Summit County Q1, 2018 Micro Market Report

MICROMARKET REPORT |

Summit County • Quarter 1 2018

SUMMIT COUNTY (Servicing the Resort Communities of Breckenridge & Keystone)

3

5

1.

6

Copper Mountain

2. Frisco 3. Silverthorne

2

4. Breckenridge 5. Dillon 6. Keystone 1 4

Pictured on cover: 1028 Beeler Place, Copper Mountain

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SUMMIT COUNTY market update With no shortage of year-round activities and breathtaking mountain vistas at every turn, it is no surprise that Summit County (Breckenridge, Keystone, Copper) continues to attract buyers from around the world. Located on the western side of the Continental Divide, less than a twohour drive from Denver, the Summit County real estate market demonstrated signs of a healthy balance in January through March 2018, compared to that of 2017. This can be correlated to consumers’ continued desire for lifestyle-inspired home purchases, coupled with little available inventory.

The number of single family homes sold remained the same year-over-year, holding at 88. The average sales price in Summit County also held year-over-year, at $734,206, January through March 2018. Across the board, days on market dropped a significant 31.8% year-over-year, from 85 days in 2017, to just 58 days in 2018, an excellent time frame in a resort market, where homes typically stay on the market longer. The number of days a home in Summit County remains on the market averages just two months, demonstrates extremely competitive conditions in the region’s highly desirable marketplace.

SUMMIT COUNTY January through March Sold Listings (All Properties) Sold Single Family Sold Condos/TH/DP Average Days on Market Average Price % Sold Price to List Price Total Dollar Volume Sold

2017

2018

% Change

331

299

-9.7%

88

88

0.0%

243

211

-13.2%

85

58

-31.8%

$735,715

$734,206

-0.2%

97.9%

98.8%

0.9%

$243,521,755

$219,527,730

-9.9%

All Properties

Highlights from the Summit County area include the average price of all properties in Frisco rising to $760,196, up 22.2% from 2017, and Keystone’s average price of all properties rising to $660,999, up 20.5% from 2017. Breckenridge/Blue River’s average price for condos, townhomes, and duplexes rose to $708,627, up 4.8%, from 2017.

Known locally as ‘Colorado’s Playground,’ real estate values are projected to rise based on consumers’ continued desire to purchase homes in areas that offer exceptional year-round opportunities for recreation.

livsothebysrealty.com

Based on Information from SAR MLS. This representation is based in whole or in part on data supplied by SAR MLS. SAR MLS does not guarantee nor is in any way responsible for its accuracy.

Data maintained by SAR MLS may not reflect all real estate activity in the market.

MICROMARKET REPORT | Summit County QUARTER 1 2018 • COLORADOMICROREPORTS.COM

BRECKENRIDGE/BLUE RIVER January through March

2017

Average Price

$1,015,508

$852,927

-16.0%

$502

$512

2.1%

86

77

-10.5%

$4,200,000

$3,175,000

-24.4%

133

110

-17.3%

97.4%

97.5%

0.1%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

All Properties 639 Gold Run Road, Breckenridge

BRECKENRIDGE/BLUE RIVER January through March

2017

2018

Average Price

$1,441,352

$1,162,141

-19.4%

$423

$387

-8.4%

113

122

8.0%

$4,200,000

$3,175,000

-24.4%

59

35

-40.7%

96.5%

96.2%

-0.3%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

Breckenridge Ski Resort, ranked by annual skier visits, is the second most visited ski resort in the United States and offers 34 lifts, 187 trails, and 2,327 acres of Colorado’s finest terrain.

Single Family Homes

BRECKENRIDGE/BLUE RIVER January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2017

2018

% Change

$675,984

$708,627

4.8%

$565

$571

1.0%

63

56

-11.1%

$2,803,600

$2,400,000

-14.4%

74

75

1.4%

98.0%

98.1%

0.0%

4.8%

January through March 2018, the average price of condos, townhomes, and duplexes in Breckenridge/Blue River increased by 4.8% compared to that of 2017.

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FRISCO January through March

Frisco has a 1-mile radius, which offers visitors an easily walkable experience to the many local shops and restaurants, hiking trails, and parks the town boasts.

2017

Average Price

$760,196

22.2%

$413

$473

14.4%

39

46

17.9%

$1,399,000

$2,300,000

64.4%

27

25

-7.4%

98.1%

98.2%

0.0%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$622,126

Average Price per Square Foot

Highest Price

2018

All Properties

FRISCO January through March

2017

2018

Average Price

$1,157,333

$1,148,375

-0.8%

$415

$494

19.0%

100

81

-19.0%

$1,399,000

$2,300,000

64.4%

3

8

166.7%

98.3%

98.0%

-0.2%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

Single Family Homes 515 Kokopelli Court, Frisco

12.1%

The average price per square foot for condos, townhomes, and duplexes in Frisco increased by 12.1% January through March 2018 compared to that of 2017.

FRISCO January through March

2017

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

$555,225

$577,524

4.0%

$413

$463

12.1%

31

30

-3.2%

$730,000

$989,000

35.5%

24

17

-29.2%

98.1%

98.2%

0.1%

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Summit County livsothebysrealty.com

QUARTER 1 2018 • COLORADOMICROREPORTS.COM

DILLON/SUMMIT COVE January through March Average Price

2017

$519,558

65.8%

$310

$358

15.4%

13

33

153.8%

$870,000

$1,130,000

29.9%

29

24

-17.2%

98.7%

97.7%

-1.0%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$313,302

Average Price per Square Foot

Highest Price

2018

Dillon boasts the largest fresh water reservoir in Summit County, Lake Dillon, and is conveniently located south of I-70 with quick access to Frisco and Silverthorne.

