Another positive trend has hit the Colorado Real Estate Market. According to Land Title, almost all real estate metrics have risen in the past year. The following are numbers that compared last years first quarter to this years first quarter.
With accordance to a prior blog the numbers from the first quarter echo that residential homes prices are rebounding and going up. From 2013 to 2014 the median average home price has increased 5.26%. Again this is a good example that the market is rebounding and people are getting more and more for their homes. We are seeing less and less foreclosures in the mountains as well.
The average residential price to piggy back the median prices also had risen in the last year. From 2013 the average residential prices have gone up by 4.1 percent. Even though these numbers are not astronomical, these are beneficial gains and more hints that the summer of 2014 will help truly revive the real estate market.
Price per square fooT (PPS) is a huge tool here in the mountains when it comes to listing homes. This price always has to be competitive with comparable’s, or the likelihood of a time efficient sell will not occur. This is the largest increase in any of our Summit County metrics. Price per square foot went up on an average of 16.09 percent.
Transactions in the first quarter of the year have gone down from 2013. Although, this can sometimes be a misleading number because even though the transactions have gone down, the price per transaction is still climbing.
Summit County buyers profiles are as follows: about sixteen percent of the quarter one buyers in Summit County were local residents. Almost fifty percent were buyers from the front range and Denver area. Finally we have not had any international buyers up to this point in the year and only .66 percent were from out of state.
So far the metric’s are great for Summit County home sales. The numbers are only going to get better as the summer moves along. Please do not hesitate to call any of our great Omni Agents for any help we can provide you.
Eagle County:
* Median Residential Price up 19.67% from LY Q1 numbers
* Transactions up 5.67% from LY Q1 numbers
* Average Residential Price up 10.78% from LY Q1 numbers
* Average Residential Price PSF up 10.36% from LY Q1 numbers
* Buyer Profile: 48.26% local, 15.14% front range, 31.55% Out-of-State, 5.05% international
Garfield County:
* Median Residential Price up .55% from LY Q1 numbers
* Average Residential Price up 21.14% from LY Q1 numbers
* Average Residential Price PSF up 11.96% from LY Q1 numbers
* Transactions down 10.48% from LY Q1 numbers
* Buyer Profile: 81.53% local, 3.6% Front Range, 14.86% Out-of-State, 0% international
Grand County:
* Median Residential Price up 23.21% from LY Q1 numbers
* Average Residential Price up 32.76% from LY Q1 numbers
* Average Residential Price PSF up 11.82% from LY Q1 numbers
* Transactions down 21.29% from LY Q1 numbers
* Buyer Profile: 16.91% local, 64.25% Front Range, 18.36% Out-of-State, .48% international
Pitkin County:
* Median Residential Price up 65.54% from LY Q1 numbers
* Average Residential Price PSF up 22.84% from LY Q1 numbers
* Transactions down 1.79% from LY Q1 Numbers
* Average Residential Price up 35.04% from LY Q1 numbers
* Buyer Profile: 66.06% local, .61% Front Range, 30.30% Out-of-State, 3.03% international
Routt County:
* Median Residential Price down 3.65% from LY Q1 numbers
* Average Residential Price down 25.21% from LY Q1 numbers
* Average Residential Price PSF down 18.37% from LY Q1 numbers
* Transactions down 2.26% from LY Q1 numbers
* Buyer Profile: 35.00% local, 13.85% Front Range, 50.38% Out-of-State, .77% International
San Miguel County:
* Median Residential Price down 19.14% from LY Q1 numbers
* Average Residential Price down 11.07% from LY Q1 numbers
* Average Residential Price PSF up 6.85% from LY Q1 numbers
* Transactions up 21.84% from LY Q1 numbers
* Buyer Profile: 34.91% Local, 2.83% Front Range, 61.32% Out-of-State, .94% International
Summit County:
* Median Residential Price up 5.26% from LY Q1 numbers
* Average Residential Price up 4.61% from LY Q1 numbers
* Average Residential Price PSF up 16.09% from LY Q1 numbers
* Transactions down 4.40% from LY Q1 numbers
* Buyer Profile: 16.78% local, 49.34% Front Range, 33.22% Out-of-State, .66% International
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This Weeks Summit County Events
The end of November in the Colorado mountains is a transition into the heart of winter. Snow blankets the towering peaks and evergreen forests, creating a picture-perfect scene straight out of a holiday postcard. The air is crisp, with temperatures often dipping below freezing, and the soft crunch of snow underfoot accompanies every step. Ski resorts buzz with early-season visitors eager to carve the fresh powder, while cozy mountain towns like Breckenridge and Aspen twinkle with festive lights. Wildlife becomes more elusive, yet you might spot elk or deer grazing in the valleys, their thick winter coats blending with the snowy backdrop. It's a time of serene beauty and the promise of winter adventures. -
This Weeks Summit County Events
In mid-November, the Colorado mountains transition into a true winter wonderland. The air is crisp, with temperatures often dipping well below freezing, especially at higher elevations. Snow blankets the peaks and valleys, turning the landscape into a vast expanse of white against the dark, towering pine and spruce trees. Ski resorts are bustling with activity as they prepare for the upcoming season, while early-bird skiers and snowboarders eagerly hit the slopes, enjoying the fresh powder. Wildlife like elk, deer, and sometimes even moose can be seen foraging in the snowy fields as they prepare for the cold months ahead. For those not on the slopes, hiking trails provide a serene escape, offering glimpses of snow-dusted aspens and breathtaking, unobstructed views of the frosty, majestic Rockies. -
This Weeks Summit County Events
The beginning of November in the Colorado mountains is a time of transition, as autumn’s final hues give way to winter’s first snowfalls. Crisp, clear days with vibrant blue skies are interspersed with chilly nights, often bringing a dusting of snow to blanket the high peaks. Golden aspens have shed their leaves, leaving bare branches that stand in striking contrast to the dark green pines and snow-capped summits. Trails and lakes start to quiet as wildlife prepares for winter, and the towns begin gearing up for ski season. There’s a sense of anticipation in the air, as locals and visitors alike wait eagerly for the mountains to transform into a winter wonderland.
