Each month land title does a fantastic market analysis for Summit County. If you are thinking about buying or selling, here is what you should know…
April 2015 Highlights:
Market Analysis by Area for April: April real estate in Summit County was a busy month! There was $92,373,585 in monetary volume and 153 transactions.The average transaction price for all reported 18 areas: $610,971, average residential $583,910, median residential $ 450,000 and average PPSF $327. Frisco and Wildernest areas were steady in April with 17% of the transactions each.
Market Analysis by Area YTD 2015 ( 4 months-first quarter of 2015): YTD- monetary volume was $292,294,885 with 535 transactions. Average transaction price: $551,762, average residential price: $550,699 and Average PPSF: $340. The Breckenridge areas make up 47% of the YTD transactions, Keystone ( 15%) and Frisco (11%) are also strong areas this spring.
Market Snapshot for Years 2015 vs.2014: Values continue to stay healthy and are as follows: Average Indicators for $: Single Family +11%, Multi- Family +9% and Vacant Land +32%. Median Indicators for $: Single Family +7%, Multi- Family +16% and Vacant Land+29%.
Market Analysis % Change showing years 2004-2015 : Monetary volume ($92,373,585) in April is up +55% compared to April 2014. Number of transactions(153) up +31% in April 2015 compared to April 2014. YTD ( 4 months) Summit County real estate is up 37% in monetary volume and up 27% with number of transactions compared to YTD 2014. This is the best April since 2008!
Residential Market Sales by Price Point: Residential volume in April had 125 transactions with $72,988,800 gross volume. There were 15 properties that sold for $1M and above in April. The most active price point was the $300K-$400K range. There were 47 Single family, 78 Multi-family and 9 Vacant land transactions in April.
YTD 2015 Average Price History: Average residential pricing continues the upward trend for 2015- Single Family- $873,006, Multi- Family-$389,545 and Vacant Land-$420,154. This graph is a great marketing tool to show the consistency and strength of our Summit Market over the years.
Historical Cost Breakdown for 2015: There have been 423 residential transactions YTD and $232,945,600 gross volume with 43 properties selling for a $1M and over- Compared to 2014- there were 353 transactions and $183,799,200 gross volume, 31 properties at $1M and over and in 2013, there were 357 transactions with $176,280,200 gross volume, 26 properties at $1M and over.
Top Lender Graph: There were 412 loans in April, 71% of the loans were related to sales, there were 165 REFI’s and 138 loans were timeshare related. 29% of the real estate closings were cash transactions down from the past months.
Market Highlights: Please see page 10 of the Market Analysis-Higher priced sales in April with only one to note at Dercum’s Dash in Keystone. There was one bank sale in April.
Foreclosures: Foreclosures are still dropping with 5 filed actions in April compared to 8 in April 2014.
LandTitle Purchaser Highlights ( Page 14): There were 21 higher end sales in April – you can see the details on this report. In April, our buyers for real estate transactions were the Front Range demographic at 41% of our market, 31% are local and 28% are out of state buyers, with 1% International.
LandTitle New Development Summary- this (page 15) shows all the new construction each month including the Deed Restricted new construction which isn’t included on the other Residential reports.
Looking for a great way to spend Memorial Day weekend and get in a little skiing? Check out the 14th Annual Arapahoe Basin Festival of the Brewpubs. For more information, check out A Basin’s website by clicking HERE
“Sunday was Loveland Ski Area’s closing day. Loveland opened November 1 and received 319 inches of snow for the season. Loveland will start making snow for the 2015-2016 in late September. Of all the ski areas in the vicinity of Summit County, only Arapahoe Basin remains open.” www.summitdaily.com
Read the full article at Summit Daily by clicking HERE
Check out the March highlights and the full report from Land Title Gaurantee
March 2015 Highlights:
Market Analysis by Area for March: March was a great spring month forreal estate with $83,058500 in monetary volume and 149 transactions.The average transaction price for all reported 18 areas: $565,315, average residential price: $544,761 and median residential price: $389,000.The average PPSF was $343. Silverthorne and the Wildernest areas were active in March with a total of 32 transactions.
