Rampant property pricing in Summit County has changed buying trends and added additional challenges for local residents.

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The explosive growth in real estate sales in Summit County – and throughout the Central Rockies of Colorado – continues to amaze and amaze real estate experts and longtime locals alike. Prices and transactions are at all-time highs and show little sign of slowing, even as last year’s pandemic-fueled buying spike is reversing its stance.

Debbie Nelson, owner / broker at Nelson Walley Real Estate, said the momentum that emerged in 2020 definitely lasted until this spring, with transactions from the beginning of the year to the present, setting records again. Inventories are also low as huge demand coincided with skyrocketing prices.

“There are 139 residential properties currently up for sale in Summit County, and only 42 are worth less than $ 1 million,” she said. “And as of April we only had 2.1 months of supply, while six months is a balanced market.”



The hot market has led to extremes

Ned Wally, co-owner / broker of Nelson Wally, said the situation is even more extreme in more expensive luxury locations like Aspen and all of Pitkin County, where total sales more than doubled from 2019 to 2020, with more than 4 sales. billion dollars. Neighboring Eagle County has also set records for real estate. But just $ 226 million in March 2021 sales in Summit County is double that of any other March.



Working with an experienced team of experts can help both sellers and buyers understand the challenges of the Summit County real estate market.  (Photo courtesy of Nelson Walley Real Estate)
Working with an experienced team of experts can help both sellers and buyers understand the challenges of the Summit County real estate market. (Photo courtesy of Nelson Walley Real Estate)

As a result, Wally explained, the climate creates incredible opportunities for vendors and, unfortunately, has become a very difficult challenge for local working families to compete – so much so that the city of Frisco recently declared a housing emergency.

“If you don’t own the property, you end up renting out permanently and risk getting kicked out,” Wally said. “We look forward to seeing people continue to move here and this has created a void in our entire community.”

A sense of balance is essential in times of extremes, Wally said. But for those owners who also feel it is time to maximize the sales potential of their home, Wally also said that working with experienced real estate experts can help you get the most out of our runaway market.

Shopper trends have also changed

And while prices continue to rise, Wally noted that the overall buying dynamics in Summit County has also changed significantly over the past nine months, with far fewer local buyers and even fewer traditional Front Range buyers involved.

Land title records show that in March 2019, about 25% of buyers were in Summit County, with Front Range buyers doing 50% of transactions and US out-of-state buyers the remaining 24%.

In March 2020, this division began to spread more to out-of-state shoppers, with 28% of purchases made by out-of-country shoppers. In March of this year, the situation reached a completely different extreme: 35% of purchases were made by buyers from outside the state; Front Range shoppers fell to 47% and local purchases made up only 18% of the pie, the lowest percentage of locals Wally can recall.

Very few local real estate professionals could have foreseen this kind of change, Wally said, and this is where it is critical for sellers to work with a team whose expertise can help meet such unprecedented demand and focus sales where needed.

“I’ve never seen anything crazier than the last four to five months,” Wally added. “If you are not making a lot of sales, it is very difficult to notice all these small nuances in the market. This is an area we excel in, which helps us make the most of our salespeople. I believe our role is as a real estate investment advisor. Your home is likely one of your largest financial assets, and our job is to help you maximize your bottom line. “

Experienced barbell handling

Nelson said the endless string of record prices could certainly remind some buyers of past real estate price surges and give them some concern. But she firmly believes that things will be different in 2021.

“The last time we saw a real peak in sales like this was in 2006 and 2007, when almost anyone could get a loan, and then the market crashed completely,” Nelson said. “Are we in a bubble again? Not. This time more people are leaving the city, and we have a much more attractive geographic location than Vail or Aspen for people who want to work from home but need to get to Denver easily from time to time. ”

While the current sales environment may lead some potential sellers to feel like they must act on impulse to cash in on the boom, Nelson Walley Real Estate is taking a more strategic approach.
While the current sales environment may lead some potential sellers to feel like they must act on impulse to cash in on the boom, Nelson Walley Real Estate is taking a more strategic approach.

While the current sales environment may lead some potential sellers to feel like they must act on impulse to cash in on the boom, Nelson Walley Real Estate is taking a more strategic approach.

“We are the experts in home production and it usually takes a minimum of 10-12 days to put our entire production and marketing together if you want the perfect result,” Nelson said. “It will make the seller more money.”

“I myself am an impatient salesperson who should have had it yesterday, but even I learned to step back and let everyone on our 6-person team do their own special magic,” added Wally. “Sellers will benefit most if they take the right steps and follow our formula. We had one client with whom we worked for three months to fully prepare their home. This skill set is unique to Summit County. “

Past market experiences have also given Nelson and Wally additional insight into subtle market fluctuations, which, again, can help determine prices for sellers they might not find at larger brokerage firms.

“Things change every day, so we’re watching the news to see how this might affect just one listing,” Nelson said. “People are going to get personal attention and knowledge from us – we’re not going to just pick a number out of thin air.”

Nelson Walley Real Estate welcomes the opportunity to help everyone in Summit County achieve their real estate goals.

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