The Land Title Guarantee Company’s Summit County Market Analysis for February 2017 has been released:
- Market Analysis by Area for February 2017: There were 116 transactions and $71,152,600 in monetary volume. Some trends for all 18 reported areas in February: $644,610- Average transaction price, $642,609- Average residential price and $408-PPSF.
- Year to Date Market Analysis (2 months): Monetary volume in 2017 totaled $163,053,674 with 254 transactions. $666,373-Average transaction price, $672,973-Average residential price and $426-PPSF.
- Market Snapshot for Years 2017 vs 2016: Average Indicators for $: Single Family +24%, Multi- Family +5% and Vacant Land +2%. Median Indicators for $: Single Family +16%, Multi- Family +5% and Vacant Land +3%.
- Market Analysis % Change YTD 2017: Monetary volume ($71,152,600) in February 2017 was 6% higher at than February 2016. Transactions were down 8% from February 2016 due do the inventory supply. YTD 2017, monetary volume is up by 25% and transactions are up 2% compared to YTD 2016.
- Residential Market Sales by Price Point: Residential volume in February had 100 transactions with $64,260,900 gross volume. There were 14 properties that sold for $1M and above in February. The most active price point was between $200K-300K with 23 transactions. There were 30 Single Family, 70 Multi-Family and 5 Vacant Land transactions in February.
- Average Price History by Type 2017: Average price for residential Single Family: $1,154,877, Multi- Family: $432,021 and Vacant Land: $360,583.
- Comparative Historical Cost Analysis 2017: There were 213 residential transactions and $143,343,260 gross $ volume with 37 properties selling for a $1M and over-compared to 2016, there were 209 transactions and $114,550,350 $ gross volume, 19 properties at $1M and over. In 2015, there were 187 transactions with $99,488,300 $ gross volume, 15 properties at $1M and over.
- Top Lender Graph: There were 400 loans in February, 63% (73) of the loans were related to sales, there were 138 REFI’s and 189 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 February in the Timber Trail area, One Ski Hill place topped out the highest PPSF at $1,299. There were no bank sales in February.
- Foreclosures: There were 5 Foreclosure actions in February.
- Purchaser Profile Abstract: There were 17 upper end purchasers in February compared to 25 in January. Our buyers for real estate transactions in February were the Front Range demographic at 45% of our market, 29% are “local” and 25% 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 13 in February compared to 11 in January.