January 2016 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.
January 2016 Highlights:
- Market Analysis by Area for January 2016: The start of 2016 kicked off with 124 transactions and $63,231,650 monetary volume. As many of us know, January is a slower month for real estate movement in the mountains. Average transaction price for all 18 reported areas: $514,210: Average residential price:$533,982: Average residential PPSF $355. New this year, you will see a line item for Deed Restricted Units on this report.
- Market Snapshot for Years 2016 vs 2015: Prices look good compared to full year 2015 and are as follows: Average Indicators for $: Single Family +3%, Multi- Family +2% and Vacant Land -16%. Median Indicators for $: Single Family -3%, Multi- Family +9% and Vacant Land +6%.
- Market Analysis % Change YTD 2016 Data ( 1 month): Monetary volume ($63,231,650) in January was down -5% compared to January 2015. Number of transactions (124) were down -2% in January compared to January 2015. Currently, inventory is extremely low in Summit County.
- Residential Market Sales by Price Point: Residential volume in January had 104 transactions with $55,534,150 gross volume. There were 9 properties that sold for $1M and above in January. The most active price points were between the $200K-$400K range this month. There were 28 Single family, 76 Multi-family and 7 Vacant land transactions in January.
- Full Year 2015 Average Price History: Average residential pricing is consistent starting off 2016- Single Family: $877,732, Multi- Family:$407,338 and Vacant Land was $311,943.
- Comparative Historical Cost Analysis: There were again 104 residential transactions and $55,534,150 volume with 9 properties selling for a $1M and over-compared to 2015, there were 98 transactions and $56,210,600 gross volume, 12 properties at $1M and over and in 2014, there were 83 transactions with $38,988,500 gross volume, 7 properties at $1M and over.
- Top Lender Graph: There were 368 loans in January, 63% of the loans were related to sales, there were 123 REFI’s and 167 loans were timeshare related. 37% of the real estate closings were cash transactions.
- Market Highlights: Please see page 10 of the Market Analysis-Higher priced sale in January (Gold Flake Terrace). There was one bank sale in January.
- Foreclosures: There were 4 Foreclosure actions in January 2016 compared to 8 in January 2015.
- Purchaser Profile Abstract (Page 14): There were 10 higher end sales in January – you can see the details on this report. Our buyers for real estate transactions were the Front Range demographic at 40% of our market, 31% are local ( side note: which in part are “retires” coming to Summit County) and 29% are out of state buyers, with 0% International.
- Land Title New Development Summary: This (page 15) shows all the new construction each month with 10 in January,