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.
May 2017 Highlights
Market Analysis by Area for May 2017: There were 197 transactions and $126,580,300 in monetary volume. Some trends for all 18 reported areas in May: $656,989- Average transaction price, $699,977- Average residential price and $431-PPSF.
Year to Date Market Analysis (5 months): Monetary volume in 2017 totaled $527,002,912 with 818 transactions. $663,174- Average transaction price, $690,688-Average residential price and $424-PPSF.
Market Snapshot for Years 2017 vs 2016: Average Indicators for $: Single Family +22%, Multi- Family +13% and Vacant Land +2%. Median Indicators for $: Single Family +31%, Multi- Family +11% and Vacant Land -3%.
Market Analysis % Change YTD 2017: Monetary volume ($126,580,300) in May 2017 was 10% higher than May 2016. Transactions (197) were flat to May 2016. YTD 2017, monetary volume is up by 25% and transactions are up 11% compared to YTD 2016.
Residential Market Sales by Price Point: Residential volume in May had 166 transactions with $116,196,155 gross volume. There were 32 properties that sold for $1M and above in May. The most active price points were between $300K-500K with 55 transactions. There were 55 Single Family, 111 Multi-Family and 14 Vacant Land transactions in May.
Average Price History by Type 2017: Average price for residential Single Family: $1,141,154, Multi- Family: $463,956 and Vacant Land: $361,508.
Comparative Historical Cost Analysis 2017 YTD: There were 678 residential transactions and $468,286,153 gross $ volume with 127 properties selling for a $1M and over-compared to 2016, there were 629 transactions and $361,529,783 gross $ volume, 88 properties at $1M and over. In 2015, there were 596 transactions with $326,488,500 gross $ volume, 55 properties at $1M and over.
Top Lender Graph: There were 568 loans in May, 75% (147) of the loans were related to sales, there were 129 REFI's and 292 loans were timeshare related. 25% 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 May in the Cottages at Shock Hill. One Ski Hill Place topped out the highest PPSF at $1,171. There were 2 bank sales in May. There was a $3.5 sale mentioned in the Summit Daily newspaper a few weeks ago. This sale was not officially recorded in May. Please note that this sale should show up in next month’s report from the Clerk and Recorder.
Foreclosures: There were only 2 Notice of Election & Demands submitted in May.
Purchaser Profile Abstract: There were 35 upper end sales in May compared to 25 in April. Our buyers for real estate transactions in May were approximately Front Range demographic at 36% of our market, 30% are "local" and 34% are out of state buyers with almost 1% International.
Land Title New Development Summary: This (page 16) shows all the new construction each month with 12 in May (same as April 2017).
As always, please feel free to contact me anytime with questions. I look forward to hearing from you!
All the best,
Omni Real Estate Company
"Your Guide to Summit County Real Estate"
Certified Negotiation Expert (CNE)
Resort & Second Property Specialist (RSPS)
Short Sale and Foreclosure Representative (SFR)