Why the Rapid Growth of Summit County is Good For Us Locals
Summit County real estate is booming. Really booming.
In the beginning of this year, it was predicted that Summit County would receive and approve the same amount of building permits as they did in 2015. This prediction has already been proven inaccurate. In fact, the county has received many more permits this year.
Last April, the town of Silverthorne approved 25 new residential development permits—a huge jump from only six permits in April 2015!
People from all over the USA are coming to Summit County in droves. Some of them plan to live here all year round. Some are second homeowners. A few are real estate investors. Whatever their reason for being in Summit County, they’re buying homes in Summit County left and right.
In order to keep up with the demand for housing and real estate in Summit County, developers are snapping up land all over the area, mostly in the northern part of Silverthorne, and putting into motion new residential development projects faster than you can say, “Welcome to Summit County.”
Many of us Summit County locals aren’t happy with the construction boom in the area. Who could blame us? Construction vehicles and large pieces of construction equipment are everywhere. The roads have gotten a bit more crowded. Public places have gotten a little noisier. Summit County is changing, and we hear you loud and clear.
However, what if we told you that the rapid growth of Summit County is actually a great thing, especially for us locals?
It really is! Just hear us out.
With more people coming here, Summit County is making a lot of money in sales tax and excise taxes. To avoid getting bogged down in the details and numbers, let’s take a look at Silverthorne in particular:
- According to Summit County’s 2016 budget report, the county’s sales tax revenue was predicted to increase by 2% this year. However, by April, Silverthorne had already exceeded that goal. Its year-to-date sales taxes had risen by 2%. From January 2016 through April 2016, the town of Silverthorne alone brought in $3.16 million.
- Silverthorne is making a killing on its excise-tax collections. It went up 440.7% compared to April 2015 and 259% year-to-date compared to the previous year.
So what does this mean for us?
Better roads, nicer public facilities, cleaner parks, improved bike trails, and increased maintenance for other departmental services provided by the county.
Two percent of all sales taxes across Summit County go toward these programs and services. In addition to that, up to 2.5% of the sales taxes go to their respective towns. The percentage depends on the town. For example, Silverthorne takes 2%.
Just when we’re starting to think that Summit County couldn’t get any nicer, an opportunity arises for it to do so. Do you have any ideas on how Summit County should spend its newfound money? Let us know!
The Home and Condo Sales Market in April 2016
Check out the below stats about real estate home and condo sales prices in April 2016.
How’s the Residential Real Estate Market in Breckenridge?
Well the numbers don’t deceive! After a crazy busy summer, we’ve got some numbers that show steady increases in the Breckenridge real estate market. The average cost of a home in Breckenridge has risen 9% and the number of homes sold is up a whopping 15%! We are very excited to see these positive trends.
2013 and 2014 also saw steady increases. We are regularly seeing homes sold for great prices, bidding wars and houses selling without even going on the market.
If you are considering selling your home in Breckenridge, now is a great time to do so! Give us a call to get the ball rolling on selling your Breckenridge property!
How’s the “Luxury” market in Breckenridge?
So what about the luxury sales market in Breckenridge you ask? 2014’s closing numbers show a 7.6% increase from 2013. The average price went up ads well and is around 1.6M, 6.2% increase from the previous year!
Check out this video to learn more.
The Breckenridge Market in Brief
Sales are up 6% and the average sold price is up 5.4% in Summit County. The North Side (Frisco and Silverthorne) is witnessing a 12% improvement in sales and a slightly down average sold price (-0.5%). The South Side sales (Breckenridge )are down -2.5% and the average sold price is up substantially (+14.7%).
Interesting that the total number of properties under contract is currently up +31% over this same time last year. Another interesting tidbit is that if we remove all the new construction that is pending the total number of properties under contract today is exactly the same as last year. It will be interesting to see what percentage of that 31% improvement closes in 2014.
Just keeping you in the loop!
RE/MAX- Dominating the Summit County Real Estate Market
People ask me all the time if there really is a benefit to using Remax when buying a second home or investment property. This video pretty much sums it up for you. Remax dominates the Summit County real estate market- and for good reason. They are the leaders in closed transactions in Keystone, Breck, Silverthorne and Frisco!
When listing or buying a home clients feel more confident using a company that is known to get results. Roger and I have been selling real estate with Re/Max for almost 20 years because we are confident in their knowledge and experience in the real estate world. When making a large purchase such as buying a second home or investment property, I know that I personally like the familiar names who have proven themselves. You don’t want to gamble with an untried mom and pop company. Please call if you have any questions and we can talk more. Snow is almost here so don’t forget to secure your winter reservations early!
Market update in Breckenridge for Vacation Properties and Second homes
Wondering what the average price history is for 2014 thus far? Well, here you go.
Average residential pricing continues to be highly consistent as of July. We are happy to see consistent numbers after the recession. Consistent means that our real estate market is holding its value and is stable.
Here’s some numbers for you:
Single family: $799,222 Multi-family (meaning condos and townhomes): at $362,783 Vacant land: $372,880
Residential volume is also doing really well with 158 transactions and topping $79 million in gross volume. 12 of those properties were sold for $1M or more in July alone. This brings us to a higher active price point than previous months at $300K to $400K. The $500-600K price point was also high with 22 transactions! Here’s the full breakdown:
55 single family homes
103 multi-family homes
14 vacant land sales.
Overall, we are really happy with the performance of the market this July. Properties are selling and they are selling fast and with stable prices. Considering buying or selling a second home or vacation home? Now is a great time! Click here to get started.
Average Price & Number of Sales UP for Vacation Homes!
This is the peak selling season for Breckenridge to buy second homes and, based on historic sales, should continue for another 4 weeks. During those 4 weeks, plus this week we are in the middle of, the county should see 40 to 50 plus properties go under contract. After that the next 4 weeks typically see about 30 something going under contract and the following 4 to 5 weeks (think October now) the under contract activity drops a bit more.
Have to brag at bit! We are the ones to help you buy your Mountain Home!
Remax Properties is ahead of last year at this time for the number of properties under contract by 30% with the county being up about 18% (this means the sales done in Summit County by all of Summit County Realtors). Congrats to us on “Out Pacing” the market! Roger and I have already had a great first and second quarter. This is exciting news everybody. We are in recovery so the loan rates are low and it is not too late to get in on these prices before they start going up again and they will. They always do! So buy low sell high. Not rocket science. Come live the dream with us in the best place in the world to own a second home or a ski in ski out property! Seriously it is the best place on earth. Hope you all have a Happy 4th! Come and see us!