Friday, December 21, 2012

Summit County Market Update



Land Title just released their most recent market report and the highlights are as follows:

                                 




                                                                  November 2012 Highlights:


Market Analysis by Area for November: November was another strong month for real estate transactions in Summit County. There were 154 transactions with $66,866,100 gross volume.

Market Analysis by Area Year- to- Date ( 11 months): There have been 1439 transactions, with $685,695,800 Gross Volume in the past 11 months. November 2012 has pushed Summit County past the Gross Annual Volume in 2011. The Median Residential price dropped a few thousand at $405,000 and the Average PPSF is at $287.

Market Snapshot YTD: Snapshot values for the Average Prices remain steady ( flat)- Single Family increased by 3% and Multi-Family fell slightly at -4%. Vacant Land indicates a 28% increase over last year.

Market Analysis % Change showing years 2004-YTD 2012: November 2012 Gross Volume for all transactions is 14% higher than November 2011 and 8% higher with transactions. Overall, for 11 months, Summit County is pacing 10% ahead of 2012 with monetary volume and 10% higher with transaction volume. Gross Volume and transactions totals are the best post-recession numbers that we have had for a long time!

Residential Market Sales by Price Point for November: Residential volume in November had 133 transactions with $61,443,600 gross volume. There were 42 Single Family and 91 Multi-Family Residential properties sold in November, with the majority being in the price range of $200K to $300K. There were 6 properties that sold for $1M and above in November.

2012 Average Price History: The Single Family residential average price was $758,972, the Multi-Family residential average price is at $352,875 and the Vacant Land residential average price is at $316,556.

Historical Cost Breakdown 2012: There were 1165 residential transactions YTD in 2012 and $597,903,800 gross volume and 95 properties over $1M. YTD 2011, there were 1061 transactions and $543,578,200 gross volume, 93 properties at $1M and over and YTD 2010, there were 977 transactions with $550,077,100 gross volume,108 properties at $1M and over.

Top Lender Graph:- Cash sales went back up to 44% in November for all real estate closings. There were 514 Mortgage Deed recordings in November. 86 loans were related to sales ( 56%), there were 264 REFI's and 164 Timeshare loans.

Bank Sales and Foreclosures: Bank sales were down in November with only 3 compared to 7 in October. Foreclosures continue to decline and are on track for our year end 2012 numbers to be much lower than 2011.

Highest Priced Sale & Highest PPSF for November 2012:-11/7/2012 Mountain Thunder Lodge Condo Ph II Unit 303, Building 3 aka 0063 Mountain Thunder Drive - 2 Brm 2 Bath YOC 2005 with 1,055 SF Living Area. PPSF is $687.20
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.

If you would like to see the full report it is available in the link below:

http://tinyurl.com/full-market-report

As always, please feel free to contact me anytime with questions.  Merry Christmas and Happy Holidays!

All the best,


Tyler MacGuire e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779 
Web: www.tylermacguire.com
Blog: www.tylermacguire.blogspot.com


           
"Your Guide to Summit County Real Estate."

Tuesday, December 4, 2012

Keeping an Eye on Keystone Real Estate


            As the ski season gets going more and more people are asking me “How’s the Keystone Real Estate Market doing?”  The short answer is that it seems to be improving but, let’s take a closer look.

            Let’s start with the bad news.  When comparing November of 2011 to November of 2012, Keystone saw the number of transactions rise 6% from 16 to 22 while the average sales price fell 9% from $364,116 to $329,768.  However, it is important to note that this is a fairly limited view of a small sample size.

            For a larger sample size (and some good news) let’s look at the first 11 months of 2011 compared to the first 11 months of 2012.  This year Keystone has seen 175 residential transactions which represents a 37% increase to the 128 last year.   Furthermore, the average sales price has risen 6% from $422,803 last year to $447,625 this year.

