Summer 2024 Mountain Meadows Market Update
Greetings, Mountain Meadows Condominium Owners! It's great to see owners in Mountain Meadows are enjoying their mountain homes and generally holding on to their properties. In fact, there has only been one Mountain Meadows sale since the beginning of 2023. In August of 2023, unit #301 closed for a sale price of $749,000. Additionally, in the spirit of keeping you informed, one of my fellow Realtors recently listed unit #203 for a list price of $900,000. Even though the market at Mountain Meadows has been relatively slow, Frisco's lake front area has been busy with sales! I was personally pleased to represent the Sellers in the listing and sale of the neighboring Towers at Lakepoint #703 for a closing price of $1,440,000. I also recently listed for sale Villas at Prospect Point #202 for $809,000. Mountain Meadows remains a standout choice for discerning buyers in Frisco, boasting extraordinary views, convenient access to Lake Dillon, concrete construction and the recreation pathway, offered within Frisco's most popular price point. Dispelling any misconceptions regarding the larger Frisco & Summit County market, Summit County Inventory is still at only about 60% of pre-pandemic levels. While Frisco Inventory has recently risen to equal the pre-pandemic level. Due to rising interest rates in 2023, Sellers resisted listing their homes which kept prices high. While the promise of decreasing interest rates seems further off than originally predicted, prices are still growing and we will likely see some rate relief in the fall. Active listings in Summit County are up 21.8% from May of 2023, and Frisco Active Listings are up 15.4%. Despite the rise in interest rates, property price/sf. in Summit County has actually increased about 5%. An interesting trend to observe is the divergence between the median (9 days) and average (37 days) days on the market, indicating that while some sellers initially aim high with ambitious pricing, adjustments are being made to meet market realities. Conversely, appropriately priced homes are swiftly attracting eager buyers, showcasing the importance of strategic pricing in today's dynamic market.
- In March, Frisco Condominiums achieved a record-breaking average price per square foot, reaching $967/SF.
- Nearby listings at: 1506 Berino, 810B Lakepoint, & 915 Lakepoint Circle all went under contract in just one day! Emphasizing the importance of accurate pricing.
- Frisco housing inventory is at 4.1 months. Down 8.9% since last Spring. Inventory between 3-6 months is considered a neutral market.
- As of 6/12/24 there are only 36 condominiums for sale in Frisco-excluding new construction.
Winter 2023 Market Update
As of October 2023
Greetings, Mountain Meadows Community!
I hope this market update finds you well and enjoying the beauty of the Colorado Rockies. Real estate in Mountain Meadows remains as enticing as ever, with prices still holding strong. In 2022, I closed a record-breaking sale for Unit 203 at an impressive $750,000, underscoring the desirability of your community. This remarkable sale is a testament to the enduring appeal of Mountain Meadows and the ongoing demand for quality properties in Frisco.
In the spirit of keeping you informed about the local market, I'd like to share that another local Realtor recently achieved an impressive sale as well. Unit 301 was sold for $749,000, highlighting the continued interest in the Mountain Meadows community.
As I delve into the broader real estate landscape, it's worth noting that the wider Frisco area continues to thrive as a seller's market, with only 2.4 months of inventory available. This low inventory reflects the high demand for homes in our community and the surrounding areas. So, if you've been considering selling your unit or exploring investment opportunities, now might be an ideal time to seize the market's favorable conditions. If you have any questions or require assistance, don't hesitate to reach out. I'm here to guide you through every step of your real estate journey and keep you informed about the ever-evolving Mountain Meadows real estate landscape.
Notables
- Unit 203 Sold for a Record High Price of $750,000, after only 2 days on Market
- Median Days on Market has increased to 43 days, but it’s only taking an average of 16 showings before receiving an acceptable contract
- Notables
- The median price per Square foot is up 5.8% in Summit County and 13.9% in Frisco. Frisco continues to outpace other areas.
- As of 10/18/23 there are only 26 Frisco listings on the market. The lowest since May of 2022!
"Tucker was a great find! Very professional and attentive, he could not have made this real estate transaction any more pleasant. He as able to provide solid and well-researched information about the community and the current market, as well as provide good advice for preparing our property for sale. Further, his communication was timely and direct, keeping us informed of every new development and giving us status updates on each step. With his experience and enthusiasm, we were able to sell our property quickly and for an excellent value. I fully endorse and recommend Tucker for your real estate needs - he will go the extra mile for you and provide the time and attention required from start to finish. Very much enjoyed working with him."
-Natalie & Gary Frey, Sellers of Mountain Meadows #203