Monday, December 3, 2018

October 2018 Market Analysis

The following data is provided as 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.

October 2018 Market Highlights

Market Analysis by Area for October 2018: There were a total of 236 transactions and $182,673,300 in monetary volume. The average transaction price for all 18 reported areas, plus Deed Restricted transactions, was $812,344, average residential price was $818,498 and average residential PSF was $481.

Year to Date Market Analysis (10 months): Monetary volume in YTD 2018 totaled $1,451,784,955 with 2102 transactions: $717,060 average transaction price, $748,403 average residential price and average residential PSF $469.

Market Snapshot for Years 2018 vs 2017:  Average Indicators for $: Single Family +5%, Multi- Family +9% and Vacant Land +14%. Median Indicators for Single Family +7%, Multi- Family +10% and Vacant Land +18%.

Market Analysis % Change 2018: Monetary volume ($182,673,300) in October 2018 was down 14% from October 2017. Transactions (236) were down 27% from October 2017.  YTD 2018 monetary volume is up 7% from YTD 2017, and transactions are now down 2% YTD 2018 compared to YTD 2017.

Residential Cost Analysis:  Residential volume in October had 193 transactions with $157,970,200 gross volume. There were 37 properties that sold for $1M and above in October.  The most active price points were between $300K-$500K with 60 transactions. There were also quite a few transactions in October between the price points of $500K-$600K with 28 transactions. There were 75 Single Family, 118 Multi-Family and 12 Vacant Land transactions.

Average Price History by Type 2018: Average price for residential Single Family: $1,298,937, Multi- Family: $513,135 and Vacant Land: $367,042.

Comparative Historical Cost Analysis YTD 2018: There were 1662 residential transactions and $1,243,846,478 gross $ volume with 309 properties selling for $1M and over. YTD 2017, there were 1810 residential transactions and $1,226,952,645 gross $ volume with 287 properties selling for over $1M. YTD 2016, there were 1692 transactions with $964,853,906 gross $ volume with 175 properties selling for over $1M.

Top Lender Analysis October 2018: There were 529 loans in October. 72% of purchasers closing with financing at the time of the sale, there were 110 REFI's and 248 loans were timeshare related. 28% of the real estate closings were cash transactions.

Foreclosures:  There were 4 Foreclosure actions taken in October compared to 3 last October 2017.

Purchaser Profile Abstract:  There were 41 upper end sales in October 2018 compared to 40 in September 2018. Our buyers for real estate transactions for 2018: Front Range demographic at 42% of our market, 28% are "local" and 31% are out of state buyers with 0% International. Please note page 17 comparing demographics of our buyers through 2013.

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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