Summit County Colorado Market Report March 2020

Market Trends

Here is the market report for February sales before the true crises hit.

They are not of great significance right now but might give us an idea of where we will get back to in a few months. Although no one knows how long this will last I remain optimistic that we will be enjoying a great summer. If you were thinking this was a good time to buy your mountain property I think it will pan out that this is the best opportunity you will see for a long time. We just need to watch the short term numbers and see when it looks like they are bottoming and you can beat the flood of pent up demand. These are the numbers for the last week;

Price decrease; 20  Price increase; 2  New listings; 39  Back on the Market; 25  Pending; 20  Sold; 20 Withdrawn; 25. Thoughts: Prices are not seeing a dramatic drop so far, More people backed out of their contracts than signed new ones raising sellers' motivation levels, Many people pulled their properties from the market these are the less motivated. There is obviously some pull back by buyers, this is the best time to start looking. I will continue to send you weekly updates so that we can trend the reaction together. 

I am here as your resource through the tough times as well as when the good times return. Don't let the virus infect your dreams. 

Market Analysis % Change 2020 vs 2019: Monetary volume ($108,221,070) in February 2020 was up 3% from February 2019. Transactions (126) were down 5% from February 2019. Monetary volume ($175,227,700) YTD 2020 was up 1.5% from YTD 2019. Transactions (209) were down 1% from YTD 2019. This was still before the virus hit full tilt. March will be an anomaly and it will be April, maybe, before we can see where the virus will take us.  

Comparative Historical Cost Analysis; Average Indicators for $: Single Family -5%, Multi- Family +7% and Vacant Land -2%. Median Indicators for $: Single Family +2%, Multi- Family +4% and Vacant Land -3%.                   

Luxury Market is Still keeping pace; -YTD '20 58 properties sold for a $1M and over  -YTD '19; 48 properties sold at $1M and over  -YTD '18; 35  properties sold at $1M and over.                                
Time on Market; This is trending upward again. Median days on Market for February '19 was at 34, May was down to 15. October crept back up to 34. February was 32 days. Average days has zoomed to 81! 

Buyer Demographics;  -Front Range; 48%, this is the biggest number I have ever seen. A great indicator that we will bounce back quickly.  -Local including relocating; 25% -Out of State; 27%  -International; 0%. 41% of transactions were Ca$h, folks getting out of stocks?
 
Inventory is 493 total units listed for sale right now.  Pretty low still. These are the motivated, ready to bargain. With the low interest rates mountain property may never be this affordable again. 

See the complete report from Land Title