September 2014 Land Title Market Analysis

Want to know that the real estate market is doing in Summit County, CO?  Check out the September Market Analysis published by Land Title

September 2014 Highlights:

 

  • Market Analysis by Area for September: September indicated solid and strong market activity for Summit County real estate.There were a lot of upper end sales from out of state buyers that bumped up our gross volume. There were 272 transactions with $126,325,000 in gross monetary volume. The average transaction price for all 18 reported areas at $468,586, average residential price was up from last month, $506,337 and the median residential price was also up, $413,500. The average residential PPSFwas $311.The Keystone market was finally busy in September with 37 transactions.
  • YTD Transaction Summary: There have been a total of 1413 transactions with $672,341,981 monetary volume, the average transaction price for all 18 reported areas is $476,785. The average residential price is $503,151. The median residential price is $405,000. The average PPSFremains at $312.
  • Market Snapshot for YTD 2014 vs. 2013: Values remain steady and are as follows: Average Indicators for $: Single Family +3%, Multi- Family +4% and Vacant Land +4%.Median Indicators for $:: Single Family +5%, Multi- Family +7% and Vacant Land +70%. These indicators translate that the prices are still fairly stable to last year, increasing slightly especially the median price for vacant land in Keystone and Silverthorne this September.
  • Market Analysis % Change showing years 2004-2014 YTD: September monetary volume ($126,325,000) is up 19% from September 2013, transaction volume (272) is up 7% from September 2013. 2014 YTD(9 months) monetary volume is up 11% from YTD 2013. YTD 2014 transaction volume is up by 4% from YTD 2013. This September had the most transactions since 2007!
  • Residential Market Sales by Price Point : Residential volume in September had 236 transactions with $119,495,600 gross volume. There were 19 properties that sold for $1M and above in September. The most active price point in September was between the ranges of $300K to $400K, with $400K- $500K in second place. There were 84 Single family, 152 Multi-family and 14 Vacant land transactions in September.
  • 2014 Average Price History: Average residential pricing continues to be consistent as of September – Single family is $774,644, Multi- family is at $359,727 and Vacant land is $338,479. 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 1189 residential transactions YTD 2014 and $598,737,300 gross volume with 91 properties selling for a $1M and over- Compared to 2013 YTD, there were 1104 transactions and $548,737,300 gross volume, 89 properties at $1M and over and in 2012 YTD, there were 842 transactions with $443,289,700 gross volume, 75 properties at $1M and over.
  • Top Lender Graph: There were 591 loans in September, with 60% of the purchasers obtaining financing at the time of sale. 40% of the real estate closings were cash transactions. There were 1220 Refinances. 307 loans were related to Timeshare Sales.
  • Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in September with the second month in 2014 with no bank sales
  • Foreclosures: Foreclosure actions were down again with 7 in September. YTD there have been only 52 Public Trustees Deeds.
  • Land Title Purchaser Highlights ( Page 15):There were 19 higher end sales in September to note- you can see the details on this report. In September, the majority of our buyers for real estate transactions continue to be the Front Range demographic at 43% of our market, only 26% are local and 31% are out of state buyers. Again, out of state buyers were busy in September purchasing some higher end properties in Summit County!

Land Title Guarantee Company September 2014 Market Analysis