Summit County Real Estate: May 2013

Friday, May 31, 2013

April 2013 Market Analysis

The following information is provided 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.

April 2013 Highlights:

Market Analysis by Area for April: April has continued the upward trend with a strong real estate month in Summit County. There were 134 real estate transactions with $64,326,500 gross volume. The Average Transaction Price for all 18 reported areas: $509,640 was the Average Residential Price, $356,750 was the Median Residential Price and Average Residential PPSF increased a bit from March at $301.
Year to Date by Area ( 4 months- first quarter): There have been 452 real estate transactions to date, and $205,111,700 Gross Volume. The Average Transaction Price YTD is $462,214, Average Residential Price: $493,782, Median Residential Price: $370,000 and Average Residential PPSF: $283.
Market Snapshot YTD ( 4 months-first quarter) for 2013: Average Single Family is flat ($767,545 YTD April from Full Year 2012 $764,455- 0% change) and Multi-Family decreased a bit as April YTD 2013 at -10% ( $319,227 in April YTD from Full Year $353,339). Vacant Land still indicates an increase at 7% ($330,054 YTD April from $309,512 Full Year 2012). If you view the Median Prices on the chart below on page 4 of the Analysis- you will see that the trends vary with Single Family at no change 0%, Multi- Family was actually down 7% and Vacant Land down -10%.
Market Analysis % Change showing years 2004-2012: April monetary volume ($64,326,500) was up 22% from April 2012. Transactions are up by 19% from April 2012 (134). Overall, for the first quarter 2013, Summit County is ahead by 18% monetary ($205,111,700) and ahead 22% transaction wise (452).
Residential Market Sales by Price Point : Residential volume in April had 118 transactions with $60,137,500 gross volume. There were 9 properties that sold for $1M and above in April. The most active price points in April were up one notch from March- between $300k-$400k. April had 44 Single Family and 74 Multi-Family transactions.
2013 Average Price History: Average Residential pricing for Single family in YTD $767,545, Multi- family is $319,227 YTD and Vacant Land is still up at to $330,054 YTD.
Historical Cost Breakdown 2013 ( 4 months- first quarter): There were 357 residential transactions so far in 2013 and $176,280,200 gross volume with 26 properties $1M and over. YTD 2012, there were 296 transactions and $154,507,100 gross volume, 26 properties at $1M and over and YTD 2011, there were 300 transactions with $164,155,500 gross volume, 30 properties at $1M and over. The number of transactions for the first quarter of 2013 in the Residential sector shows a strong increase from the past two years with monetary volume fairly flat.
Top Lender Graph: Lender activity was strong in April and 39% of all transactions were cash. There were 662 loans, 82 loans were sales, 275 REFI's and 305 Timeshares.
Market Highlights: Please see page 10 of the Market Analysis- this also shows the Bank Sales from April 2103.
Bank Sales and Foreclosures: Foreclosure actions continue to decrease, with 24 Foreclosure actions in April compared to 40 in April 2012.
Land Title Purchaser Highlights ( Page 15): A majority of our second homeowners for real estate transactions continue to be the Front Range Demographic at 41% of our market.

To view the full report please click the link below:

Land Title Guarantee Company April 2013 Market Analysis

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

Web: www.tylermacguire.com

“Your Guide to Summit County Real Estate”

Friday, May 3, 2013

March 2013 Market Analysis

March 2013 Highlights:

Market Analysis by Area for March: March was a strong real estate month in Summit County. There were 118 real estate transactions with $46,679,000 gross volume. The Average Transaction Price for all 18 reported areas: $241,300 Average Residential Price: $415,987, Median Residential Price: $382,500 and Average Residential PPSF $255.
Year to Date by Area ( 3 months): So far, there have been 318 real estate transactions to date, and $140,785,200 Gross Volume. The Average Transaction Price YTD is $453,733, Average Residential Price: $485,953, Median Residential Price: $380,000 and Average Residential PPSF: $275.
Market Snapshot YTD for 2013: Average Single Family is flat ($758,714 in YTD March from Full Year 2012 $764,455) and Multi-Family decreased a bit as March YTD 2013 at -13% ( $306,006 in March YTD from Full Year $353,339). Vacant Land still indicates increases at 4% ($322,956 YTD March from $309,512 Full Year 2012). If you view the Median Prices on the chart below on page 4 of the Analysis- you will see that the trends vary with Single Family no change 0%, Multi- Family was actually down 10% and Vacant Land down -6%.
Market Analysis % Change showing years 2004-2012: March monetary volume ( $46,679,000) was up 25% from March 2012. Transactions are up by 46% from March 2012 ( 118). This is the most $ volume and transactions in March since 2008. Overall, for the first 3 months of 2013, Summit County is ahead by 17% monetary ( $140,785,200) and ahead 24% transaction wise (318).
Residential Market Sales by Price Point : Residential volume in March had 86 transactions with $35,774,900 gross volume. There were NO properties that sold for $1M and above in March ( unusual). The most active price points in March were in between $200k-$400k.
2012 Average Price History: Average Residential pricing for Single family in YTD is down a bit from last month at $758,714, Multi- family stays about the same as last month at $306,006 YTD and Vacant Land is still up at to $322,956 YTD. This graph ( page 7) is a good piece to show your clients that our market has held it's value over all these years!
Historical Cost Breakdown 2013: There were 239 residential transactions so far in 2013 and $116,142,700 gross volume with 16 properties $1M and over. YTD 2012, there were 204 transactions and $109,016,000 gross volume, 19 properties at $1M and over and YTD 2011, there were 213 transactions with $108,402,700 gross volume, 16 properties at $1M and over.
Top Lender Graph: Cash sales were at 36% for all real estate closings. There were 635 loans recorded, 280 of those were REFI's, 76 loans were related to actual real estate sales and 279 were Timeshare related loans.
Bank Sales and Foreclosures: There were 5 Bank Sales in March compared to 3 in February. Foreclosure actions were way down in March. There were a total of 22 actions being filed compared to 66 in March 2012. There were 72 Foreclosure actions so far in the first quarter of 2013.