The Summit County Colorado real estate market is well along the road to recovery having just had the strongest first quarter in seven years. This year, 2015, is the first to start out with total sales volume and the number of residential real estate transactions taking place near levels not seen since 2008. The year 2008 was when the Summit County real estate market took a significant downturn following the collapse of Bear Stearns at the end of March.
During the first quarter of 2015, Summit County Colorado had 269 residential real estate sales with a total sales volume of just over $150 Million. This is approaching the 286 residential transactions which took place during the same time period in 2008, and well above the 124 sales seen during Q1 of 2009. The year 2009 saw the fewest number of transactions in Q1, and the year as a whole, during the most recent downturn of the Summit County real estate market.
Average sales prices are coming back as well with the Q1 2015 average sale being almost $558K compared to just over $513K during the first quarter of 2011. The year 2011 had the lowest average sales prices for both the first quarter and the year as a whole during the most recent downturn in the Summit County real estate market.
All of this portends well for a bustling Summit County real estate market during the remainder of 2015.
In Summit County Colorado, the first quarter of the year is by far the least active for real estate sales when compared to the remaining three quarters. This is because during the first three months of the year, many people are visiting the area on ski/snowboard vacations and do not want to take time away from the slopes to look at properties for sale. Also, many of the properties that potential investment property Buyers might like to see are not available for showings because they are rented by other visitors on ski/snowboard vacations themselves. And finally, the possibility of winter storm weather conditions make the comfort and convenience of driving around to look at homes for sale in the high country a hit-or-miss proposition during the months of January through March.
As a result, most Summit County Colorado property Sellers wait to list their properties for sale until after the ski resorts of Breckenridge, Keystone, and Copper Mountain have closed for the season. This happens by the end of April. May and June typically see the greatest increase in available inventory of Summit County real estate listings for sale with peak inventory for the year happening around the Fourth of July.
On May 01, 2015 there were 733 active residential listings for sale in Summit County Colorado with another 306 under contract and 411 sales Year-to-Date. On May 01, 2011 there were about twice the number of active residential listings for sale and half the number of listings under contract when compared to 2015. This is just one more indicator of a rebounding real estate market in 2015.
Yet despite all of the improvements in the Summit County real estate market, there is still plenty of room to the upside as sales prices, total sales volume, and number of sales taking place are all still well below the highs seen many years ago.
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