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2003 Real Estate Sales |
Summit County brokers are the busiest July through October. That statement surprises the majority of people. The single busiest month of the year for lodging, restaurants and retail is March. Why isn't it the same for real estate?
Our visitors are here in the winter for a vacation jam packed with activities. They fall in love and decided to come back in the summer specifically to purchase a piece of heaven.
The data supports this explanation. The facts are clear:
1. 66.2% of Summit County real estate is purchased by people from Colorado.
2. Tourism is highest in the winter months.
3. 62.5% of sales close between June 1st and November 31st.
As the bar chart above shows, the greatest number of transactions in 2003 (the pattern is the same every year) were in the months of August, September and October. Since most real estate sales here close between 30 to 60 days after signing a contract this indicates the majority of properties sell in the summer months.
The sales cycle lingers on into the early autumn for two reasons. Buyers spend time in the summer having fun looking at property. Before they know it the summer is over. While the temperatures are still on the boil in Denver, here the Aspen leaves have transformed the mountainsides into gold. Buyers realize what they are missing and it stimulates them to buy.
The other factor that creates urgency to purchase in the fall is the imminent winter. Buyers want to take possession of their new property before the December holidays so they can make the most of their purchase over the winter season.
When studying the bar chart also notice that while there is a summer sales peak, real estate transactions are consistent year round. There is no low season when sales simply plummet, as we see in other resort communities. Summit County is a strong real estate market month in and month out with a three month spike.
In the past you may have wondered why so many Realtors® have parties over the July 4th weekend. Now you know. July 4th is the "kick off" for the short and very active summer sales season in the mountains.
Knowledge is power. Use this knowledge to your advantage. Email or phone Your Mountain Broker and we will gladly guide you to making the best decision as either a real estate buyer or seller.
© Copyright 2004 by YourMountainBroker.com
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