Due to some early snow fall and cooler overnight temps the Aspens are changing a bit earlier this year. But there is still plenty of time to enjoy the beautiful golden colors! (When traveling be sure to know the local public health orders and fire restrictions.)
With the 2020/2021 winter season approaching, the resorts in and around Summit County, CO are starting to present their plans. Though state and local public health orders may change the outline of what to expect this season is being formed. Learn more about each resort below:
Key features of all Resorts are social distancing, face coverings, and organized lift lines. Some are requiring reservations others are not. Some will sell day of tickets and others will prioritize season pass holders. Be sure to research which mountain you want to visit!
Here is where you can find all the latest info on the Summit County, CO market from Anne of The Skinner Team. Including our monthly video series and information compiled by the Land Title Guarantee Company.
As Summit County and Colorado are under Public Health Orders to combat the Coronavirus, The Skinner Team will be doing weekly market stats updates to follow the trends to see if and when a shift may take place.
Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. If you choose to utilize this marketing information in any publications or websites, please make sure you are quoting Land Title as your source. You are welcome to utilize this link within your own websites.
The COVID-19 Pandemic in Summit County Impact began on March 15, 2020 with the immediate mandate on the ski area closures. In April 2020, a Shelter in Place ordinance in Colorado occurred in order to contain the COVID-19 locally and statewide. The Safer at Home ordinance took effect on April 26, 2020 in Colorado. On May 27, local restaurants and various other establishments began to slowly open their doors with limited capacity. Short Term Lodging was not allowed until June 1, 2020.
Market Analysis by Area for May 2020: There were a total of 92 transactions and $66,469,300 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $759,972, average residential price was $845,901 and average residential PSF was $490.
YTD 2020 Market Analysis by Area (5 months): There were a total of 577 transactions, and $436,895,228 in monetary volume. The average transaction price for all 18 reported areas is $776,844, average residential price was $831,076 and average residential PPF was $523.
Market Snapshot for FULL Years 2019 vs 2018: Average Indicators for $: Single Family -6%, Multi- Family +8% and Vacant Land -12%. Median Indicators for Single Family +0%, Multi- Family +9% and Vacant Land -11%.
Market Analysis % Change YTD Year 2020: Monetary volume ($66,469,300) in May 2020 was down 58% from May 2019. Transactions (92) were down 59% from May 2019. YTD 2020 Monetary Volume is pacing 31% down from YTD 2019. YTD 2020 transactions are pacing 27% down to YTD 2019.
Residential Cost Analysis: Residential volume in May had 75 transactions with $63,442,600 gross volume. There were 20 properties that sold for $1M and above in May. There were 34 Single Family, 41 Multi-Family and 5 Vacant Land transactions.
Average Price History by Type- YTD Year 2020: Average price for residential Single Family: $1,191,837, Multi- Family: $602,892 and Vacant Land: $303,863.
Comparative Historical Cost Analysis Comparison YTD 2020-2019-2018: In 2020, there were 462 residential transactions and $383,957,323 gross $ volume with 122 properties selling for over $1M. In 2019, there were 619 transactions with $508,087,796 gross $ volume with 141 properties selling for over $1M. In 2018, there were 642 transactions with $457,925,484 gross $ volume with 104 properties selling for over $1M.
Top Lender Analysis May 2020: There were 508 loans in May. 68 loans were related to sales, there were 327 REFI’s and 113 loans were timeshare related. 26% of the real estate closings were cash transactions.
Market Highlights: Please see page 11 of the Market Analysis- Note the the higher priced sale in May 2020 in the Eagles Nest Golf Course area in Silverthorne at $2,285,800 The top priced PSF was in Breckenridge at $894.
Foreclosures: There were no foreclosure actions in May, only 10 so far in 2020.. There were no Bank sales in May.
Purchaser Profile Abstract: Upper end sales were at 20 in May compared to 18 in April. Our buyers for real estate transactions for May 2020: Front Range demographic at 46% of our market, 33% are “local” and 22% are out of state buyers with 0% International.
Land Title New Development Summary: This (page 18) shows all the new construction each month, there were 17 in May.