All Properties

DILLON/SUMMIT COVE January through March Average Price

2017

$748,000

7.5%

$277

$293

5.8%

46

56

21.7%

$870,000

$1,130,000

29.9%

4

9

125.0%

97.7%

97.3%

-0.4%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$695,557

Average Price per Square Foot

Highest Price

2018

Single Family Homes 780 Alpine Drive, Dillon

DILLON/SUMMIT COVE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2017

2018

% Change

$252,141

$382,493

51.7%

$316

$397

25.9%

8

19

137.5%

$553,000

$974,000

76.1%

25

15

-40.0%

98.9%

97.9%

-1.0%

51.7%

The average price for condos, townhomes, and duplexes in Dillon/Summit Cove increased by 51.7% January through March 2018 compared to that of 2017.

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SILVERTHORNE/WILDERNEST January through March

2017

Average Price

$740,528

33.7%

$326

$372

14.0%

79

51

-35.4%

$1,750,000

$1,470,000

-16.0%

51

54

5.9%

97.6%

99.2%

1.7%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$553,684

Average Price per Square Foot

Highest Price

2018

All Properties 3001 Homestead Lane, Silverthorne

17.8%

January through March 2018, the average price per square foot for single family homes in Silverthorne/Wildernest increased by 17.8% compared to that of 2017.

SILVERTHORNE/WILDERNEST January through March

2017

Average Price

$1,002,167

$984,356

-1.8%

$310

$365

17.8%

202

60

-70.3%

$1,750,000

$1,470,000

-16.0%

12

29

141.7%

95.9%

98.3%

2.5%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

Single Family Homes

SILVERTHORNE/WILDERNEST January through March

2017

Average Price Average Price per Square Foot

Silverthorne, the second most populous town in Summit County, and is beautifully situated between the Gore Range and Continental Divide.

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

$415,690

$457,688

10.1%

$331

$380

14.6%

41

40

-2.4%

$865,000

$795,000

-8.1%

39

25

-35.9%

98.1%

100.3%

2.2%

Condos, Townhomes, Duplexes

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QUARTER 1 2018 •COLORADOMICROREPORTS.COM

KEYSTONE January through March Average Price

2017

$660,999

20.5%

$429

$487

13.4%

82

51

-37.8%

$2,312,500

$1,864,000

-19.4%

53

74

39.6%

97.9%

99.0%

1.2%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$548,766

Average Price per Square Foot

Highest Price

2018

All Properties 89 Erickson Loop #7A, Keystone

KEYSTONE January through March

2017

2018

Average Price

$1,491,500

$1,162,500

-22.1%

$352

$351

-0.5%

418

149

-64.4%

$2,312,500

$1,864,000

-19.4%

5

7

40.0%

95.8%

96.3%

0.5%

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

Keystone Resort ski area offers access to 3 seperate mountains, Dercum Mountain, North Peak, and The Outback, and provides visitors with numerous winter and summer outdoor activities.

Single Family Homes

KEYSTONE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price Condos, Townhomes, Duplexes

2017

2018

% Change

$450,565

$608,604

35.1%

$437

$501

14.6%

47

41

-12.8%

$1,045,000

$1,300,000

24.4%

48

67

39.6%

98.1%

99.3%

1.3%

35.1%

The average price per square foot for condos, townhomes, and duplexes in Keystone increased by 35.1% January through March 2018 compared to that of 2017.

coloradomicroreports.com

11.5%

January through March 2018, the average price in Copper Mountain increased by 11.5% compared to that of 2017.

COPPER MOUNTAIN January through March

2017

Average Price

$444,083

-34.5%

$476

$531

11.5%

183

35

-80.9%

$2,800,000

$900,000

-67.9%

36

12

-66.7%

96.4%

96.5%

0.1%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$677,514

Average Price per Square Foot

Highest Price

2018

All Properties

COPPER MOUNTAIN January through March

2017

Average Price

% Change

$2,231,250

-

-

$576

-

-

417

-

-

$2,800,000

-

-

4

No Sales

-

94%

-

-

Average Price per Square Foot Average Days on Market Highest Price

2018

Properties Sold % Sold Price to List Price Single Family Homes 154 Wheeler Place #154, Copper Mountain

COPPER MOUNTAIN January through March

2017

Average Price

Copper Mountain is conveniently located just 75 miles from Denver and boasts 2,490 acres of ski terrain.

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2018

% Change

$483,297

$444,083

-8.1%

$464

$531

14.5%

154

35

-77.3%

$1,925,000

$900,000

-53.2%

32

12

-62.5%

96.7%

96.5%

-0.2%

Condos, Townhomes, Duplexes

MICROMARKET REPORT | Summit County livsothebysrealty.com

QUARTER 1 2018 • COLORADOMICROREPORTS.COM

The life you love.

livsothebysrealty.com | coloradomicroreports.com Based on Information from SAR MLS. This representation is based in whole or in part on data supplied by SAR MLS. SAR MLS does not guarantee nor is in any way responsible for its accuracy. Data maintained by SAR MLS may not reflect all real estate activity in the market.