Friday, October 5, 2018

August 2018 Market Analysis

The following information is provided a courtesy of Land Title.  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.

August 2018 Highlights

Market Analysis by Area for August 2018: There were a total of 319 transactions and $235,727,859 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $780,910, average residential price was $800,792 and average residential PSF was $479.

Year to Date Market Analysis (8 months): Monetary volume in YTD 2018 totaled $1,107,208,955 with 1607 transactions: $712,821 average transaction price, $741,398 average residential price and average residential PSF $465.

Market Snapshot for Years 2018 vs 2017:  Average Indicators for $: Single Family +4%, Multi- Family +9% and Vacant Land +17%. Median Indicators for Single Family +8%, Multi- Family +8% and Vacant Land +16%.

Market Analysis % Change 2018: Monetary volume ($) in August 2018 was up 38% from August 2017. Transactions (319) were up 17% from August 2017.  YTD 2018 monetary volume is up 13% from YTD 2017, and transactions are down 12% YTD 2018 compared to YTD 2017.

Residential Cost Analysis:  Residential volume in August had 250 transactions with $200,197,894 gross volume. There were 55 properties that sold for $1M and above in August. The most active price points were between $300K-$400K with 42 transactions. There were 95 Single Family, 155 Multi-Family and 20 Vacant Land transactions.

Average Price History by Type 2018: Average price for residential Single Family: $1,129,643, Multi- Family: $517,965 and Vacant Land: $377,561.

Comparative Historical Cost Analysis YTD 2018: There were 1273 residential transactions and $943,799,378 gross $ volume with 234 properties selling for $1M and over-compared to 2017, there were 1313 transactions and $883,914,045 gross $ volume, 208 properties at $1M and over.  In 2016, there were 1220 transactions with $683,932,493 gross $ volume, 121 properties at $1M and over.

Top Lender Analysis August 2018: There were 542 loans in August 67% (215) of the loans were related to sales, there were 139 REFI's and 188 loans were timeshare related. 33% of the real estate closings were cash transactions.

Market Highlights: Please see page 11 of the Market Analysis- You can note the higher priced sale in August in the Timber Trail area at $4,500,000. The top priced PSF in the Shock Hill Landing area at $1,083.

Foreclosures:  There were 3 Foreclosure actions taken in August compared to 4 last August 2017. A total of 56 Foreclosure actions have been filed YTD, with 42 of those being Timeshares.
Purchaser Profile Abstract:  There were 61 upper end sales in August compared to 38 in July. Our buyers for real estate transactions for 2018: Front Range demographic at 35% of our market, 30% are "local" and 35% are out of state buyers with 0% International.

Land Title New Development Summary: This (page 18) shows all the new construction each month, which doubled in August with 40 compared to 20 in July.

As always, please feel free to contact me anytime with questions.  I look forward to hearing from you!

All the best,

Tyler MacGuire  

Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

"Your Guide to Summit County Real Estate"

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