Summit County Colorado continuous to buck the national trend. We look to be back on track after a rare down month in February. Transaction volume was up 3% over March of 2007. The two price categories that continue to perform very well are $300,000 to $500,000 and $1,000,000 to $1,500,000. The first price range represents the value condo segment of Summit County with Ski in / out, & slope side condos going for a much higher price. This segment has continued to perform very well over the last year and looks to continue to do so. The Second category represents primarily single family homes and on resort ski run's & luxury condos. Most of the performance here is in the single family homes. With second home owners and retirees the primary buying source for these homes. With The Highlands at Breckenridge and Eagles Nest & Three Peaks in Silverthorne being the most active in single family homes in this segment. With new homes soon to come on-line in Anglers Mountain Ranch in Silverthorne this category should have nice inventory for the summer selling season.
Volume was up and the number of transactions continue to decline and has so for several years. If you have read these reports before you may know I have noted that this is the trend at many resorts. As a market matures and land becomes less available the properties appreciate faster and thus pricing becomes higher causing each transaction to be higher and less transactions due to the cost of the properties.
Land is becoming more scarce around the county and we are seeing incredible appreciation on some of the properties as noticed by the average transaction amounts for vacant land at $573,000 in 2008. Most figure land cost for homes should be no more than 25-30 % of the home price. The resulting homes being built on these lots will be in the $2,000,000 and up category. Total build out for Summit County Colorado is still predicted in the 2012-2014 category. Once this happens appreciation is estimated to continue to escalate at an even faster clip.
Single family appreciation seems to be holding steady but we will get a clearer picture after the summer selling season when most of the nicest homes become available and sell during these months.
Breckenridge & Keystone Colorado were transaction volume leaders in the county for March followed closely by Silverthorne which includes Wildernest. This has been the trend for some time however Keystone is usually in the third spot. With all of the renovation and the new Gondola going in a Keystone this maybe something to watch as Keystone completes a major renovation.
Take a look at the following graphs and area info for March 2008 info and statistics.
Market analysis by area 3 months Summit County
| Area | $ Volume Transactions | % of $ Volume | # of Transactions | % of Transactions | Average $ Transaction Price |
| Blue River & South to County Line | $13,648,900 | 6% | 28 | 6% | $487,461 |
| Breckenridge | $73,536,300 | 30% | 114 | 25% | $645,055 |
| Breckenridge Golf Course | $27,740,800 | 11% | 34 | 7% | $815,906 |
| Central Summit County (non-town) | $0 | 0% | 0 | 0% | $0 |
| Copper Mountain | $12,333,700 | 5% | 26 | 6% | $474,373 |
| Corinthian Hills & Summerwood | $0 | 0% | 0 | 0% | $0 |
| Dillon Town & Lake | $3,156,000 | 1% | 9 | 2% | $350,667 |
| Dillon Valley | $3,789,300 | 2% | 19 | 4% | $199,437 |
| Farmers Corner | $420,000 | 0% | 1 | 0% | $0 |
| Frisco | $18,378,600 | 7% | 34 | 7% | $540,547 |
| Heeney | $1,200,000 | 0% | 1 | 0% | $0 |
| Keystone | $40,421,900 | 16% | 86 | 19% | $470,022 |
| Montezuma | $178,200 | 0% | 2 | 0% | $89,100 |
| North Summit County (rural) | $0 | 0% | 0 | 0% | $0 |
| Peak 7 | $1,145,000 | 0% | 2 | 0% | $572,500 |
| Silverthorne | $24,852,000 | 10% | 39 | 9% | $637,231 |
| Summit Cove | $6,891,300 | 3% | 13 | 3% | $530,100 |
| Wildernest | $10,894,900 | 4% | 37 | 8% | $294,457 |
| Woodmoor | $6,325,300 | 3% | 7 | 2% | $903,614 |
| Misc. & Out of County | $521,900 | 0% | 3 | 1% | $173,967 |
| TOTAL | $245,434,100 | 100.00% | 455 | 100.00% | $523,769 |
| Note: Average Transaction Price & Median Transaction Price do not include Quit Claim Deed Transactions, No Refi's | |||||
| Please note: The above figures do not include time share interests or Refis and are an unofficial tabulation of Summit County records that are believed to be reasonably accurate. | |||||
Cost Break Down March YTD 2008.