            Looking forward there are currently 226 active listings in Keystone which represents a little over a year worth of inventory.  Nearly half of these listings (123 specifically) are listed under $400,000 and 23 of them are listed over $1,000,000.  As always, please feel free to contact me anytime with questions.

All the best,


Tyler MacGuire  e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    
        

“Your Guide to Summit County Real Estate

This information is based exclusively on data pulled from the Summit County MLS on 12/4/12.

Monday, November 12, 2012

Transactions Remain on the Rise


           As the snow begins to fly and we enter the 2012/13 ski season the Summit County Real Estate Market continues to improve.  This October saw 171 residential transactions representing a 37% gain compared to the 125 transactions in October of 2011!  However, the average sales price remained relatively flat rising .7% from $458,643 in October 2011 to $462,018 in October this year.

            When looking at 2012 compared to 2011 there has also been significant improvement.  Through the end of October this year, there were 1,047 residential transactions which is a 17% increase compared to the 895 transactions in the same time period last year.  However, the average sales price still remains relatively flat rising .7% to $462,018.

            Looking forward there are currently 1,168 properties listed for sale in Summit County.  If the numbers of transactions we are seeing continue through year end and there is not a large influx of new listings, this may become the smallest inventory we have seen in a long time.  As the supply of homes for sale decreases we can expect to start to see prices increase.  As always, please feel free to contact me anytime with questions.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

       

“Your Guide to Summit County Real Estate

Friday, October 19, 2012

Keystone Real Estate Update


The Keystone Real Estate Market has made a lot of progress throughout 2012 as well as recently.  The first three quarters of 2012 saw 126 transactions which is a 35.5% increase compared to 93 in the first three quarters of last year.  The average sales price of Keystone Real Estate has also risen 4.5% from $451,478 in the first three quarters of 2011 to $471,833 in the same time period this year.


More recently in Keystone Real Estate, September 2012 has demonstrated considerable growth compared to September 2011.  This September, transactions rose 35.3% from 17 last year to 23 this year.  Furthermore, the average sales price came up 9% from $511,465 last year to $557,283 this year.


As always, please feel free to contact me anytime with questions about Keystone Real Estate or Summit County Real Estate in general.  I look forward to hearing from you!


All the best,


Tyler MacGuire  e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

       

“Your Guide to Summit County Real Estate

Friday, October 5, 2012

Summit County Market Update Q1-Q3


Despite a drop in transactions for the month of September, the Summit County Real Estate  Market has maintained momentum through the end of the 3rd quarter of 2012.  September 2012 saw the number of transaction fall 13.2% to 131 compared to 151 last September.  However, the average price in September of 2012 rose 13.7% from $524,886 last year to $597,039 this year!

The first three quarters of this year have also demonstrated significant growth compared to the same time period last year.  The number of transactions is up 13.2% from 770 to 872 and the average sales price rose 1.1% from $527,108 to $533,015! 

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

All the best,


Tyler MacGuire  e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

       

“Your Guide to Summit County Real Estate

Friday, September 14, 2012

August 2012 Market Update


           Well, we can add this August as yet another reason for optimism about the Summit County Real Estate Market.  The month of August saw 137 residential transactions which is a 32% increase from the 104 transaction in August 2011!  Furthermore, the average sales price rose 5% from $521,585 in August 2011 to $545,190 in August 2012!
           
            When comparing 2011 and 2012 year to date, there is reason for optimism as well.  Transactions have come up 20% from 619 through the end of August 2011 to 741 in 2012.  However, with over a years worth of inventory, the average sales price has remained relatively flat dropping 1% from $527,650 in 2011 to $521,697 this year.  Nevertheless, with transactions on the rise and many markets beginning to see appreciation, there is a lot of reason to think there are good things to come. 
           
            For a broader view of the current real estate market here are a few links to what the national news media has to say: 




As always, please feel free to contact me anytime at the information below.  I look forward to hearing from you.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

       

“Your Guide to Summit County Real Estate



This information is based exclusively on data in the Summit County MLS.

