Summit Real Estate Sales Tumble in June

Real Estate

Sales tailed off significantly in June. Lack of sales is due to lack of availability, not lack of demand as demonstrated by the days on Market which are rock bottom.

Market Analysis % Change Year over Year 2015 vs 2016:

-Monetary volume ($113,032,009) in June was down -13% compared to June 2015.

-Number of transactions (220) was down -16% in June compared to June 2015.

-YTD 2016, monetary volume is flat to 2015 and transactions are down -4% compared to YTD 2016 suggesting a continuing rise in prices.

-Demand is still growing as days on market fell from a median of 81 for February sales to just 24 for May sales, 18 days in June, 15 median days on the market in July.

Luxury Market;

-There were 17 properties that sold for $1M and above in June. There were 15 properties that sold for $1M and above in May.

Land Title Purchaser Highlights;  our buyers for real estate transactions in 2015;

-37% of our buyers were from the Front Range

-36% are local full time residents which includes “retirees” relocating here

-25% are out of state buyers,

-1% of Buyers were International