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."