Summit County Real Estate: January 2014

Monday, January 27, 2014

2013 Year End Market Analysis

The following information 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.

December and Year End 2013 Highlights:

Market Analysis by Area for December: Gross volume was weaker than last December 2012 at $69,685,806 and only 132 transactions. However the averages were all up from last month with the transaction price for all 18 reported areas at $534,666, average residential price was $530,510 and the median residential price was $436,000. The average residential PPSF was $302.
Year to Date by Area ( 12 months): There have been 1908 real estate transactions in 2013, and $888,858,406 in gross volume. The average transaction price for all recorded transactions in 2013: $471,164- Average residential price : $492,621-Median residential price : $380,000 and Average residential PPSF $300.
Market Snapshot for 2013: Values are as follows: Single Family -2%, Multi- Family -2% and Vacant Land +5% for the Average, and Median are similar. In summary, Summit's residential prices are fairly flat to 2012.
Market Analysis % Change showing years 2004-2013: December monetary volume ($69,685,806) was down 20% from December 2012. Transactions (132) were down 29% from December 2012. Overall, for 2013, Summit County pulled ahead by 15% monetary ($888,858,406) and ahead 17% with transactions (1908) from 2012. 2013 had the most transactions since 2007 and monetary volume since 2008.
Residential Market Sales by Price Point : Residential volume in December had 113 transactions with $59,947,655 gross volume. There were 11 properties that sold for $1M and above in December. The most active price points in December continue to be between $200K -$300K. December had 45 Single family, 68 Multi-family and 6 vacant land transactions. The 2013 year shows 569 Single family, 994 Mulit-Family and 118 Vacant Land transactions.
2013 Average Price History: Average residential pricing is reasonably strong for all three sectors for the full 2013 year- Single family is $751,240, Multi- family is $344,578 and Vacant Land is $324,137.
Historical Cost Breakdown 2013 : There were 1563 residential transactions in 2013 and $769,965,955 gross volume with 122 properties $1M and over. In 2012, there were 1314 transactions and $673,545,600 gross volume, 106 properties at $1M and over and in 2011, there were 1176 transactions with $598,530,900 gross volume, 101 properties at $1M and over.
Top Lender Graph and 2013 Lender Highlights: There were 303 loans in December, 61% (81) loans were related to sales and 39% of the sales were cash at closing. There were 143 REFI's and 79 loans related to Timeshares. The 2013 year indicated that 39% of all the real estate sales transactions were cash on average. There were a total of 2653 Refis in 2013, 3136 Timeshare loans and 1171 actual loans related to sales transactions.
Market Highlights: Please see page 10 of the Market Analysis-View the higher priced purchases in December and the bank sales (2) from December 2013.
Bank Sales and Foreclosures: There were a total of 22 Foreclosure actions in December 2013, compared to 24 in December 2012. This year's actions were mostly for timeshares ( 86). 2013 indicated 92 Public Trustee's Deeds compared to 165 in 2012. Foreclosures are significantly down from the past 3 years.
Land Title Purchaser Highlights ( Page 15): There were 13 higher end sales in December- you can see the details on this report. In 2013, the majority of our second homeowners for real estate transactions continue to be the Front Range demographic at 40% of our market, only 26% are local and 33% are out of state buyers YTD.

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

All the best,

Tyler MacGuire

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."

Certified Negotiation Expert (CNE)

Short Sale and Foreclosure Representative (SFR)

Friday, January 10, 2014

November 2013 Market Report

The following information 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.

November 2013 Highlights:

· Market Analysis by Area for November: Gross volume is still strong in 2013 with $80,099,800 in sales and transactions at 170, not bad for November in Summit County! The average transaction price for all 18 reported areas was $472,247, average residential price was $454,839 and the median residential price was $384,000. The average residential PPSF was $290.

· Year to Date by Area (11 months): There have been 1776 real estate transactions to date, and $819,172,600 gross volume. The average transaction price YTD: $466,442- Average residential price YTD: $489,668-Median residential price YTD: $380,000- Average residential PPSF $300.

· Market Snapshot YTD (11 months) for 2013: Prices continue to hold with average single family at a 2% decrease ($748,476 YTD November from full year 2012 $764,455) and multi-family at a decrease of 2% YTD ( $343,215 in November YTD from full year $353,339). Vacant land continues to increase with at 6% ($329,350 YTD November 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 down by 2%, multi- family was actually down 5% and vacant land down 9%.

· Market Analysis % Change showing years 2004-2012: November monetary volume ($80,099,800) was up 20% from November 2012. Transactions are also up by 10% from November 2012. Overall, for the past 11 months of 2013, Summit County is still pacing ahead by 19% monetary ($819,172,600) and ahead 23% with transactions (1,776). November 2013 is the most positive November that we have experienced since 2007 with both monetary and number of transactions.

· Residential Market Sales by Price Point: Residential volume in November had 137 transactions with $62,313,000 gross volume. There were 7 properties that sold for $1M and above in November. The most active price points in November were once again between $200K -$300K. November had 49 single family, 88 multi-family and 6 vacant land transactions.

· 2013 Average Price History: Average residential pricing is holding strong for all three sectors- single family is $748,476 YTD, multi- family is $343,215 YTD and vacant land is $329,350 YTD.

· Historical Cost Breakdown 2013 ( 11 months): There were 1450 residential transactions so far in 2013 and $710,018,300 gross volume with 111 properties $1M and over. YTD 2012, there were 1162 transactions and $595,971,800 gross volume, 94 properties at $1M and over and YTD 2011, there were 1061 transactions with $543,578,200 gross volume, 93 properties at $1M and over.

· Top Lender Graph: There were 556 loans in November 69% (117) loans were related to sales and 31% of the sales were cash at closing. There were 113 REFI's and 326 loans related to Timeshares.

· Market Highlights: Please see page 10 of the Market Analysis- this also shows the bank sales (2) from November 2013.

· Bank Sales and Foreclosures: There were a total of 10 Foreclosure actions in November, compared to 31 in November 2012. Half of the 10 this November were Timeshare related. There have been a total of 212 Foreclosure actions this year with only 89 making it all the way to PTD.

· Land Title Purchaser Highlights ( Page 15): There were 10 higher end sales in November- you can see the details on this report. A majority of our second homeowners for real estate transactions continue to be the Front Range demographic at 40% of our market, only 26% are local and 33% are out of state buyers YTD.

Click Here to View the Complete Report