The Breck Wire - 2017 1st Quarter Market Update
Summit County Stats
There were 325 residential properties sold in the first quarter of 2017 compared to only 296 in the first quarter of 2016. The average sales price for all property sales this year is $740,253 compared to $616,708 last year which represents an increase of 20%.
The total dollar volume for sales in the first quarter this year was $240.5M compared to $182.5M in 2016 for an increase of almost 32%.
Another sign the Summit County real estate market remains strong compared to other investment vehicles is the number of cash buyers we've seen so far this year. Last year there were 84 cash purchases in the first quarter of the year while that number grew to 101 cash purchases in the same time this year. Residential real estate properties in Summit County continue to be a popular option for savvy investors.
In Breckenridge, we saw only a slight improvement in the total number of sales in the first quarter this year with 132 sold properties compared to 127 last year. However, the average sales price improved by nearly 25% in one year from $818,374 last year to $1,017,262 this year.
The total dollar volume for sales in the first quarter this year was $134M compared to $104M in 2016 for an increase of almost 29%.
Currently, there are only 356 active residential listings in Summit County compared to 603 residential listings this time last year. The summer of 2017 is shaping up to be a great time for either sellers or buyers in Summit County. If you're considering selling your property, your competition is low so we'll easily capture buyers' attention for your residence. And if you're still looking to make a real estate purchase in Breckenridge or Summit County, interest rates remain near historic lows so your purchasing power is much greater than it could be one year from now if interest rates climb as expected.