Friday, August 3, 2012

July 2012 Market Report


Through the end of July, Summit County saw 603 residential transactions year to date with an average sales price of $517,082.  Compared to the same time period last year (521 transactions and an avg sales price of $525,731) this represents a 15.7% increase in transactions and a 1.6% decrease is in average sales price.

July 2012 saw 95 transactions with an average sales price of $493, 929.  When compared to July 2011 (90 transactions with an avg sales price of $437,745) this is a 5.6% increase in transactions and a 12.8% increase in sales price!

Looking at the national real estate market is also a cause for optimism as Forbes reports that "The Housing Market Turns Corner" and CNN Money reports "Home Values Rise for the First Time in Five Years"!!  As always, if you have any questions or would like to see this information presented in a different format, you can reach me anytime at the information below.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

       

“Your Guide to Summit County Real Estate

Friday, July 27, 2012

Busiest Times of Year



 Many people have asked me when the busiest times of year are for Summit County Real Estate.  Although there are some exceptions to the rule, the year typically starts out slow and picks up pace through year end.  For example, here is a look at the number of closings per month from 2009-2011.  In these three years there were a combined total of 3,670 transactions and the chart below shows how they break down by month.


# of transactions
   % of annual
2009-2011
3670

January
172
4.70%
February
180
4.90%
March
239
6.50%
April
247
6.70%
May
290
7.90%
June
254
6.90%
July
259
7.00%
August
338
9.20%
September
436
11.90%
October
453
12.30%
November
401
10.90%
December
401
10.90%


It is important to understand that if the transactions were spread out equally you would see 305 transactions or 8.333% each month.  Any month that produces less than this number is displayed in red while the months that account for more than this appear in green.  Accordingly, any month with less than that could be considered a slow month and months with more than that could be considered busy.  It is interesting to note that the last five months of the year are generating 55.2% of the transactions while the fist seven months only account for 44.6%.  Lastly, it is important to remember that many transaction take 45 (sometimes more) days to close so, a closing in September may have gone under contract in July.

As always if you have questions or would like to see this information in a different format please feel free to contact me anytime at the information below.

All the best,

Tyler MacGuire  e-PRO®, SFR, CNE
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

          

“Your Guide to Summit County Real Estate

Sunday, July 15, 2012

Keystone Market Report


             In the first six months of the year Keystone saw 62 residential transactions compared to just 46 during the same time period in 2011.  Furthermore, the average sales price rose to $487,226 from $484,912 in the first half of 2011.  This represents a 35% increase in transaction and .5% increase in average sales price in the first two quarters of 2012 compared to 2011!!  Moreover, the average sales price in the first half of 2011 may be artificially inflated by a $2,195,000 sale.  By comparison the highest sales price in the first half of this year was about half that amount coming in at $1,225,000.

            Please feel free to contact me anytime with questions or if you would like to see this information in a different format.

All the best,


Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

       

“Your Guide to Summit County Real Estate

Tuesday, July 10, 2012

Q1 and Q2, 2012 Market Report


     Through the first two quarters of 2012 Summit County saw 506 residential transactions with an average sales price of $522,532.  This represents a 15% increase in transactions and 3.6% decrease in average sales price compared to the same time frame in 2011.
            
     When breaking the number of transactions down by price point the data is as follows:

  • There were 106 transactions under $250,000 compared to 101 in 2011 (up 5%).

  • There were 202 transactions between $250,000 and $500,000 compared to 170 in 2011 (up 19%).

  • There were 166 transactions between $500,000 and $1,000,000 compared to 128 in 2011 (up 30%).

  • There were 40 transactions over $1,000,000 compared to 46 in 2011 (down 13%).


As always, if you have and questions or would like to see this information in a different format, please feel free to contact me anytime at the information below.

