This Market Report 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 2013 Highlights:
- Market Analysis by Area for May: May was the best real estate month in Summit County in 2013. There were 158 real estate transactions with $81,043,900 gross volume. The Average Transaction Price for all 18 reported areas was $512,936, Average Residential Price: $552,419 and the Median Residential Price: $430,500. The Average Residential PPSF was about the same as April at $302.
- Year to Date by Area ( 5 months): There have been 610 real estate transactions to date, and $286,155,600 Gross Volume. The Average Transaction Price YTD is $475,660, Average Residential Price: $509,785, Median Residential Price: $384,500 and Average Residential PPSF: $288. 50% of all the real estate transactions are in between the Farmer's Corner to Blue River sections.
- Market Snapshot YTD ( 5 months ) for 2013: Average Single Family is flat ($772,861 YTD May from Full Year 2012 $764,455- 1% change) and Multi-Family decreased a bit as May YTD 2013 at -4% ( $337,944 in May YTD from Full Year $353,339). Vacant Land indicates an increase at 2% ($314,296 YTD May 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 3% and Vacant Land down -10%.
- Market Analysis % Change showing years 2004-2012: May monetary volume ($81,043,900) was up 18% from May 2012. Transactions are also up by 18% from May 2012 (158). Overall, for the past 5 months of 2013, Summit County is ahead by 18% monetary ($286,155,600) and ahead 21% transaction wise (610).
- Residential Market Sales by Price Point : Residential volume in May had 134 transactions with $74,024,200 gross volume. There were 12 properties that sold for $1M and above in May. The most active price points in May were between $200k-$300k. May had 55 Single Family 79 Multi-Family and 7 Vacant Land transactions .
- 2013 Average Price History: Average Residential pricing for Single family in YTD $ 772,861, Multi- family is $337,944 YTD and Vacant Land is still up at to $314,296 YTD.
- Historical Cost Breakdown 2013 ( 5 months): There were 491 residential transactions so far in 2013 and $250,304,400 gross volume with 38 properties $1M and over. YTD 2012, there were 403 transactions and $205,024,600 gross volume, 30 properties at $1M and over and YTD 2011, there were 384 transactions with $212,892,600 gross volume, 44 properties at $1M and over. Both number of Residential transactions and monetary volume indicate an upswing in our local real estate market!
- Top Lender Graph: Lender activity was active in May with 558 Deeds of Trust recorded, in the sales transaction category: 62% had financing at the time of sale while 38% of the Sales closed for cash. Refi's were strong again in May with 270 transactions and there were 190 Timeshare transactions.
- Bank Sales and Foreclosures: Foreclosure actions were down with 24 transactions verses 36 last May 2012. Bank Sales were also down with only 2 transactions in May.
- 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.
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
“Your Guide to Summit County Real Estate”
