The Skinner Team

Summit County July Market Analysis by Land Title Guarantee Company

Provided by Land Title Gaurantee Co

July 2014 Highlights:

  • Market Analysis by Area for July: July was another positive real estate month in the high country! There were 195 transactions with $90,735,125 in gross monetary volume. The average transaction price for all 18 reported areas at $465,308, average residential price was $501,084 and the median residential price was $394,000. The average residential PPSF was $310.
  • YTD Transaction Summary: There have been a total of 938 transactions with $457,191,881 monetary volume, the average transaction price for all 18 reported areas is $487,319. The average residential price is $508,448. The median residential price is $404,000. The average PPSF is $315.
  • Market Snapshot for YTD 2014 vs. 2013: Values are as follows: Average Indicators for $: Single Family +6%, Multi- Family +5% and Vacant Land +15%.Median indicators for $: Single Family +7%, Multi- Family +7% and Vacant Land +51%. These indicators translate that the prices are still fairly stable to last year, increasing slightly.
  • Market Analysis % Change showing years 2004-2014 YTD: July monetary volume ($90,735,125) is up 32% from July 2013, transaction volume (195) is up 26% from July 2013. 2014 YTD (7 months) monetary volume is up 10% from YTD 2013. YTD 2014 transaction volume is finally up by 4% from YTD 2013. Inventory continues to be low in Summit County compared to years past.
  • Residential Market Sales by Price Point : Residential volume in July had 158 transactions with $79,171,325 gross volume. There were 12 properties that sold for $1M and above in July. The most active price point in July was higher than our previous few months at $300K to $400K. The price point of $500K to $600K was high again with 22 transactions in that price range. There were 55 Single family, 103 Multi-family and 14 Vacant land transactions in July.
  • 2014 Average Price History: Average residential pricing continues to be highly consistent as of July – Single family is $799,222, Multi- family is at $362,783 and Vacant land is $372,880. This graph on page 7 is a great piece to show your clients that our market has held it’s value over all these years.
  • Historical Cost Breakdown YTD 2014 : There have been 782 residential transactions YTD 2014 and $397,606,681 gross volume with 65 properties $1M – Compared to 2013 YTD, there were 722 transactions and $364,440,500 gross volume, 60 properties at $1M and over and in 2012 YTD, there were 589 transactions with $304,658,925 gross volume, 45 properties at $1M and over.
  • Top Lender Graph: There were 567 loans in July, with 58% of the purchasers obtaining financing at the time of sale. 42% of the real estate closings were cash transactions. There were 107 Refinances.
  • Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in July with again no bank sales.
  • Foreclosures: Bank sales and Foreclosure actions are increasingly down again. It’s a good trend to see in Summit County! There were only 13 actions in July compared to 27 in July 2013. There have only been 102 actions YTD 2014.
  • Land Title Purchaser Highlights ( Page 15):There were 12 higher end sales in July to note- you can see the details on this report. In July, the majority of our buyers for real estate transactions continue to be the Front Range demographic at 38% of our market, only 28% are local and 32% are out of state buyers.

To view the full analysis including grafts and charts, please click on this link Land Title Guarantee Company July 2013 Market Analysis