All the best,

Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

       

“Your Guide to Summit County Real Estate

Tuesday, June 5, 2012

First Five Months, Year to Year Comparison


Here in Summit County the Real Estate market has been very active thus far in 2012.  In fact, we have seen more residential transactions in the first 5 months of the year than we have since 2008.  Nevertheless, the average sales price remains low (reflects 2006/2007 pricing) and interest rates are still at historic lows making the actual cost to purchase a home incredibly tempting.  The chart below compares the time period of January through May in the last eight years.

First 5 Months Comparison




Year
Number of Transactions
Avg Sales Price
2005
769
$385,644
2006
834
$436,458
2007
767
$536,214
2008
499
$586,947
2009
238
$677,628
2010
318
$603,584
2011
366
$553,856
2012
406
$524,455


As always, please feel free to contact me anytime with questions and have a great summer!


All the best,

Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

       

“Your Guide to Summit County Real Estate

Wednesday, May 2, 2012

Number of Transactions Up Compared to Past Years


            Although the average sales price has fluctuated a bit, over the last few years the number of transactions appears to be on the rise.  This is good news for a market with a large inventory (over a years worth) that needs to be chipped away at before we can expect to see sustained appreciation.

            In the first four months of 2010, Summit County saw 224 residential transactions with an average sales price of $526,571.  During the same time period in 2011, the number of transactions grew (25%) to 280 and the average sales price came up slightly (3.4%) to $544,489.  In the first four months of this year we have seen 294 residential transactions (up 5% compared to last year and 31% compared to 2010) with an average sales price of $532,366 (down 2% from last year and up 1% compared to 2010).

            Like any market, when there is too much supply the value goes down.  However, if the demand for properties in Summit County (AKA number of transactions) continues to grow, it is likely to lead to a decrease in supply and an increase in value.  As always, it will be interesting to see how this plays out in the coming months but, feel free to contact me anytime at the information below with questions.
                                                                                                 
All the best,

Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

          

“Your Guide to Summit County Real Estate

Wednesday, April 11, 2012

Why Savvy Investors Trade Up in a Down Market

With Real Estate prices down about 25% from a few years ago and mortgage rates still incredibly low, more and more real estate investors are taking the opportunity to sell their current property in order to purchase a larger one.  At first glance selling in a down market may seem contrary to the “buy low, sell high” theory however, in reality now is a great time to upgrade.

Let’s say for example you own a $400,000 property and there is a $700,000 property that you would prefer to own.  Just a few years ago when prices were 25% higher that $400,000 property was worth $500,000 and the $700,000 would have cost you $875,000!!!  Although you would be selling your current home for $100,000 less than you may have a few years ago, you will be able to purchase the new home for $175,000 less than a few years ago.


Lastly, with interest rates still at historical lows, the actual cost to purchase is much lower than it was a few years ago.  As always, please feel free to contact me anytime if you have questions about this or anything else relating to Summit County Real Estate.

All the best,

Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

        

“Your Guide to Summit County Real Estate

Monday, April 2, 2012

Q1, 2012 Compared to Q1, 2011

In the first quarter of 2011 Summit County saw 200 residential transactions with an average sales price of $516, 266.  In 2012 however, the first quarter saw 196 residential transactions (down 2%) and an average sales price of $548,078 (up 6%)!     

Looking forward, there are currently 188 transactions pending with an average list price of $543,944.  We also have 1,209 active listings which represents over a years worth of inventory.  An inventory of over six months is generally considered to be a buyer's market and with the average sales price on the rise now may be the time to take advantage of low pricing, low interest rates and a large inventory.

As always, if you have questions about this or anything else pertaining to Summit County Real Estate please feel free to contact me anytime.

All the best,

Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

      

“Your Guide to Summit County Real Estate


The information contained herein is based solely on MLS data.

Monday, March 19, 2012

How to Take Title

In Colorado there are three main ways in which people can take title to their home.  Of the three main options, one applies to individuals while the other two address multiple owners or married couples.

