Real estate cranking in Summit Co, too
Summit County correspondent
SUMMIT COUNTY – The real-estate market may be cooling off nationally, but over the summer months so far here in the High Country, the homebuying market is white-hot.
Just as they are in Aspen and Pitkin County, properties in Summit County’s ski resort markets are moving.
For the second month in a row in Summit County, transaction volume – or the total dollar amount recorded for residential real estate sales – measured for the month showed a dramatic increase over the same time period last year.
This past June, real-estate volume was nearly $163 million for the month – a more than 45 percent jump over June 2005. In terms of specific June transactions, the 340 recorded were more than an 11 percent boost over the same month last year.
The sharp June numbers follow a record-setting May as well. Volume for May 2006 was more than $137 million for the month, a 31 percent jump over the more than $112 million in volume logged in May 2005.
Breaking down the June numbers town by town, Breckenridge claimed more than 18 percent of all the transactions for the month, at a volume of almost $32 million. The average Breck transaction price? More than $506,000.
Keystone was second in terms of number of transactions, recording 51. Surprisingly, the average transaction price in Keystone was greater than in booming Breck, at nearly $653,000 per real estate swap.
Silverthorne, however, proved no slouch. That town logged the third- highest number of transactions in July, at 40. But the average transaction price for those 40 deals topped both Breck and Keystone, at an average of more than $679,000.
Even as the Federal Reserve has kept interest rates at a steady climb through the first six months of the year, cooling off ridiculously hot real estate markets like Florida, California and New York, Summit County is still reporting record numbers year-to-date. For the first six months of 2006, the county saw more than $681 million in transaction volume.
Compared to the more than $554 million over the first six months of 2005, that’s a jump of more than 22 percent.
Real estate numbers are reported every month by the Land Title Guarantee Company in Breckenridge, and are compiled via actual recorded transactions at the county Clerk and Recorder’s Office. Time share information is not included in the numbers.
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The 10th Circuit Court of Appeals this week affirmed the dismissal of a lawsuit against the city of Aspen that challenged its zoning laws concerning Mill Street Plaza, which is home to locally serving businesses.