Tag Archives: Keller Williams Realty

Market Stats Update June 14th – 20th, 2020

Here is where you can find all the latest info on the Summit County, CO market from Anne of The Skinner Team. Including our monthly video series and information compiled by the Land Title Guarantee Company.

As Summit County and Colorado are under Public Health Orders to combat the Coronavirus, The Skinner Team will be doing weekly market stats updates to follow the trends to see if and when a shift may take place.

A Review of 6/14-6/20 Market Stats Info:

Archived Market Stats Videos


April 2020 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.

The COVID-19 Pandemic in Summit County Impact began on March 15, 2020 with the immediate mandate on the ski area closures. In April 2020, a Shelter in Place ordinance in Colorado occurred in order to contain the COVID-19 locally and statewide.

  • Market Analysis by Area for April 2020: There were a total of 92 transactions and $63,531,993 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $704,135, average residential price was $705,777 and average residential PSF was $530.
  • YTD 2020 Market Analysis by Area (4 months): There were a total of 485 transactions, and $370,425,928 in monetary volume. The average transaction price for all 18 reported areas is $779,951, average residential price was $828,203 and average residential PPF was $530.
  • Market Snapshot for FULL Years 2019 vs 2018:  Average Indicators for $: Single Family -4%, Multi- Family +7% and Vacant Land -8%. Median Indicators for Single Family +1%, Multi- Family +9% and Vacant Land -6%.
  • Market Analysis % Change YTD Year 2020: Monetary volume ($63,531,993) in April 2020 was down 59% from April 2019. Transactions (92) were down 45% from April 2019.  YTD 2020 Monetary Volume is pacing 22% down from YTD 2019. YTD 2020 transactions are pacing 15% down to YTD 2019.
  • Residential Cost Analysis:  Residential volume in April had 78 transactions with $55,050,623 gross volume. There were 15 properties that sold for $1M and above in April. There were 22 Single Family, 56 Multi-Family and 4 Vacant Land transactions.
  • Average Price History by Type- YTD Year 2020: Average price for residential Single Family: $1,212,127, Multi- Family: $598,166 and Vacant Land: $318,371.
  • Comparative Historical Cost Analysis Comparison YTD 2020-2019-2018: In 2020, there were 387 residential transactions and $320,514,723 gross $ volume with 102 properties selling for over $1M. In 2019, there were 443 transactions with $372,849,796 gross $ volume with 104 properties selling for over $1M. In 2018, there were 484 transactions with $343,662,784 gross $ volume with 80 properties selling for over $1M.
  • Top Lender Analysis April 2020There were 440 loans in April. 67 loans were related to sales, there were 324 REFI’s and 49 loans were timeshare related. 27% of the real estate closings were cash transactions.
  • Market Highlights:  Please see page 11 of the Market Analysis- Note the the higher priced sale in April 2020 in the Cucumber Creek Estates area in Breckenridge at $2,285,000 The top priced PSF was that same property in Breckenridge at $883.
  • Foreclosures: There were 2 foreclosure actions in April, same as April 2019. There have been a total of 10 actions in 2020.
  • Purchaser Profile Abstract:  Upper end sales were at 18 in April compared to 29 in March. Our buyers for real estate transactions for April 2020: Front Range demographic at 49% of our market, 26% are “local” and 25% are out of state buyers with 0% International.
  • Land Title New Development Summary: This (page 18) shows all the new construction each month, there were 18 in April.

Historical Summit County Market Analysis
Click here for Archived Summit County Market Analysis

5 Most Common Reasons for Closing Delays

RealtorMag has compiled information about the top reasons for delayed closings. This is why it’s important to not only work with a realtor you trust to navigate the local market for the best inspectors or title companies, but also to work with a lender that will actively help you ensure your financing comes through!


5 Most Common Reasons for Closing Delays

Seventy-three percent of home sales closed on time in October, but 25 percent of REALTORS® report a delay in getting to the settlement table, according to the latest REALTORS® Confidence Index, a survey based on responses from more than 3,500 real estate professionals. Only 2 percent say a contract was terminated completely.

What are the main problems encountered with delayed settlements? Real estate pros report the following:

  1. Issues related to obtaining financing: 32%
  2. Appraisal issues: 20%
  3. Home inspection/environmental issues: 16%
  4. Titling/deed issues: 11 percent
  5. Contingencies stated in the contract: 6%

Seventy-four percent of all contracts in October contained contingencies, most often for home inspections, appraisals, or financing.

Source: “REALTORS® Confidence Index Survey,” National Association of REALTORS® (October 2017)

2018 Conforming Loan Limits by County

2018 Conforming Loan Limits by County

This website provides 2018 conforming loan limits by county, as well as VA and FHA limits. In 2018, the baseline loan limit for most counties across the U.S. will be $453,100, an increase over 2017. More expensive markets, such as New York City and San Francisco, have conforming loan limits as high as $679,650. Anything above these maximum amounts is considered a “jumbo” mortgage.

The PDF and Excel files above were obtained from FHFA.gov. They are offered here as a convenience to our visitors. You can download them to your computer, in either format, and refer to them as needed.

Update: Conforming Loan Limits Increased for 2018

On November 28, 2017, the Federal Housing Finance Agency (FHFA) announced that it would raise the baseline conforming loan limit for 2018, for most counties across the country. They are also increasing the limits for certain “higher-cost areas” that are above the baseline. This is in response to significant home-price gains that occurred during 2017.

In most counties across the country, the 2018 maximum conforming loan limit for a single-family home will be $453,100. That’s an increase of $29,000 from the 2017 baseline limit of $424,100. This marks the second year in a row that federal housing officials have raised the baseline.

But again, this is just the baseline conforming loan limit used for most parts of the country. In higher-cost real estate markets, like San Francisco and New York City, the limit for a single-family home loan can be as high as $679,650.

Anything above these caps is considered a jumbo mortgage.


 

CLICK HERE to finish the article from LoanLimits.org

Under Contract! Mountain Side Frisco 1 bed/1 bath $339,000

Under Contract!

Under contract in one day, multiple offers, highest priced 1 bed/1 bath in Mountain Side in the last 10 years!

Mountain Side
805 5th Ave. H-212
Frisco, CO 80443
$339,000

MLS Link


Imagine waking up to the beautiful mountain views in this centrally located Frisco condo! With 6 ski resorts within 20 minutes of Frisco this 1 bedroom, 1 bathroom unit is the perfect mountain escape in both summer and winter. The unit was recently remodeled with new granite counters, high end stainless appliances and cabinets, and recessed lighting in the kitchen. The clubhouse includes not one, but three hot tubs, a pool and a sauna. Whether it’s walking a few blocks to historic Frisco Main Street, jumping on the recreation path just steps away or exploring close by Lake Dillon this is the perfect location for your mountain adventures. And don’t forget the investment potential!


• 1 bedroom / 1 full bathroom
• 603 sq ft
• Beautiful Views From Deck
• Walk to Historic Main Street and Rec Path
• HOA dues are $273 per month and include Cable Tv, Common Area Maintenance, Common Taxes, Snow Removal, Trash Pickup, Water / Sewer
• Clubhouse with 3 hot tubs, a pool & sauna
• Sold Fully Furnished
• Learn more about Frisco, CO and all the activities in the area!

Text 25307 to 46835 for pictures and more information


Floor Plan:

frisco floorplan


For more information about this listing please contact me:

new name slate

Skinner Team and KW

The Skinner Team in the Summit Daily

The Skinner Team made an appearance in the Summit Daily today! The Mountain Side H-212 listing highlights the very hot real estate market currently in Summit County.


clippingclipping (1)