2011 was an interesting year for Summit County Real Estate and there is a lot of reason to believe we are at a turning point heading into 2012. In the last year we had 1,122 transactions close up from 1,011 in 2010. Furthermore, the average sales price in 2011 was $509,883 down from 2010’s average of $566,325. However, lower pricing and a growing number of transactions are not the only reasons to suggest change is upon us.
2011 did see an increase in properties that were foreclosed upon with 145 public trustee sales up from 104 in 2010. However, Notices of Election and Demand (these start the foreclosure process) fell from 350 in 2010 to 316 in 2011. This would suggest we may see fewer properties foreclosed upon in 2012 than we did in 2011. Furthermore, LPS Applied Analytics, which collects data on nearly 40 million mortgage loans, has ranked Colorado Colorado New York and Washington DC
Looking forward to 2012 there are currently 1,195 residential listings which based on the numbers above is about a one year inventory. Not bad at all compared to some of the harder hit real estate markets. Furthermore, the average asking price of all current listings is $729,287. If these listings sell for an average of 93.5% of there asking price (this is what we saw in 2011) the average sales price in 2012 will rise to $691,883!!!
As always, if you have questions about any of this or would like to schedule an appointment to discuss your 2012 Real Estate goals, please feel free to contact me at any of the information below.
All the best,
Tyler MacGuire e-PRO®, SFR
Broker Associate
Omni Real Estate Company
Office: 970-468-2740
“Your Guide to Summit County Real Estate”
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