Want to know what the property market is doing in Summit County Colorado. Check out the great analysis that Land Title Guarantee Company puts out each month.
August 2014 Highlights:
- Market Analysis by Area for August: August experienced a downturn from last August 2013 in Summit County. There were 203 transactions with $88,825,100 in gross monetary volume. The average transaction price for all 18 reported areas at $439,258, average residential price was $474,525 and the median residential price was $400,000. The average residential PPSF was $300.
- YTD Transaction Summary: There have been a total of 1141 transactions with $546,016,981 monetary volume, the average transaction price for all 18 reported areas is $478,735. The average residential price is $502,361. The median residential price is $402,000. The average PPSF is $312.
- Market Snapshot for YTD 2014 vs. 2013: Values are as follows: Average Indicators for $: Single Family +3%, Multi- Family +5% and Vacant Land +10%. Median indicators for $: Single Family +5%, Multi- Family +7% and Vacant Land +35%. These indicators translate that the prices are still fairly stable to last year, increasing slightly.
- Market Analysis % Change showing years 2004-2014 YTD: August monetary volume ($88,825,100) is down 16% from August 2013, transaction volume (203) is down 6% from August 2013. 2014 YTD (8 months) monetary volume is up 5% from YTD 2013. YTD 2014 transaction volume is up by 2% from YTD 2013.
- Residential Market Sales by Price Point : Residential volume in August had 171 transactions with $81,143,800 gross volume. There were 7 properties that sold for $1M and above in August. The most active price point in August was between the ranges of $300K to $400K, with $400K- $500K in second place. There were 66 Single family, 105 Multi-family and 8 Vacant land transactions in August.
- 2014 Average Price History: Average residential pricing continues to be consistent as of August – Single family is $770,746, Multi- family is at $362,167 and Vacant land is $357,345. This graph on page 7 is a great piece to show your clients that our market has held it’s value over all these years.
- Historical Cost Breakdown YTD 2014 : There have been 953 residential transactions YTD 2014 and $478,750,481 gross volume with 72 properties selling for a $1M and over- Compared to 2013 YTD, there were 903 transactions and $453,587,400 gross volume, 76 properties at $1M and over and in 2012 YTD, there were 718 transactions with $365,677,000 gross volume, 56 properties at $1M and over.
- Top Lender Graph: There were 510 loans in August, with 64% of the purchasers obtaining financing at the time of sale. 36% of the real estate closings were cash transactions. There were 121 Refinances. 260 loans were related to Timeshare Sales.
- Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in August with again no bank sales.
- Foreclosures: Foreclosure actions was flat with 11 in August 2014 compared to 12 in August 2013. There have been a total of 113 Foreclosure actions YTD 2014.
- Land Title Purchaser Highlights ( Page 15): There were 7 higher end sales in August to note- you can see the details on this report. In August, the majority of our buyers for real estate transactions continue to be the Front Range demographic at 42% of our market, only 32% are local and 26% are out of state buyers.
For the full report, check out the link below: