August 2016 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.

August 2016 Highlights

Market Analysis by Area for August 2016: There were 282 transactions and $139,223,249 in monetary volume. Average transaction price for all 18 reported areas: $501,250, Average residential price: $551,624 and PPSF: $367, all up from July 2016.

Year to Date Market Analysis (8 months): Monetary volume was $777,350,959 with 1455 transactions. Average transaction price: $543,855, Average residential price: $560,600 and PPSF: $365.

Market Snapshot for Years 2016 vs 2015:  Average Indicators for $: Single Family +9%, Multi- Family -3% and Vacant Land -6%. Median Indicators for $: Single Family +8%, Multi- Family -2% and Vacant Land -4%. 

Market Analysis % Change YTD 2016 Data (8 months): Monetary volume ($139,223,249) in August was down -2% compared to August 2015. Number of transactions (282) was up 6% in August compared to August 2015. YTD 2016, monetary volume is pacing flat at -3% compared to YTD 2015 and transactions continue  that same trend at -1% compared to YTD 2016. There continues to be a shortage of inventory in Summit County.

Residential Market Sales by Price Point: Residential volume in August had 228 transactions with $125,770,275 gross volume. There were 22 properties that sold for $1M and above in August. The most active price points were between the $200K-$300K (53) range this month. There were 70 Single Family, 158 Multi-Family and 18 Vacant Land transactions in August.

Comparative Historical Cost Analysis (8 months): There were 1220 residential transactions and $683,932,493 volume with 121 properties selling for a $1M and over-compared to 2015, there were 1184 transactions and $641,544,640 gross volume, 110 properties at $1M and over and in 2014, there were 953 transactions with $478,750,481 gross volume, 72 properties at $1M and over.

Average Price History by Type (8 months): Average price for residential Single Family: $935,883, Multi- Family: $387,566 and Vacant Land: $349,468.

Top Lender Graph: There were 629 loans in August, 62% of the loans were related to sales, there were 180 REFI's and 273 loans were timeshare related. 38% of the real estate closings were cash transactions.

Market Highlights: Please see page 10 of the Market Analysis- You can note the higher priced sale in August in the Highlands and One Ski Hill Place Condo for PPSF. There were 2 bank sales in August.

Foreclosures: There were 2 foreclosure actions in August 2016 compared to 7 in August 2015.

Purchaser Profile Abstract:  Upper end purchasers totaled 21 in August. Our buyers for real estate transactions were the Front Range demographic at 44% of our market, 30% are "local" and 25% are out of state buyers with 0% International.

The full report can be viewed here:

As always, please feel free to contact me any time 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"

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