August 2023 continued the trend of increased transactions and gross volume across Summit County. - Market Analysis by Area for August 2023: There were a total of 179 transactions and $207,167,239 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $1,233,456, the average residential price was $1,323,501 and the average residential PSF was $793.
- Market Analysis by Area 2022 (8 Months) YTD: There were a total of 974 transactions with $1,120,997,223 monetary volume. The average transaction price was $1,222,720, the average residential price was $1,319,515 and the average residential PPSF was $791.
- Market Snapshot for YTD 2023 vs Full Year 2022: Average Indicators for $: Single Family -1%, Multi- Family +5% and Vacant Land -1%. Median Indicators for Single Family +1%, Multi- Family +10% and Vacant Land -7%.
- Market Analysis % Change YTD August 2023: Monetary volume in August 2023 was down 5% from August 2022. Transactions were down 8% from August 2022. YTD 2023, monetary volume is pacing 27% down and 18% down with transactions from YTD 2022.
- Residential Cost Analysis: Residential volume in August had 140 transactions with $185,290,106 gross volume. There were 71 properties that sold for $1M and above in August. There were 48 Single Family, 92 Multi-Family and 7 Vacant Land transactions in August.
- Average Price History by Type YTD 2023: Average price for residential Single Family: $2,038,006, Multi- Family: $941,051 and Vacant Land: $656,152.
- Comparative Historical Cost Analysis Comparison 2023-2022-2021: YTD 2023, there were 742 transactions with $979,080,267 gross monetary volume with 377 properties selling for over $1M. YTD 2022, there were 922 transactions with $1,233,026,704 gross $ volume with 465 properties selling for over $1M. YTD 2021, there were 1512 transactions with $1,623,212,899 gross $ volume with 528 properties selling for over $1M.
- Top Lender Analysis August 2023: There were a total of 291 loans, 105 loans related to sales, 55 REFI’s and 131 timeshare loans in August with 41% of real estate deals closing with cash.
- Foreclosure Update: There were 11 foreclosure actions in August, compared to 3 in August 2022, YTD there have been a total of 47 foreclosures actions, 38 being timeshares.
- Purchaser Profile Abstract: New unit sales were at 12 in August compared to 13 in July. There were 76 upper-end sales in August compared to 67 in July 2023. Our buyers for real estate transactions for YTD 2023: Local buyers 29%, Front Range demographic at 36% and 34% were out of state buyers with 1% International.
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