Fee Simple / In Severalty: This is how most individuals take title and is easiest to understand.  When taking a Fee Simple Title, you are the sole owner of the property and can decide unilaterally to sell or to will the property to whomever you choose.

Joint Tenants:  Also known as Joint Tenants with The Right of Survivorship.  Taking title as Joint Tenants means that there are multiple owners and they do not have the right to will their interest in the property to anyone.  Upon the death of one of the owners, their interest in the property will be transferred to the remaining owner or owners.  This is the most common way that married couples take title.

Tenants in Common:  Tenants in Common differs from Joint Tenants in that Tenants in Common DO have the right to will their interest in the property to anyone they wish.  Tenants in Common are often partners who get together to purchase Real Estate and want to be able to will their interest in the property to family or friends rather than their co owner/s.

As always, if you have questions about this or anything else pertaining to Summit County Real Estate, please feel free to contact me anytime.

All the best,  

Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Email: tylermacguire@hotmail.com
Mobile: 970-409-7779    

        

“Your Guide to Summit County Real Estate

Monday, March 12, 2012

Price Vs Cost

             As a Buyer, it is very important to understand the difference between price and cost as it relates to a Real Estate transaction.  The price of a home is the amount it is sold for and if there is not a loan involved the price and cost will be the same.  However, if you will be securing a loan to purchase the property, the actual cost of the home may vary greatly.

            Let’s assume you are going to buy a $200,000 condo with 10% down and a 30 year fixed interest rate of 5%.  In this situation you would be putting $20,000 down, receiving a $180,000 loan and would have a monthly principal and interest payment of $966.28.  If you were to stay in the home for ten years, the total principal and interest payments would add up to $115,953.60.

            Now, let’s assume that you wait until interest rates go up and purchase the same condo, for the same price, but you have a 6% interest rate on your loan.  In this situation, you would still be putting $20,000 down and securing a $180,000 loan but, your monthly principal and interest payment would rise to $1,079.19.  Over the course of ten years this principal and interest payment would add up to $129,502.80. 

            It is important to understand that both of these scenarios are assuming the same condo at the same price.  However, by raising the interest rate in the second scenario by just 1%, the cost of the home over the next ten years goes up by $13,549.20!!!

           As always, if you have questions about this information or anything else pertaining to Summit County Real Estate, please feel free to contact me anytime at the information below.

All the best,


Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Mobile: 970-409-7779    
Email: tylermacguire@hotmail.com

          

“Your Guide to Summit County Real Estate

Monday, March 5, 2012

Market Maintaining Momentum in 2012

            After a strong start to the New Year, the Summit County Real Estate Market has maintained momentum through February.  In February 2011 we saw 64 transactions with an average sales price of $503,988.  By comparison, in February 2012 the number of transactions dropped 7.8% to 59 while the average price rose by 20% to $613,183!!!

            Despite a drop in the number of transactions in February 2012 compared to February 2011, the year to date the number of transactions is still exceeding 2011.  Through the first two months of 2011 we saw 121 transactions with an average sales price of $488,632.  By comparison, in the first two months of 2012 the number of transactions is up 3.3% to 125 and the average price has come up 13% to $533,087!!!

            Looking forward, there are currently 148 transactions pending with an average list price (final sales prices are still unknown) of $542,040.  Furthermore, we still have 1,186 active listings which represents about a years worth of inventory.  Typically an inventory greater than 6 months is considered a Buyer’s Market but, with the number of transactions and average sales price on the rise, those who have been waiting for the market to bottom out may be well advised to act quickly.

            As always, if you have questions about this or anything else that relates to Summit County Real Estate, please feel free to contact me anytime at the information below.
           

All the best,

Tyler MacGuire  e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
Mobile: 970-409-7779    

         

“Your Guide to Summit County Real Estate

Disclaimer: The information contained herein is based solely on MLS data.