| Home Sale | # of Transactions | Total Dollar Volume | Percentage Gross | Average Sales Price |
| <=200,000 | 39 | $ 5,998,500 | 3% | $ 153,808 |
| 200,001 to 300,000 | 56 | $ 14,360,000 | 7% | $ 256,429 |
| 300,001 to 400,000 | 73 | $ 25,614,600 | 13% | $ 350,885 |
| 400,001 to 500,000 | 52 | $ 23,467,900 | 12% | $ 451,306 |
| 500,001 to 600,000 | 29 | $ 16,202,500 | 8% | $ 558,707 |
| 600,001 to 700,000 | 23 | $ 15,244,100 | 8% | $ 662,787 |
| 700,001 to 800,000 | 19 | $ 14,343,900 | 7% | $ 754,942 |
| 800,001 to 900,000 | 14 | $ 11,957,200 | 6% | $ 854,086 |
| 900,001 to 1,000,000 | 14 | $ 13,232,900 | 7% | $ 945,207 |
| 1,000,001 to 1,500,000 | 25 | $ 28,861,300 | 15% | $ 1,154,452 |
| 1,500,001 to 2,000,000 | 8 | $ 13,941,000 | 7% | $ 1,742,625 |
| 2,000,001 to 2,500,000 | 4 | $ 9,133,000 | 5% | $ 2,283,250 |
| 2,500,001 to 3,000,000 | 2 | $ 5,600,000 | 3% | $ 2,800,000 |
| over $ 3 Million | 0 | 0% | N/A | |
| Total | 358 | $ 197,956,900 | 100% | $ 552,952 |
Market analysis % change.
| Month | 2004 | % Change 04 to 05 | 2005 | % Change 05 to 06 | 2006 | % Change 06 to 07 | 2007 | % Change 07 to 08 | 2008 |
| January | $41,825,900 | 93% | $80,788,900 | 6% | $85,701,700 | -3% | $82,933,400 | 3% | $85,497,600 |
| February | $62,725,300 | 15% | $72,151,200 | 6% | $76,698,900 | 15% | $88,392,000 | -27% | $64,539,900 |
| March | $69,129,000 | 30% | $90,177,800 | 20% | $108,018,500 | -14% | $92,555,500 | 3% | $95,396,600 |
| April | $77,378,000 | 22% | $94,438,600 | 17% | $110,949,200 | 21% | $133,878,100 | ||
| May | $88,236,800 | 19% | $104,834,400 | 31% | $137,133,800 | 16% | $158,745,300 | ||
| June | $111,700,400 | 0% | $112,232,799 | 45% | $162,725,600 | -13% | $141,802,500 | ||
| July | $89,310,400 | 37% | $122,040,800 | 0% | $122,097,500 | 13% | $138,251,700 | ||
| August | $102,320,900 | 45% | $148,269,200 | -12% | $130,811,400 | 42% | $186,302,600 | ||
| September | $116,154,100 | 39% | $161,353,500 | 36% | $219,939,000 | -23% | $168,704,900 | ||
| October | $117,417,900 | 30% | $152,693,400 | 24% | $188,770,200 | -22% | $146,546,900 | ||
| November | $116,352,500 | 66% | $193,562,600 | -29% | $138,233,900 | 14% | $156,934,000 | ||
| December | $135,624,700 | 6% | $143,084,300 | 10% | $156,795,100 | -13% | $135,691,900 | ||
| Year-to-Date TOTAL | $1,128,175,900 | 31% | $1,475,627,499 | 11% | $1,637,874,800 | 0% | $1,630,738,800 | N/A | $245,434,100 |
| Month to Date | $173,680,200 | 40% | $243,117,900 | 11% | $270,419,100 | -2% | $263,880,900 | -7% | $245,434,100 |
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