(Please click the link to the right to view charts and graphs)
KEYSTONE AND SUMMIT COUNTY MARKET UPDATE-AUGUST 2009!
Welcome to the NEW E-FORMAT of THE WALSH GROUP'S "Keystone and Summit County Market Update"!In this issue, we will review the current "state of the market" in Keystone Resort and SummitCounty as well as how it compares to the same time in 2008 and previous years.
The good news is that, since July 1st, the real estate market in Keystone and Summit County have seen a dramatic increase in both showing activity and an increase in the number of buyers making offers…as well as sales coming to fruition! In fact, the number of sales transactions has doubled this month (July) compared to the average of the first six months of 2009!
Although this in 'normally' the time of year when there is an increase in activity anyway and we do sell the predominance of properties in the county and Keystone from July through September (usually accounts for about 60-70% of the sales for the whole year), one big reason for THIS increase is obviously that sales prices have declined approximately 15-20+% in the under $1M price range and are down approx 20-30+% in the over $1M range - from prices in 2007 and early 2008. Therefore, at the current pricing levels, buyers have now FINALLY achieved a 'comfort level' in at least being willing to take action and make offers…AND properties that are priced well ARE getting offers and ARE selling…AND close to their asking prices!
Although the market here is not as soft as in some parts of the country, it seems it is 'soft enough' for prospective buyers to recognize it's time to take action! Of course, some prices are still declining BUT, right now, selection is excellent and the better properties are the first to go.
In conjunction with the low prices, interest rates are also still at record lows - hovering around the 5% level for a 30 year fixed rate mortgage! Also, most buyers are willing to substantiate their incomes (no 'breath tests' anymore!), are willing to substantiate their credit ratings (north of 700 is important) and are willing to put 20%+ down. Therefore, buyers are able to obtain loans!
With that said, I am attaching a few reports for your review. One is a comparison of sales from 2007 through the first half of 2009 – broken down by price range and by area in the county (Keystone, Breckenridge, Dillon…). It also includes a few graphs that compare current inventory levels to sales this year and last year (also broken out by price range) and, based on last 12 months sales, the average length of time that it would take to get a property sold in a particular range. Check it out and see where YOUR property would fit in terms of sales and availability!
The other attachment relates to property sales (condos, single family…) in each of Summit County's market area (Keystone, Breckenridge, Dillon…) all the way back from 2000 to present – with an 'estimate' of the remainder of 2009. As you can see, the estimate in Keystone for condo sales would be almost half and Summit County condo sales overall was still a third of what it was back in 2002…another 'bleak' year – due to the tech stock fall-out and 911 – and still only approx 60% of 2008! In fact, another included chart (at the bottom of the pages of this attachment) shows that one would have to go back to sales levels in the early 1990's to have the current level of sales!
So, is NOW a good time to sell YOUR resort property here in Keystone and SummitCounty? One thing IS certain - for the first time in almost a year, inventory levels are no longer going up AND for the first time in over two years the number of new sales transactions out number the number of new listings coming in!!! Therefore, if you've been thinking of listing your Keystone or SummitCounty property, feel free to contact me at your convenience and let's discuss THIS "window of opportunity".
As always, I hope this information has helped you better understand the current state of the market in Keystone and Summit County and, whether buying or selling real estate here in Keystone and Summit County, I hope you'll contact THE WALSH GROUP AND REMAX to help you with ALL of your Keystone and Summit County real estate needs!
Craig
