A brief update on market conditions in Summit County Colorado ski & investment properties
Well, 2007 is shaping up to be an amazing market for top end luxury properties in Summit County, Colorado! In the $2.5 million and up category, there were only nine properties sold in 2005, while in 2006 only four sold. This year sales are already at three and selling season is just starting. Prices are also reaching $550-600 per square foot in some cases, which is breaking all records.
In addition, days on market numbers are going down too. Since good land is getting scarce, buyers are realizing that some of the new homes and resales are a great option. It is still critical that the home is priced properly and a good lot and floor plan are essential. That said, those homes that meet these criteria are selling through.
The local Summit County market has rarely seen any fall off through the last fifteen or twenty years. It tends to run with the stock market, so when the market is strong, so is the real estate market. Don’t be misled by naysayers who talk about the soft market conditions in other parts of the country! Our market is booming. Come talk to us about investing in your Colorado dream house.