Tuesday, January 31, 2017

December & Year End Market Analysis

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 Highlights

Market Analysis by Area for December 2016: There were 203 transactions and $122,880,919 in monetary volume. Some trends for all 18 reported areas in December: $621,604- Average transaction price, $670,122- Average residential price and $397-PPSF.

Year to Date Market Analysis (12 months): Monetary volume in 2016 totaled $1,408,666,800 with 2486 transactions. $576,531-Average transaction price, $579,812-Average residential price and $373-PPSF. Breckenridge finished with 20% of the transactions, Keystone 14%, Frisco 11%, Wildernest 10% and Silverthorne 9%. The rest were scattered across the board in Summit County. 7% of the sales in 2016 were new unit sales.

Market Snapshot for Years 2016 vs 2015:  Average Indicators for $: Single Family +9% Multi- Family +3% and Vacant Land -5%. Median Indicators for $: Single Family +9%, Multi- Family 6% and Vacant Land 1%. (Median) Keystone and North of Silverthorne were the winners for the biggest increase with single family prices. (Median)The Breckenridge Golf Course and Silverthorne had the largest increase for multi- family and North of Silverthorne and Woodmoor had the largest increase for vacant land.

Market Analysis % Change YTD 2016 Data Full Year: Monetary volume ($122,880,919) in December 2016 was 13% lower compared to December 2015. Transactions were down by 26%. This is more than likely due to record low inventory available in December 2016.  2016 finished up with 3% increase in monetary volume ($1,408,666,800) compared to 2015. Transactions for 2016 (2486) were -2% down from 2015. Overall, 2016 real estate numbers were fairly flat to 2015. Comparing to prior years volume, 2016 was another positive year for the Summit real estate market.

Residential Market Sales by Price Point: Residential volume in December had 166 transactions with $111,240,192 gross volume. There were 22 properties that sold for $1M and above in December. The most active price point was up a bit between $400K-500K with 26 transactions. There were 63 Single Family, 103 Multi-Family and 18 Vacant Land transactions in December.

Average Price History by Type 2016: Average price for residential Single Family: $934,163 (highest since Land Title has been tracking), Multi- Family: $409,673 and Vacant Land: $353,500.

Comparative Historical Cost Analysis 2016: There were 2087 residential transactions and $1,210,067,633 volume with 225 properties selling for a $1M and over-compared to 2015, there were 2100 transactions and $1,148,024,568 gross volume, 198 properties at $1M and over and in 2014, there were 1731 transactions with $858,667,681 gross volume, 126 properties at $1M and over.

Top Lender Graph: There were 463 loans in December, 68% of the loans were related to sales, there were 194 REFI's and 131 loans were timeshare related. 32% of the real estate closings were cash transactions. The average cash closings for 2016 was at 34%, down from past years. There is a bonus page on the Market Analysis at the end, listing the top 80% lenders in Summit.

Market Highlights: Please see page 10 of the Market Analysis- You can note the higher priced sale in December in the Shock Hill Subdivision and in the Frisco area for highest PPSF. There was 1 bank sale in December.

Foreclosures: There were 4 Foreclosure actions in December, compared to 3 in November. Foreclosures are a new animal compared to previous years, with the end of year reflecting 35 NED's recorded, and 26 were withdrawn, totaling only 9 Public Trustee's Deed issued in 2016.

Purchaser Profile Abstract:  There were 22 upper end purchaser in December compared to 35 in November. Our buyers for real estate transactions in December were the Front Range demographic at 41% of our market, 29% are "local" and 30% are out of state buyers with 0% International. Full year 2016: 38% of our buyers are from the Front Range, 30% are "local", 32% Out of State and 0% International.

Land Title New Development Summary: This (page 16) shows all the new construction each month with 16 in December compared to 20 in November.

The Full Report Can be Found Here.

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)
Resort & Second Property Specialist (RSPS)
Short Sale and Foreclosure Representative (SFR)

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