July 2016 Market Analysis (From Land Title Guarantee)
Please note that Land Title data comes from actual recorded transactions at the County Clerk and Recorder’s Office for that particular month. The information is not directly related to MLS data. The data is an unofficial tabulation of Summit County Records that are believed to be reasonably accurate. If you choose to utilize this marketing information in any publications or websites, please make sure you are quoting Land Title as your source. You are welcome to utilize this link within your own websites.
- Market Analysis by Area for July 2016: There were 215 transactions and $104,621,918 in monetary volume. Average transaction price for all 18 reported areas: $492,978, Average residential price, $513,101 average residential and PPSF at $361.
- Year to Date Market Analysis (7 months): Monetary volume was $638,127,710 with 1173 transactions. Average transaction price: $554,196, Average residential price: $562,664 and PPSF: $364.
- Market Snapshot for Years 2016 vs 2015: Average Indicators for $: Single Family +10%, Multi- Family -3% and Vacant Land -6%. Median Indicators for $: Single Family +8%, Multi- Family -1% and Vacant Land -9%.
- Market Analysis % Change YTD 2016 Data (7 months): Monetary volume ($104,621,918) in July was down -11% compared to July 2015. Number of transactions (215) was up 6% in July compared to July 2015. YTD 2016, monetary volume down -3% compared to YTD 2015 and transactions are also down only -3% compared to YTD 2016. There continues to be a shortage of inventory in Summit County.
- Residential Market Sales by Price Point: Residential volume in July had 176 transactions with $90,305,771 gross volume. There were 21 properties that sold for $1M and above in July. The most active price points were between the $200K-$400K (71) range this month. There were 45 Single Family, 131 Multi-Family and 18 Vacant Land transactions in July.
- Comparative Historical Cost Analysis ( 7 months): There were 992 residential transactions and $558,162,218 volume with 99 properties selling for a $1M and over-compared to 2015, there were 959 transactions and $519,352,800 gross volume, 89 properties at $1M and over and in 2014, there were 782 transactions with $318,435,356 gross volume, 65 properties at $1M and over.
- Average Price History by Type (7 months): Average price for residential Single Family: $970,716, Multi- Family: $355,905 and Vacant Land: $365,083.
- Top Lender Graph: There were 462 loans in July, 64% of the loans were related to sales, there were 137 REFI’s and 187 loans were timeshare related. 36% of the real estate closings were cash transactions.
- Market Highlights: Please see page 10 of the Market Analysis-Higher priced sale in July (Shock Hill). There were no bank sales in July.
- Foreclosures: There were 7 foreclosure actions in July 2016 compared to 12 in July 2015. There are only 29 foreclosure actions YTD.
- Purchaser Profile Abstract: Upper end purchasers totaled 22 in July. Our buyers for real estate transactions were the Front Range demographic at 34% of our market, 34% are “local” and 31% are out of state buyers (Check out the new section this month with the Out of State Buyer’s breakdown on page 15!), with 1% International.
- Land Title New Development Summary: This (page 16) shows all the new construction each month with 9 in July.