Market Analysis by Area YTD 2015 ( 3 months-first quarter of 2015): YTD- monetary volume was $199,921,300 with 382 transactions. Average transaction price: $528,047, Average residential price: $536,768 and Average PPSF: $345.
Market Snapshot for Years 2015 vs.2014: Values continue to be strong for the first quarter of 2015 and are as follows: Average Indicators for $: Single Family +8%, Multi- Family +10% and Vacant Land +18%. Median Indicators for $: Single Family +9%, Multi- Family +12% and Vacant Land+20%.
Market Analysis % Change showing years 2004-2015 : Monetary volume ($83,058,500) in March is up +37% compared to March 2014. Number of transactions(149) up +25% in March 2015 compared to March 2014. YTD ( 3 months) Summit County real estate is up 30% in monetary volume and up 26% with number of transactions compared to YTD 2014. The first quarter of 2015 continues at a strong pace and reflects the best improvement since 2008.
Residential Market Sales by Price Point: Residential volume in March had 111 transactions with $60,468,500 gross volume. There were 13 properties that sold for $1M and above in March. The most active price point was the $200K-$300K range. There were 38 Single family, 73 Multi-family and 15 Vacant land transactions in March.
YTD 2015 Average Price History: Average residential pricing is strong for the first quarter of 2015: Single Family- $851,420, Multi- Family-$391,781 and Vacant Land-$374,447. This graph is a great marketing tool to show the consistency and strength of our Summit Market over the years.
Historical Cost Breakdown for 2015: There have been 298 residential transactions the first quarter of 2015 and $159,956,800 gross volume with 28 properties selling for a $1M and over- Compared to 2014- there were 254 transactions and $129,120,700 gross volume, 20 properties at $1M and over and in 2013, there were 239 transactions with $116,142,700 gross volume,16 properties at $1M and over.
Top Lender Graph: There were 426 loans in March, 65% (97) loans were related to sales, there were 161 REFI’s and 168 loans were timeshare related. 35% of the real estate closings were cash transactions.
Market Highlights: Please see page 10 of the Market Analysis-Higher priced sales in March with only one to note. There were 2 bank sales in March.
Foreclosures: Foreclosures were more consistent with March 2014 (8) with 10 in March 2015.
LandTitle Purchaser Highlights ( Page 14): There were 16 higher end sales in March – you can see the details on this report. Blue River Apartments sold in March with 186 bedrooms at $9.25M. In March, our buyers for real estate transactions were the Front Range demographic at 46% of our market, 28% are local and 27% are out of state buyers, with 0% International. We did see a surge in local buyers in March with is typical for the spring selling season.
LandTitle New Development Summary- this (page 15) shows all the new construction each month including the Deed Restricted new construction which isn’t included on the other Residential reports.
When is it the right time to go from renting to buying? That is a question that is often on the minds of many renters. Many people would be surprised to hear that with interest rates so low, it can be better deal to purchase even if you will only be there for a few years. It can vary from city to city but generally when rental prices are soaring, looking into buying can be an advantageous option. Learn more about the decision by reading the full article To Rent, or Not? Depends on your Horizon from CNBC
If you are looking to buy a home in Silverthorne, Dillon, Frisco or Breckenridge, I would be happy to assist you in your search. If you are looking to purchase in another area, please let me know and I would be happy to connect you with a great realtor.
Market Analysis by Area for February: So far this Winter brought 2 great months for real estate with $50,326,500 in monetary volume and 106 transactions in February.The average transaction price for all reported 18 areas: $480,784, average residential price: $486,266 and median residential price: $412,000.The average PPSF was $345. Keystone was fairly busy for February with 22 transactions!
Market Analysis by Area YTD 2015 ( 2 months): YTD- monetary volume was $116,862,800 with 233 transactions. Average transaction price: $504,493, Average residential price: $532,023 and Average PPSF: $346.
Market Snapshot for Years 2015 vs.2014: Values continue to be strong in 2015 and are as follows: Average Indicators for $: Single Family +4%, Multi- Family +15% and Vacant Land +17%. Median Indicators for $: Single Family +9%, Multi- Family +19% and Vacant Land +19%.
