All of the final data is in on the year 2019, and so what can we learn from it?
- Gross volume of residential real estate sales in Summit County rose 9% in 2019. The previous year increase (2017-2018) was 5%.
- Gross volume in 2019 was an astounding $1,898,948,470.
- However, the total number of residential real estate transactions in 2019 was down 3% from the previous year.
- The total number of residential transactions in 2019 was 2442, down from 2507 in 2018.
- With total volume going up and the number of transactions going down, this can only mean one thing… the average transaction price is going up. For the full year 2019 the average single family home in Summit County cost: $1,262,929. This represents a record high, up from $1,142,905 for the full year 2018 and is an 11% increase.
[These statistics are provided courtesy of Brooke Roberts of Land Title in Breckenridge, Colorado. See a web archive of these stats here.]
As I write this (on Friday, March 6, 2020), we are experiencing the first direct effects of the potential COVID-19 (Coronavirus) pandemic in Colorado, with one of the first cases having been reported in Keystone. What impact will this have on our local and wider economies? And, with the stock market currently in free fall, is real estate a safer place to have your money? I’ll attempt to answer these questions and more in a future blog post when data is in.