March 2014 Highlights:
·
Market Analysis by Area for March: March was a good month-There were
119 transactions with $60,774,200 in gross monetary volume. The average transaction
price for all 18 reported areas at $517,467, average residential
price was $531,078 and the median residential price was $417,500.
The average residential PPSF was $335. Averages continue to increase each
month in 2014.
·
YTD Transaction Summary: There have been a total
of 304 transactions with $153,333,500 monetary volume, the average
transaction price for all 18 reported areas is $508,799, the
average residential price is $508,349, the median residential price is
$400,750, the average PPSF is $319 YTD. We are showing price
stabilization across the board in Summit County this year.
·
Market Snapshot for 2014 vs. 2013:
Values
are as follows: Average Indicators- Single Family +12%, Multi-
Family +7% and Vacant Land 28%. Median indicators: Single
Family +11%, Multi- Family +4% and Vacant Land +55%. These indicators
translate into escalating pricing in Summit County for 2014.
·
Market Analysis % Change showing years
2004-2014 YTD: March monetary volume
($60,774,200) is up 30% from March 2013,
transaction volume is +1% up from March 2013. 2014 YTD (3
months) monetary volume is up 9% from YTD 2013. YTD 2014 transaction
volume is down -4% down from YTD 2013. March numbers indicate the
best increases since March 2008.
·
Residential Market Sales by Price Point: Residential volume in
March had 104 transactions with $55,232,100 gross
volume. There were 9 properties that sold for $1M and
above in March. The most active price point in
March changed for the first time in quite a while- between $400K
-$500K. March had 27 Single family, 77 Multi-family and
7 vacant land transactions.
·
2014 Average Price History: Average residential
pricing continues to be highly consistent as of March - Single
family increased to $844,781, Multi- family is $370,038 and vacant
land is $414,465.
·
Historical Cost Breakdown YTD 2014: There have been
254 residential transactions YTD 2014 and $129,120,700 gross
volume with 20 properties $1M - Compared to 2013 YTD, there were
239 transactions and $116,142,700 gross volume,
16 properties at $1M and over and in 2012 YTD, there were
205 transactions with $109,278,500 gross volume, 19 properties
at $1M and over.
·
Top Lender Graph: There were 411 loans
in March, 51% (61) loans were related to sales and 49% of the sales were cash
at closing. There were 91 REFI's and 259 loans related to
Timeshares.
·
Market Highlights: Please see page 10
of the Market Analysis-View the higher priced purchases in March and
no bank sales in March 2014.
·
Bank Sales and Foreclosures: Foreclosures continue to
decrease with 8 actions filed, with 7 of those Fee Simple.
·
Land Title Purchaser Highlights (Page 15): There were 9 higher
end sales in March to note- you can see the details on this report.
In March, the majority of our second homeowners for real
estate transactions continue to be the Front Range demographic at 50% of our
market, only 17% are local and 33% are out of state buyers.
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
|