Summit County Real Estate Market Update, July 2009
Summit County Market Update, July 2009
Summer in Summit County is upon us in its entirety and much like the jump in visitors walking, shopping, and dining through town, we are seeing an upswing in real estate activity. The traffic through our offices and property viewings remain strong and have shown an increase compared to this past winter season. Summit County’s residential transactions in February and March totaled 98, increasing to 135 in April and May. Our website visits have increased more than 20% in the past six months. It is evident that people are interested and seriously looking at mountain real estate.
I am not implying that our market has fully recovered to the same level of transactions that we saw two years ago, but it does mean that buyers’ interest and confidence seems to gradually be returning. A “buyers’ market” has emerged, and those buyers are looking for incredible value – the deal of the century. Recent price adjustments have created many opportunities for smart buyers to purchase property at prices not seen in a while.
In addition, for buyers with ample cash or equity available for a down payment on a home, there are great financing packages from which to choose. Although interest rates have slightly increased most recently, they remain historically low, making for an even more inspiring reason to buy now.
Because buyers have an abundant amount of properties from which to choose, strong competition among sellers has developed. In addition to aggressive pricing, properties must be in excellent condition to catch buyers’ attention. This is where we are seeing offers being made and deals coming together. For those sellers who do have to sell or who are uncomfortable with discounted pricing, it may be beneficial to delay timing and put their home on the market when there is less competition. Making your home available for rent is a good income generating alternative.
Over half of Summit County real estate buyers come from the Front Range (Denver and Boulder area). In June, Today Show real estate contributor, Barbara Corcoran, shared that Denver is poised to recover first, before any other city in the country, from the current market slowdown. This is good news for the Summit County real estate market. The lifestyle of mountain living is enduring and will always attract buyers. 2009 will continue to present people with unique and perhaps once-in-a-lifetime opportunities to purchase a mountain home.
Darryl Nolz, Associate Broker, Slifer Smith & Frampton Real Estate – Summit County, Colorado
