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Summit County Real Estate Review 2009

Posted in: Our Newsletter, Buyers, Sellers
By Cornerstone
Jan 7, 2010 - 5:49:30 PM

Now that the holiday season is over and Summit County has quieted down a bit, it is time to take a deep breath and look back on 2009.  The past year could be best summarized as "Much better than we thought it would be!" The first quarter of the year was extremely slow in the Summit County real estate markets, and the stock market was at a panic-inducing low.  However, over the course of the summer and fall the sales volume and number of closed transactions steadily rose along with the Dow.  Summit County finished at a total $538M in volume and 862 transactions, which was 24% lower than the previous year. 
 
Despite the turmoil in the economy this past year our inventory levels followed the typical seasonal cycle, increasing in the spring and summer and going back down once the ski season started.  County-wide, inventory started out with a low of 6.64% in Jan 09, reached a high of 9.65% in August and ended at 6.96% as of Jan 4th.  Low inventory usually means good news for real estate values, however while the number of transactions has risen in the last six months it is still well below normal levels. The supply is low but the demand is even lower.  This means that our absorption rates are still low, which has driven prices down. 
 
Economic experts are predicting that the artificially low interest rates may not last through 2010 and that more foreclosures are on the way, which could possibly lead to lower real estate prices nation-wide.  However we know from experience that all real estate is local and that our market is very unique, not always following national trends.  It is unclear exactly how these events may affect Summit County Real Estate in the next 12 months, since on average around 40% of our transactions are all cash and the Summit County foreclosure rate has remained extremely low (less than two-tenths of 1% of the properties in Summit County were foreclosed on in 2009).

 

   



Cornerstone Real Estate Company


23110 Hwy 6 #107
Keystone, CO 80435

111 A Lincoln Avenue
Breckenridge, CO 80424

970-513-8200 Office
866-441-0112   Toll Free
 


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