Market Statistics and Analysis
Economic Trends:
The Summit County Real Estate market was exceptionally active in 2007 with record high prices and low inventory.
As we expected from 2008, Summit County, Colorado real estate prices remained high (county wide up an average of over 12% from 2007), conversely, we did begin to see a significant decrease in sales volume towards the end of the year.
In 2009, the decrease in the physical number of sales continued, forcing Sellers to be more realistic, as we began to see selling prices from 2-4 years ago.
Now, interest rates are at an all time low and we find ourselves with almost 100% more inventory making this an excellent time to buy! In fact, this is the first real "Buyer's Market" we have seen in over 5 years.
Are you considering Buying or Selling?
Our monthly sales historically were more concentrated during the summer and fall months. Currently we are seeing more level sales activity year round.
Our advice to Sellers is not to wait to list their properties until summer if you are ready to sell now. The buyer market is now year round and you will have more competition in the summer months. We see this time and again and try to counsel our customers in this regard.
Take advantage of the low interest rates while they last. We have seen mortgage rates in the low 5% range here in Summit County in early 2009. Whether you're looking for a horse property, riverfront property, or cozy townhome, it is a great time to buy a resort or mountain property.