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Land Title Guarantee Co. Market Analysis Oct. 2017

October 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 October 2017: The month of October had was busy! There were a total of 332 transactions, and $213,311,500 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $666,636, average residential price was $690,970 and average residential PPSF was $441.
  • Year to Date Market Analysis ( 10 months): Monetary volume in YTD 2017 totaled $1,354,271,268 with 2147 transactions: $644,455 average transaction price, $677,874 average residential price and average residential PPSF $427. 
  • Market Snapshot for Years 2017 vs 2016:  Average Indicators for $: Single Family +16%, Multi- Family +13% and Vacant Land -3%. Median Indicators for Single Family +18%, Multi- Family +13% and Vacant Land -9%.
  • Market Analysis % Change YTD 2017: Monetary volume ($213,311,500) in October 2017 was up 43% from October 2016. Transactions (322) were up 22% from October 2016.  YTD 2017, monetary volume is up by 23% and transactions are up 7% compared to YTD 2016.
  • Residential Market Sales by Price Point: Residential volume in October had 291 transactions with $201,072,200 gross volume. There were 43 properties that sold for $1M and above in October. The most active price points were between $400K-$500K with 49 transactions. There were a higher number of transactions (21) that fell between the prices of $1M to $1.5M in October. There were 92 Single Family, 199 Multi-Family and 19 Vacant Land transactions in October.
  • Average Price History by Type 2017: Average price for residential Single Family: $1,087,922, Multi- Family: $464,760 and Vacant Land: $344,447.
  • Comparative Historical Cost Analysis 2017 YTD: There were 1810 residential transactions and $1,226,952,645 gross $ volume with 287 properties selling for $1M and over-compared to 2016, there were 1692 transactions and $964,853,906 gross $ volume, 175 properties at $1M and over.  In 2015, there were 1691 transactions with $926,899,418 gross $ volume, 164 properties at $1M and over.
  • Top Lender Graph: There were 595 loans in October 68% (218) of the loans were related to sales, there were 143 REFI’s and 234 loans were timeshare related. 32% 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 October in the Shock Hill subdivision. Also, a Shock Hill property was the highest PPSF at $967. There were no bank sales in October. 
  • Foreclosures: Actions were down with 3 in October, compared to 4 in October 2016. There have been a total of 41 Foreclosure actions YTD.
  • Purchaser Profile Abstract:  There were 46 upper end sales in October. Our buyers for real estate transactions in October were approximately Front Range demographic at 46% of our market, 22% are “local” and 32% are out of state buyers with 1% International. 
  • Land Title New Development Summary: This (page 16) shows all the new construction each month, there were 33 in October compared to 23 in September. Rivers Edge Condos and Summit Sky Ranch units continued to close in October.

Denver Post: CO Residential Vacancy Rate Fourth Lowest in Nation

Denver is just down the hill, and it’s housing situation and prosperity is helping push Summit County’s market further along. 


Colorado residential vacancy rate fourth lowest in the nation, report says
Douglas County, Fort Collins among lowest vacancy rates for counties, metro areas

 

PUBLISHED: | UPDATED:

It is definitely not your imagination. The market for available housing is wisp-thin in Colorado, recent data says.

Despite some communities along the Front Range seeing vacancy rates that rank among the lowest in the country, the good news for home-seekers is that same data suggests the Denver metro market may be loosening up some.

Colorado is tied for fourth lowest residential vacancy in the country, according to a national report released last week.

Just 0.69 percent of residential properties in the state have no one living in them. That blows away the national rate of 1.58 percent, and ties North Dakota for fourth lowest mark in the country. Colorado trails only New Hampshire (0.42 percent), Vermont (0.39) and South Dakota (0.25) when it comes to residential vacancy statewide, according to the numbers.

The report was put together by Attom Data Solutions, an Irvine, Calif.-based property data firm that claims to curate the nation’s largest multi-source property database. The report was put together by analyzing public tax, deed, mortgage and foreclosure data and comparing it to monthly U.S. Postal Service updates on vacant property. The report looked only at properties with one to four residential units on them, leaving out large multi-family projects and apartment buildings.

Colorado’s vacancy rate is essentially flat when compared to the same time last year. The market is more competitive than it was at the end of the third quarter of 2015 when the vacancy rate was 0.9 percent. There were 14,230 unoccupied residential properties then. There are 11,311 now.

Attom’s numbers suggest a slight softening of the residential market in the Denver metro area. Vacancy rates in the Denver-Aurora-Lakewood metropolitan statistical area rose to 0.6 percent this year, 1/10th of a point higher than in the third quarter of 2016.

Zooming in, Douglas County was found to have the second lowest vacancy rate of U.S. counties without at least 50,000 residential properties in them. That’s 405 counties in total. Douglas County’s minuscule 0.1 percent rate was outdone only by Loudon County, Va., a Washington D.C. suburb, the report says.

Fort Collins is sporting 0.24 percent vacancy, one of only two metro areas of at least 100,000 residential properties in the country with a rate that low. The other is San Jose, Calif. located in the heart of Silicon Valley.

