Thursday, July 31, 2008

Now is the time to buy in Summit County Colorado

Why is now a good time to buy in Summit County Colorado?

Summer is high real estate season in Summit County. More than 70% of sales occur between June and October. This summer, compared to last summer, the amount of properties for sale in all Summit County communities is double to almost triple than it was a year ago on August 1, 2007.

This means that Buyers have more choices, along with better negotiating power, because Sellers want to SELL - not sit and wait for next summer!

A good indicator of the state of the market is the amount of available properties, or "inventory." The more inventory, the softer the market and better conditions for Buyers. The less inventory, the stronger the market and better conditions for Sellers.

With higher inventory, competition among inventory becomes fierce. Prices may begin to fall, although we haven't seen properties losing appreciation yet. If you have been thinking about buying a mountain home, now is a great time. If you are thinking of Selling, be sure your property is priced competitively to market rates and that your property is in great condition.

Breckenridge:
Inventory August 2007: 388
Inventory August 2008: 838
An increase of 116%.
Out of the 838 properties for sale, 270 have been price reduced.

Copper Mountain
Inventory August 2007: 29
Inventory August 2008: 82
An increase of 183%
Out of the 82 properties for sale, 22 have been price reduced.

Dillon/Summit Cove
Inventory August 2007: 76
Inventory August 2008: 169
An increase of 122%
Out of the 169 properties for sale, 68 have been price reduced.

Frisco
Inventory August 2007 79
Inventory August 2008 167
An increase of 96%
Out of the 167 properties for sale, 68 have been price reduced.

Keystone
Inventory August 2007 79
Inventory August 2008 180
An increase of 128%
Out of the 180 properties for sale, 55 have been price reduced.

Wildernest/Silverthorne
Inventory August 2007 133
Inventory August 2008 285
An increase of 114%
Out of the 285 properties for sale, 84 have been price reduced.
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