Residential real estate sales in Summit County have been on an upward trend for a couple of years now.? Land sales have been lagging a little behind and even had a decrease in sales from 2010 to 2011.? 2012 land sales were good and are bringing some overdue?enthusiasm back to vacant land.
?The bottom fell out of the market in Summit County towards the end of 2008.? 2009 was the first full year of recession and as a result has our lowest sales activity in both land and residential sales.? It took until?2012?for residential sales to?surpass 2008 residential sales numbers.? We certainly didn?t anticipate land sales to?make up as much ground as residential sales and even come close to 2008 numbers but they did.? 2012 land sales are?just 14% behind 2008.?
The good news for land sales doesn?t stop there.? 2012?had 116 land sales in Summit County, CO.?? That is a 41% increase over the number of sales in 2011 and a 71% increase over 2009?s numbers.? The dollar volume of those 116 sales in 2012 equalled $38,585,430.? That?s a hefty 61% increase over 2011?s dollar volume.
The struggle with land is that there is still so much of it on the market.? The Summit County market went from over 300 land sales a year to less than 100.? That?s created excess inventory.? There is currently 338 parcels of land for sale in the county.? At our height, that inventory would barely cover one year of demand.? With our current sales, it is just under a three year supply.
What does this mean for land sales for the upcoming year?? If only the crystal ball was working and I could see into the future!? Hopefully the confidence in the market will continue and keep buyer demand strong.? That confidence creates traction in our market place that will keep our sales heading in the right direction.??We have?an optimistic outlook for both residential and land sales in Summit County, Colorado for 2013.
Source: http://www.mountain-living.com/2013/blog/summit-county-land-sales-2012/
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.