It’s been a BIG March so far this year and we’ve seen plenty of unprecedented road closures and avalanches. So while you’re up in Summit County here are some great resources to stay connected to for the latest information:
August 2017 Market Analysis
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 August 2017: The month of August was Summit’s best month so far in 2017! There were 272 transactions and $170,248,375 in monetary volume. Some trends for all 18 reported areas in August: $ 632,245 Average transaction price, $679,419 Average residential price and $424 PPSF.
- Year to Date Market Analysis (8 months): Monetary volume in 2017 totaled $981,368,068 with 1577 transactions. $638,758 Average transaction price, $673,202 Average residential price and $426 PPSF.
- Market Snapshot for Years 2017 vs 2016: Average Indicators for $: Single Family +17%, Multi- Family +12% and Vacant Land 0%. Median Indicators for $: Single Family +22%, Multi- Family +10% and Vacant Land -9%.
- Market Analysis % Change YTD 2017: Monetary volume ($170,248,375) in August 2017 was 22% higher than August 2016. Transactions (272) were down 4% to August 2016. YTD 2017, monetary volume is up by 26% and transactions are up 8% compared to YTD 2016.
- Residential Market Sales by Price Point: Residential volume in August had 231 transactions with $ 156,945,700 gross volume. There were 38 properties that sold for $1M and above in August. The most active price points were between $300K-$500K with transactions. There were 78 Single Family, 153 Multi-Family and 20 Vacant Land transactions in August.
- Average Price History by Type 2017: Average price for residential Single Family: $1,096,406, Multi- Family: $460,631 and Vacant Land: $354,151.
- Comparative Historical Cost Analysis 2017 YTD: There were 1313 residential transactions and $883,914,045 gross $ volume with 208 properties selling for $1M and over-compared to 2016, there were 1220 transactions and $683,932,493 gross $ volume, 121 properties at $1M and over. In 2015, there were 1184 transactions with $641,544,640 gross $ volume, 110 properties at $1M and over.
- Top Lender Graph: There were 478 loans in August, 63% (171) of the loans were related to sales, there were 129 REFI’s and 178 loans were timeshare related. 37% of the real estate closings were cash transactions.
- Market Highlights: Please see page 10 of the Market Analysis- You can note the higher priced sale in August in the Shock Hill subdivision. A Liftside Condo topped out the highest PPSF at $939. There were no bank sales in August.
- Foreclosures: Actions were a bit up with 4 in August 2017 compared to 2 in August 2016. There have been 35 Foreclosure actions filed YTD.
- Purchaser Profile Abstract: There were 40 upper end sales in August compared to 29 in July. Our buyers for real estate transactions in August were approximately Front Range demographic at 42% of our market, 25% are “local” and 33% are out of state buyers with 0% International.
- Land Title New Development Summary: This (page 16) shows all the new construction each month, Summit Sky Ranch started closing in August with 6, and there were a total of 15, same as July.
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