December & 2014 Year End Highlights
Full
Year 2014 Transaction Summary: There have been a total of
2042 transactions with just short of a Billion in Sales
at $962,569,581 in monetary volume. 2014 was
comparable with the numbers in 2008. It seems that the Summit County
real estate market is continuing our momentum. The average
transaction price for all 18 reported areas was $472,722. The
average residential price was $496,053. The median residential price
was $392,500. The average PPSF was $314.
Market
Snapshot for Full Year 2014 vs. 2013: Values remain
stable and are as follows: Average Indicators for $: Single
Family +4%, Multi- Family +4% and Vacant Land -2%. Median Indicators
for $: Single Family +4%, Multi- Family -5% and Vacant Land +16%.
Market
Analysis % Change showing years 2004-2014 (Year End for 2014): Monetary volume
($79,465,900) is up 14% from December 2013, transaction volume
(174) is up 32% from December 2013. Full Year 2014
monetary volume is up 8% from 2013. 2014
transaction volume is up by 7% from 2013.
Residential
Market Sales by Price Point: Residential volume in
December had 143 transactions with $69,982,500 gross
volume. There were 10 properties that sold for $1M and
above in December. The most active price point in December
was between the ranges of $200K to $400K. There were 39 Single
family, 104 Multi-family and 13 Vacant land transactions in
December. In 2014, there were 561 Single family, 1170 Multi- Family and
126 Vacant Land Residential sales.
2014 Average
Price History: Average residential pricing continues to be
consistent for 2014: Single Family- $751,240, Multi-
Family-$344,578 and Vacant Land-$324,137. This graph on page
7 is a great piece to show your clients that our market has held its’
value over all these years.
Historical
Cost Breakdown for 2014: There have been 1731 residential
transactions in 2014 and $858,667,681 gross volume with 126
properties selling for a $1M and over- Compared to 2013 there were
1563 transactions and $769,965,955 gross volume, 122 properties at
$1M and over and in 2012, there were 1314 transactions with
$673,545,600 gross volume, 106 properties at $1M and over.
Top
Lender Graph: There were 401 loans in December, 59% loans
were related to sales, there were 174 REFI's and 124 loans were
timeshare related. 41% of the real estate closings were cash transactions.
There were 1238 loans related to Sales ( 22%), 1361 REFI's ( 24%)
and 3070 Timeshare loans ( 54%) with the average of 43% being all cash
real estate transactions in 2014.
Foreclosures: There
were only 12 Foreclosure actions in December, compared to 22 in December
2013. Check out page 13- there were only 65 Public Trustee's Deeds in 2014
compared to 2013 with 92 and 2012 at 165. Foreclosures are no longer a
trend in Summit County, happy to say!
Land
Title Purchaser Highlights: There were
11 higher end sales in December to note- you can see the details on
this report. In December, the majority of our buyers for
real estate transactions continue to be the Front Range demographic at 49%
of our market, only 19% are local and 32% are out of state
buyers. In 2014, the final demographics of our buyers are: 44% Front
Range, 31% out of state, 24% local and 1% International.
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
"Your Guide to Summit County Real Estate"
Certified Negotiation Expert (CNE)
Short Sale and Foreclosure Representative (SFR)
