February 2014
Highlights:
·
Market Analysis by Area for February: .The Summit County
real estate market kicked off in somewhat of a "holding
pattern" this year. There were 83 transactions with
$40,404,200 in gross monetary volume. The average transaction
price for all 18 reported areas at $489,380, average residential
price was $520,897 and the median residential price was $400,000. The
average residential PPSF was $315. All of the total averages stated above
were higher than last month.
·
YTD Transaction Summary: There have been a total of 185
transactions with $92,559,300 monetary volume, the average transaction price
for all 18 reported areas is $503,257, the average residential price
is $492,591, the median residential price is $382,500 the average PPSF is
$308 YTD.
·
Market Snapshot for 2014 vs. 2013: Values are as follows: Average
Indicators- Single Family +8%, Multi- Family 0% ( flat) and Vacant Land
+14%. Median indicators:
Single Family +19%, Multi- Family -5% and Vacant Land
+44%. These indicators possibly translate into escalating pricing in
Summit County for 2014.
·
Market Analysis % Change showing years 2004-2014 YTD: February monetary volume
($40,404,200) is flat -1% from February 2013. Transactions (83) were
down 10% from February 2013. YTD ( 2 months), monetary volume is -2%
down and -8% down with transactions from YTD 2013 ( 2 months)
·
Residential Market Sales by Price Point: Residential volume in February had
67 transactions with $34,900,100 gross volume. There were
4 properties that sold for $1M and above in February. The most
active price points in February continue to be between $200K
-$300K. February had 21 Single family,
46 Multi-family and 9 vacant land transactions.
·
2014 Average Price History: Average residential pricing
continues to be highly consistent as of February - Single family
increased to $813,462, Multi- family is $346,174 and Vacant
land is $370,031
·
Historical Cost Breakdown YTD 2014 : There have
been 150 residential transactions YTD 2014 and
$73,888,600 gross volume with 11 properties $1M - Compared
to 2013 YTD, there were 153 transactions and $80,367,800 gross
volume, 16 properties at $1M and over and in 2012 YTD, there
were 139 transactions with $75,454,500 gross volume, 13 properties
at $1M and over.
·
Top Lender Graph: There were 372 loans in February, 51%
(42) loans were related to sales and 49% of the sales were cash at closing.
There were 104 REFI's and 226 loans related to Timeshares.
·
Market Highlights: Please see page 10 of the Market
Analysis-View the higher priced purchases in February and 1 bank
sale from February 2014.
·
Bank Sales and Foreclosures: Foreclosures continue to decrease with
11 actions filed compared to 27 in February 2013. Note the one Bank Sale looks
unique on paper as it is a vacant site sale for $950,000 in Shadow Creek
Ranch.
·
Land Title Purchaser Highlights (Page 15): There were 4 higher end sales in
February to note- you can see the details on this report. In
February, the majority of our second homeowners for real estate
transactions continue to be the Front Range
demographic at 51% of our market, only 11% are local and 37% are out
of state buyers.
As always, please feel free to call or email me anytime with questions. I look forward to hearing from you!
All the best,
"Your Guide to Summit County Real Estate."
Certified Negotiation Expert (CNE)
Short Sale and Foreclosure Representative (SFR)