Weekly Update for Dec 10, 2011 Summit County

 

Residential sales are still showing a 15% increase with only three weeks left of 2011! However, the number of residential listings that are under contract right now dropped from 31% last week to 14% this week - still positive, but a dramatic swing that we need to watch carefully.  It will ultimately be the number of transactions that will ditcate the market direction.

Sales are up in most areas. Condominium sales are up in all towns in Summit County except for Keystone. The Keystone condo market is down about 10%. The average sold price for condominiums in the Keystone market from 1/1 through 12/10 by year are as follows: 2008 $386,053 - 2009 $367,087 - 2010 $345,459 and 2011 $313,116. We have a few weeks left of 2011 and it will be interesting to see how the year ends up.

Home sales are up in all towns with the exception of the Silverthorne market where the number of homes sold this year (as of 12/11) are flat or the same! In the only flat market the average sold price is down about 20%. The market with the largest percent gain in the number of homes sold is Frisco with a 35% increase in the number that have sold and about a 21% decrease in the average sold price.