Market Analysis % Change showing years 2004-2015 : Monetary volume ($50,326,500) in Februrary is up +25% compared to February 2014. Number of transactions up +28% in February 2015 compared to February 2014! YTD ( 2 months) Summit County real estate is up 26% in monetary volume and up 26% with number of transactions compared to YTD 2014. The February’s numbers are the highest in a February since 2008.
Residential Market Sales by Price Point: Residential volume in February had 89 transactions with $43,277,700 gross volume. There were only 3 properties that sold for $1M and above in February. The most active price points were a mix in February-with 15 transactions below $200K, and the next price point that was busy was the $300K to $400K. There were 24 Single family, 65 Multi-family and 6 Vacant land transactions in February.
YTD 2015 Average Price History: Average residential pricing continues to stay strong: Single Family- $817,736, Multi- Family-$409,886 and Vacant Land-$373,635. 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 for 2015: There have been 187 residential transactions in 2015 and $99,488,300 gross volume with 15 properties selling for a $1M and over- Compared to 2014- there were 150 transactions and $73,888,600 gross volume, 11 properties at $1M and over and in 2013, there were 153 transactions with $80,367,800 gross volume, 16 properties at $1M and over.
Top Lender Graph: There were 407 loans in February, 65% (106) loans were related to sales, there were 122 REFI’s and 216 loans were timeshare related. 35% of the real estate closings were cash transactions.
Market Highlights: Please see page 10 of the Market Analysis-Higher priced sales were sluggish in February with only 2 to note. There was also one Bank Sale in February. There was a sale at the Breckenridge Mountain Lodge in the Commercial sector for $2.6M, the PPSF was only $77.17.
Foreclosures: Foreclosures continue to be very low again this month with only one PTD.
Land Title Purchaser Highlights ( Page 14): There were 4 higher end sales in February to note- you can see the details on this report. In February, our buyers for real estate transactions were the Front Range demographic at 43% of our market, 24% are local and 32% are out of state buyers, with only 1% International.
Land is at a premium in Summit County and when one of the newest developments took their plans for changing the density to the planning commission, residents spoke out. Local residents were concerned about keeping the small mountain town feel and not turning Silverthorne into a sprawling suburb. The developers have promised to enrich the community with features like a community center, dog park, disc-golf course and more. To read the full story from the Summit Daily and to see what some of the newest housing options in Silverthorne, CO will be click HERE
Contact me for more infomation about buying a home in Frisco, Breckenridge, Dillon or Silverthorne 970.389.6987 or anne@comtnrealty.com
Check out this article from Fortune Magazine regarding the predicted housing market trends this spring. The major factor that will affect Summit County, CO is the pent-up demand. In the last couple years, demand has been low as not many people had the disposable income to buy a second home. We have recently seen more and more people looking to purchase homes in Frisco, Breckenridge, Dillon and Silverthorne so now is the time to buy or sell.
View the full article HERE and contact me if you are looking to buy or sell a home in Summit County. Referrals are always appreciated!
The real estaet market in Summit County has been on the rebound for the last few years. Home Depot even purchased a lot for $12 Million which is one of the largest land transactions we have seen in years . With the uptick in home sales, the rental maket has been surging. It is a great time for investors to buy their next property for short or long term rentals.
Click HERE for the full article from the Summit Daily and contact to find your next home in the mountains!
Many people struggle to find a property they love when the market is improving. Homes that have been completely remodeled and updated are priced at a premium and often sell very quickly. This is especially true for those looking to purchase a second home or investment property.
However, there are loans out there that can help you turn that diamond in the rough into your dream home. Check out these loans for construction and remodeling through Premier Mortgage Group. www.pmglending.com
ELIGIBLE PROJECTS INCLUDE:
Flooring Upgrades
Kitchen Remodels
Room Additions
Landscaping
Foundation repair
Installation of Egress Windows
Relocation of a Load-Bearing Wall
PROGRAM GUIDELINES:
Purchase & refinance of owner-occupied, primary residence,
second home & investment properties
Eligible property types include attached and detached single
family residences, condos & PUDs
1 to 4-unit properties (LTV & occupancy restrictions apply)
Improvements must be permanently-affixed & add value
to the property
$417,000 maximum loan amount
Minimum 640 credit score for owner-occupied
Minimum 720 credit score for second-home &
investment properties
