Summit County Real Estate: 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.