. The sales volume was even farther off the 2008 numbers, down 60 percent. Total sales volume for 2009 was just less than $900 million, compared to $2.2 billion in sales in 2008.

Read full article here

Compared to 2008 Summit County Real Estate Sales Statistics

Provided by Brook Roberts of Land Title Guarantee Company, Summit County Public Records, The Summit County MLS, and Keith Kirchner

Residential Transactions – Down 32% to 1245 from 1834 sales in 2009
Residential Dollar Volume – Down 36% to $683,000,000 from $1,066,000,000
Average Single Family Home Price – Up 4% from $670,000 to $695,000
Average Residential Sale - $587,000 - Up 0.8% from $582,500
4th Quarter Dollar Volume - Up 9.6%
4th Quarter transactions – Up 25%
$2 million+ real estate market – Up 9.5% (23 sales in ’09 - 21 sales in ’08)

(If I had a good graph, it would show Nov. 2009 at the current lowest point of the Summit County market.)

Summit County Foreclosure Statistics

Summit County’s estimated residential properties - 26,765
Summit County properties entering foreclosure process:
• 300 in 2009
• 190 in 2008

Single-family residences actually foreclosed upon:
• 56 in 2009
• 23 in 2008

Breckenridge Real Estate

Summit County Real Estate - MLS Inventory

Number of residential listings (Inventory) Jan 16, 2010 – Down 1.4% - Compared to Jan 23, 2009
Breckenridge – 716 listings Up 0.3%
Keystone – 213 listings Up 5%
Copper – 104 listings Up 27%
Dillon/S.Cove – 112 listings Up 2.7%
Frisco – 102 listings Down 23.3%
Silverthorne & North – 214 listings Up 0.5%
Summit County Totals – 1461 Down 1.4%
359 listing over $1,000,000 – Down 27%

Summit County Association of Realtors lost in 2009 roughly 100
Summit County real estate brokerages closed – at least 6

THE CRYSTAL BALL: Everyone wants to know “where’s the bottom?”

Despite the fact that I am cannot predict the future, I take pride in my history of being right with most of my real estate market assessments. I feel the next 6 months is the bottom of a fairly healthy and common stabilization period. It could last throughout the year, but I expect this year’s summer real estate rush to heavily reduce market inventory and end the brunt of the struggle. I expect property values to stay flat from their new lows this year, potentially declining a small amount more, and 2011 could be the upswing sellers are hoping for. When considering long-term real estate investing, 2010 will prove to be a great time to buy real estate in Breckenridge and Summit County.

FULL MARKET OVERVIEW: The evidence is clear, market demand for Breckenridge real estate is demanding under-priced real estate. Everyone wants a deal. The only difference for 2009 was that some people got a deal. Inventory reached record highs and sellers lowered their expectations a bit, sometimes a lot. Though foreclosures in Breckenridge & Summit County are not abundant, foreclosures have been a regular occurrence and last year provided a higher number of distressed sales such as short sales, foreclosures, and motivated sellers accepting their losses. Roughly 280 properties entered the foreclosure process in Summit County with only 59 executed foreclosures. (Link for article)

Since Breckenridge and Summit County are largely secondary real estate markets (second home market), the nation’s economic effects sank in slower here than much of the country. In essence, economic turmoil hits home before it hits the second home. Initially, the market slowed in 2008 with the changes in lending policies. But it was the stock market crash in March that truly changed the face of real estate in Breckenridge. From February to June 2009, real estate related businesses of Breckenridge and Summit County had a desolate feel. The busy, summer real estate season brought about it’s typical rush, but it paled in comparison to other years. Finally an actual increase in sales near the end of the year showed signs of life for real estate in Summit County. Despite the 4th quarter increase in property sales, the total annual number of residential sales was down a staggering 32% from 2008’s total. Residential dollar volume spent was down 36% (similar drops to 2008 results).  On a more inspiring note, sales of $2+ million homes rose 9.5% (up 2 from 21). (Click Here for detailed real estate statistics)

By Robert Allen
Summit Daily News

Thursday, January 21, 2010

SUMMIT COUNTY — After two years of falling prices and transactions for local real estate, local experts aren’t sure whether the Summit County market has hit its lowest point.

“We probably have already hit the bottom,” said Bernie Zurbriggen, broker and owner of High Country Real Estate, adding that there’s significant “pent-up demand.” “I tell people there’s going to be a feeding frenzy at some point in time.”

Click Here to Read Full SDN Article