What’s Happening in the Summit County Market?

Anne and Molly summarize the Summit County market by analyzing September 2017 market stats.

If you have any questions about the market or real estate in general in Summit County please reach out to the Skinner Team!

March Market Analysis

Land Title Guarantee Co. Market Analysis: March 2017
  • Market Analysis by Area for March 2017: There were 178 transactions and $123,142,000 in monetary volume. Some trends for all 18 reported areas in March: $713,812- Average transaction price, $753,769- Average residential price and $418-PPSF.
  • Year to Date Market Analysis (3 months): Monetary volume in 2017 totaled $286,195,674 with 432 transactions. $666,373-Average transaction price, $704,599-Average residential price and $423-PPSF.
  • Market Snapshot for Years 2017 vs 2016:  Average Indicators for $: Single Family +30%, Multi- Family +10% and Vacant Land +14%. Median Indicators for $: Single Family +45%, Multi- Family +7% and Vacant Land +16%.
  • Market Analysis % Change YTD 2017: Monetary volume ($123,142,000) in March 2017 was 43% higher than March 2016. Transactions were also up at 31% from March 2016.  YTD 2017, monetary volume is up by 32% and transactions are up 12% compared to YTD 2016.
  • Residential Market Sales by Price Point: Residential volume in March had 137 transactions with $103,266,300 gross volume. There were 33 properties that sold for $1M and above in March. The most active price point was between $300K-400K with 22 transactions. There were 46 Single Family, 91 Multi-Family and 13 Vacant Land transactions in March.
  • Average Price History by Type 2017: Average price for residential Single Family: $1,213,507, Multi- Family: $449,052 and Vacant Land: $403,524.
  • Comparative Historical Cost Analysis 2017 YTD: There were 350 residential transactions and $246,609,560 gross $ volume with 70 properties selling for a $1M and over-compared to 2016, there were 323 transactions and $189,216,250 $ gross volume, 33 properties at $1M and over.  In 2015, there were 298 transactions with $159,956,800 $ gross volume, 28 properties at $1M and over.
  • Top Lender Graph: There were 532 loans in March, 63% (113) of the loans were related to sales, there were 133 REFI’s and 286 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 March in the Sunrise Point area, One Ski Hill place topped out the highest PPSF at $1,327. There were no bank sales in March.
  • Foreclosures: There were 7 Foreclosure actions in March, 4 of those being timeshares.
  • Purchaser Profile Abstract:  There were 38 upper end purchasers in March compared to 17 in February. Our buyers for real estate transactions in March were the Front Range demographic at 40% of our market, 29% are “local” and 30% are out of state buyers with barely 1% International. 
  • Land Title New Development Summary: This (page 16) shows all the new construction each month with 20 in March compared to12 in February.

Land Title Guarantee Company January Market Analysis

January 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 January 2017: There were 203 transactions and $122,880,919 in monetary volume. Some trends for all 18 reported areas in December: $621,604- Average transaction price, $670,122- Average residential price and $397-PPSF.
  • Market Snapshot for Years 2017 vs 2016:  Average Indicators for $: Single Family +22% Multi- Family +10% and Vacant Land -15%. Median Indicators for $: Single Family +16%, Multi- Family 9% and Vacant Land -8%.
  • Market Analysis % Change YTD 2017 : Monetary volume ($91,901,074) in January 2017 was substantially higher at 45% compared to January 2016. Transactions (138) were only up by 11%. 
  • Residential Market Sales by Price Point: Residential volume in January had 113 transactions with $79,082,360 gross volume. There were 23 properties that sold for $1M and above in January. The most active price point was up a bit between $300K-400K with 19 transactions. There were 41 Single Family,72 Multi-Family and 7 Vacant Land transactions in January.
  • Average Price History by Type 2017: Average price for residential Single Family: $1.139,945 ( another milestone for the highest since Land Title has been tracking), Multi- Family: $449,231 and Vacant Land: $299,714.
  • Comparative Historical Cost Analysis 2017: There were again 113 residential transactions and $79,082,360 gross $ volume with 23 properties selling for a $1M and over-compared to 2016, there were 104 transactions and $55,534,150  $ gross volume, 9 properties at $1M and over and in 2015, there were 98 transactions with $56,210,600  $ gross volume, 12 properties at $1M and over. 
  • Top Lender Graph: There were 452 loans in January, 70% (96) of the loans were related to sales, there were 152 REFI’s and 204 loans were timeshare related. 30% 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 January in the Sawmill Patch Placer area, also for the highest PPSF. There were no bank sales in January.
  • Foreclosures: Down again, with only 2 actions in January, compared to 4 in January 2016. There with no PTD filings in January.
  • Purchaser Profile Abstract:  There were 25 upper end purchasers in January compared to 22 in December 2016. Our buyers for real estate transactions in January were the Front Range demographic at 33% of our market, 36% are “local” and 31% are out of state buyers with barely 1% International. 
  • Land Title New Development Summary: This (page 16) shows all the new construction each month with 11 in January compared to 16 in December 2016.

Land Title Guarantee Company January 2017 Market Analysis